Gold Market
Deeper looks at the forces setting the gold price.
Gold is trading near $4,350 on Wednesday, retracing part of its rebound from sub-$4,300. The metal remains range-bound as traders await the Trump-Xi meeting and weigh conflicting drivers.
Aztec Minerals has closed an upsized C$6.4 million bought deal private placement. The funds will support exploration at its Tombstone gold-silver project in Arizona and the Cervantes gold-copper project in Mexico.
Gold and silver saw increased trading volume even without fresh economic data on Yom Kippur. Analyst Ira Epstein points to geopolitical talks and yield curve shifts as key influences.
Gold holds key support at $4,100 and eyes new highs above $5,200. Silver needs to break $106. Global interest rate hikes and record diesel prices add pressure to stocks.
An Elliott Wave analyst has revised his counts for the stock market, crude oil, and gold, pointing to a retracement in equities and further upside in oil.
Global gold-backed ETFs extended their buying streak to eight consecutive days in August, with $18 billion in inflows pushing total holdings to a new all-time high.
Gold rallied for a second straight day on Friday, hitting its highest since September 9. Lower oil prices provided the main support, countering the expected drag from a Federal Reserve rate hike.
Gold rose $26 to $4,416 for the week, extending its winning streak despite a Fed rate hike and firmer dollar. Volume data and technical signals suggest buyers may be returning.
Gold initially dropped on the Fed's first rate hike in over three years but quickly surged the next day, suggesting the pattern of selling on rate-hike fears may be fading.