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Gold scores biggest monthly gain since February—Prices up on quarter; traders eye economic events, geopolitical developments

Gold futures on Monday settled with their biggest monthly gain since February, as traders awaited the market’s next likely catalysts, which will likely come in the form of monthly U.S. employment data and the European Central Bank meeting later this week.

Gold for August delivery GCQ4 +0.21%  tacked on $2, or 0.2%, for the session to settle at $1,322 an ounce on the Comex division of the New York Mercantile Exchange. Prices for the yellow metal, tracking the most-active contracts, saw gains of around 6.1% for the month and 3% for the quarter. (more…)

Gold scores biggest monthly gain since February

Gold futures climbed on Monday and tallied their biggest monthly gain since February. The “wild card” for the market is the geopolitical tensions, said Chris Gaffney, senior market strategist at EverBank Wealth Management, who mentioned Iraq, Ukraine and North Korea, in particular. “Any flare up in these areas could quickly lead to another round of ‘safe haven’ buying in the precious metals,” he said. August gold GCQ4 +0.20%  rose $2, or 0.2%, for the session to settle at $1,322 an ounce on the Comex division of the New York Mercantile Exchange. Tracking the most-active contracts, prices gained 6.1% for the month, their strongest gain since February. They rose 3% for the quarter.

Gold futures score fourth weekly gain in a row

Gold futures edged up on Friday to tally a modest gain of 0.3% for the week, with traders finding little reason to rally prices after last week’s more than 3% climb. August gold GCQ4 +0.14%  rose $3, or 0.2%, for the session to settle at $1,320 an ounce on the Comex division of the New York Mercantile Exchange. Gold has now posted four consecutive weeks of gains.

Why silver’s outperforming gold and isn’t done yet

Silver has quietly scored double the percentage gains of gold this month, and prices for silver probably haven’t topped out for the year. “The real value of silver is far from being realized,” said Andrew Chanin, chief executive officer of PureFunds, which offers the PureFunds ISE Junior Silver ETF SILJ -0.02%.

Tracking the most-active futures contracts, silver prices SIN4 +0.33% SIU4 +0.41%  have gained roughly 13% month to date, compared with gold’s GCQ4 +0.24%  6% climb.

Silver is priced as if it’s much more common than gold, but it may be much rarer than the price suggests, Chanin said. Given its antibacterial properties and ability to conduct heat and electricity, silver may also become even more important as an industrial metal, “causing a supply shortage.” (more…)

Gold futures snap six-session winning streak—Analyst sees more gains ahead amid China probe linked to gold financing

Gold futures settled lower on Thursday, putting an end to a six-session string of gains that lifted prices to their highest close in about 10 weeks.

Gold for August delivery GCQ4 +0.22%  fell $5.60, or 0.4%, to settle at $1,317 an ounce on the Comex division of the New York Mercantile Exchange. Prices settled at $1,322.60 on Wednesday, the highest level for a most-active contract since April 14.

July silver SIN4 +0.33%  closed down about a cent at $21.11 an ounce. “The gold price is building up strength to tackle the mid- to high-$1,320s before attacking more overhead resistance,” said Julian Phillips, founder of and contributor to GoldForecaster.com. “I see the fall as part of the usual ebb and flow of prices.” “With the suppuration of the sectarian war in the [Middle East], the initial shock has been absorbed but the implications have not,” he said. “Today, we see Syria and Iran joining in the fray as a signal of things to come while we are expecting Jordan to be dragged in soon.” (more…)

Gold futures mark first fall in seven sessions

Gold futures settled lower on Thursday, with prices on the retreat after tallying a six-session gain of roughly 4%. August gold GCQ4 +0.22% shed $5.60, or 0.4%, to settle at $1,317 an ounce on Comex. Prices on Wednesday had closed at $1,322.60, the highest settlement for a most-active contract since April 14.

Gold remains lower after U.S. economic data

Gold futures traded lower Thursday, maintaining losses after data on U.S. consumer spending and weekly jobless claims. August gold futures GCQ4 +0.22%  were down $7, or 0.5%, at $1,315.60 an ounce, while July silver SIN4 +0.33%  lost 12.6 cents, or 0.6%, to $20.99 an ounce. U.S. consumer spending rose a weaker-than-expected 0.2% in May while personal income rose 0.4%, in line with forecasts. The PCE index, the Fed’s favored measure of inflation, rose to its highest 12-month rate since October 2012 at 1.8%, while the core PCE index rose to 1.5%.

Gold logs sixth straight gain

Gold futures marked a sixth straight session gain on Wednesday as the dollar weakened on news that the U.S. economy shrank much more than previously expected in the first quarter.

Gold for August delivery GCQ4 +0.21%  tacked on $1.30, or 0.1%, to settle at $1,322.60 an ounce on the Comex division of the New York Mercantile Exchange. July silver SIN4 +0.33%  closed up 7 cents, or 0.4%, at $21.12 an ounce. (more…)

Gold futures mark sixth straight session gain

Gold futures settled higher on Wednesday to mark their sixth session gain in a row. Prices saw some profit-taking during the session but closed with a gain as the dollar weakened on news that the U.S. economy shrank much more than previously expected in the first quarter. August gold GCQ4 +0.21%  climbed $1.30, or 0.1%, to settle at $1,322.60 an ounce on Comex.

Gold futures score 5th straight session gain

Gold prices settled higher on Tuesday to mark their fifth straight session gain, even as some analysts cautioned the gains could be fleeting.

Gold for August delivery GCQ4 +0.21%  edged up by $2.90, or 0.2%, to settle at $1,321.30 an ounce on the Comex division of the New York Mercantile Exchange. It has now tallied a five-session gain of roughly $49 an ounce, or nearly 4%. On Monday, the shiny metal also inched higher, building slightly on last week’s advance of 3.3%. (more…)

Gold scores fifth session gain in a row

Gold futures settled with a modest rise on Tuesday to mark their fifth session gain in a row. “Prices have returned to the all too familiar $1,300 level which is now to be considered initial support,” said Tyler Richey, an analyst for the 7:00’s Report. “The gold market is beginning to focus more on inflation as multiple indicators have suggested that a bottom is in.” Gold is often seen as a hedge against inflation. Combined with a seemingly eternally dovish Fed, “the threat of a material uptick in inflation is increasing,” he said. August gold GCQ4 +0.21%  climbed $2.90, or 0.2%, to settle at $1,321.30 an ounce on Comex.