Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Stuck in Narrow Range as Virus Fears Battle Solid Data

CommoditiesJan 22, 2020 17:51
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith

Investing.com -- Gold prices drifted sideways again in extremely narrow ranges on Wednesday as another burst of generally upbeat economic data depressed demand for haven assets, while lingering concern about the spread of the coronavirus and fresh trade disputes restricted selling.

By 11:40 AM ET (1640 GMT), gold futures for delivery on the Comex exchange were at $1556.25 a troy ounce, down only 0.1% on the day having traded in a range of only $8 all day.

Spot gold was likewise flat at $1,556.35 an ounce.

Earlier, a splurge in U.K. government spending and an upbeat report from the CBI business association on the outlook for manufacturing had put another hole in the argument for lower Bank of England interest rates. Together with the five-year high in Germany’s ZEW economic sentiment index, the indicators will sharpen interest in the widely-followed purchasing managers indices from IHS Markit, preliminary estimates for which are due on Friday.

Likewise, fresh data suggested the U.S. housing market is still in strong shape, as existing home sales hit their highest level in 20 months in December.

However, those betting on further monetary easing across the world could take solace from a dovish-sounding statement from the Bank of Canada, which said that spare capacity in the economy had increased since October and noted that the “Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast.”

Expectations of a rate cut in the U.K. next week are also still alive, with Barclays (LON:BARC) analysts changing their call for next week’s meeting to a 25-basis-point easing after a string of dovish comments from members of the Monetary Policy Committee.

Elsewhere in the metals complex, silver futures rose 0.1% to $17.82 an ounce, while platinum recovered some momentum, rising 1.4% to $1.021.25. Palladium continued to spike higher, hitting a new all-time high of $2,337.50 an ounce before retracing to $2,325.30, up 4.2% on the day.

Copper futures struggled again, losing 0.9% to $2.77 a pound.

Gold Stuck in Narrow Range as Virus Fears Battle Solid Data
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email