Gold technical analysis points to lower levels for now
(Kitco News) - After a great start to the last week, gold managed to lose some of its shine after some impressive data from the U.S. in the form of retail sales. Now $1800 seems to be a bit of a line in the sand and the bulls need to gather some momentum for another break and close above the psychological zone.
Russian gold and FX reserves hit a record level
(Kitco News) - Russia's FX and gold reserves have been increasing in the last few years but it seems that inflationary woes mean the nation has been stocking up on the yellow metal again. The Russian central bank has been raising interest rates to try and combat the issue but stagflation seems to still be on the cards.
Gold and silver are flat leading into the European open
(Kitco News) - Gold and silver are flat leading into the European open at the start of the week. The yellow metal is trading at $1765/oz while silver is holding at around $23.27/oz. Copper has had another good session rising 1.57% while spot WTI moved nearly 1% into the black.
Gold hits the $1800/oz resistance
(Kitco News) - In the European session gold has met some selling pressure at the $1800/oz resistance zone. In recent sessions, the precious metal has enjoyed a good run especially post FOMC.
Perth Mint sales increased 22% in September
(Kitco News) - Figures from The Perth Mint show Demand for Australian bullion products surged in September. Sales of gold coins and bars are at their highest levels in five months and sales of silver coins and bars are the best in three months. The Mints minted bullion sales not only surpassed those from the prior month but those of a year ago.
Gold and silver head into the EU session slightly lower
(Kitco News) - After two good sessions gold is pausing for breath this morning. The yellow metal trades -0.22% lower while silver is down -0.18%. In the rest of the commodities complex, copper is 0.32% higher along with spot WTI which has risen 0.68%.
Barrick reports Q3 sales of 1.07 million ounces
(Kitco News) - Barrick Gold (ABX) reported preliminary Q3 sales of 1.07 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.09 million ounces of gold and 100 million pounds of copper.
Exports of Lithium from Port Hedland have rocketed
(Kitco News) - Exports of Lithium from Port Hedland have jumped from 10,494 dry metric tonnes in August to 62,230 dry metric tonnes in September, according to monthly data from Pilbara Ports Authority.
Gold and silver consolidate in the Asia-Pac session after rising on Wednesday
(Kitco News) - After a decent session on Wednesday gold has stalled just ahead of $1800/oz to trade at $1792/oz. Silver has broken the psychological $23.00/oz level but trades flat leading into the EU open. Elsewhere in the commodities complex, copper is 1.83% higher and spot WTI has risen 0.70%.
ANZ is looking for $1850/oz in gold
(Kitco News) - Strategists at Australia and New Zealand's ANZ Bank expect gold to reach $1850/oz but to suffer a reverse back lower in the next year and beyond. The bank said "Gold remains within the $1,750-70 range"
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