GOLD: Gold Down Overnight, Up for the Week
Jun-05 22:41
- Gold has had an up and down week, and last night finished lower by -0.60%.
- Having touched a height of US$3,403.47 overnight, in the last hours profit takers came in and gold retreated to $3,352.71
- Gold remains almost 2% better for the week following a very strong start.
- Yet another Central Bank reported an increase in reserves with the Bank of Ghana reporting that gold reserves increased to 32.16 tons in May.
- Gold's bullish trend remains with all major moving averages upward sloping. Gold remains above the 20-day EMA of $3,317.50
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GOLD: Gold Hits New Highs
May-06 22:38
- After several days of relative calm equities slipped overnight as markets remain unclear as to the path of trade policy and general cautiousness ahead of the FED meeting Wednesday.
- In a meeting with the newly elected Canadian Prime Minister Mark Carney, US President Trump suggested that China is eager to negotiate due to its ‘struggling’ economy but emphasized the talks would take place at the right time.
- This further muddies the water on global trade as Chinese authorities make counter claims and deny rumours that they are the ones ‘reaching out’ to the US.
- As US equities declined and bonds rallied, gold jumped to new highs reaching US$3,431.77
- With some modest profit taking into the US close, gold has opened this morning in the Asia trading day at $3,431.60 and is down modestly at the open.
- Another Central Bank reported overnight that their gold reserves are on the increase with the Central Bank of Ghana’s gold reserves up by 31 tonnes in March.
- As gold does not pay interest it can be highly sensitive to interest rates as that dictates the borrowing cost to buy gold. Gold markets will watch carefully tonight as the push pull on rates continues with the White House demanding a rate cut and the FED talking more neutral
ASIA: Government Bond Issuance Today
May-06 22:26
- Bank of Korea to Sell KRW2tn 2-Year Bonds
- Bank Indonesia to Sell 32D SUVBI Bills
- Bank Indonesia to Sell 367D SUVBI Bills
- Bank Indonesia to Sell 185D SUVBI Bills
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 276D SUVBI Bills
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Vietnam To Sell VND 1.0Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 2.0Tln 2030 Bonds; (TD2530009)
- Vietnam To Sell VND 7.0Tln 2035 Bonds; (TD2535022)
- Singapore to Sell S$7.4 Billion 182-Day Bills on May 7
- India to Sell INR50bn 182-Day Bills on May 7
- India to Sell INR90bn 91-Day Bills on May 7
- India to Sell INR50bn 364-Day Bills on May 7
- South Korea to Sell KRW2tn 63-Day Financial Bills
ASIA: Coming Up in Asia Today
May-06 22:25
| 1930GMT | 0830HKT | 1030AEDT | S&P Global Hong Kong PMI APR |
| 2000GMT | 0900HKT | 1100AEDT | Philippines Unemployment Rate MAR |
| 0300GMT | 0900HKT | 1100AEDT | Philippines Agriculture Output YoY 1Q |
| 0300GMT | 1600HKT | 1800AEDT | Taiwan CPI YoY APR |
| 2200GMT | 1600HKT | 1800AEDT | Taiwan PPI YoY APR |
| 0000GMT | 1700HKT | 1900AEDT | Singapore Foreign Reserves APR |
