The dollar was slightly higher on Monday, supported as investors shied away from taking new positions before key U.S. jobs data due this week, while gains were kept in check as rising stocks stoked slight demand for risk.
Euro goes back and forth over 1.42…Geithner make another promise to China…RBA leaves rates unchanged…The Mogambo on a Tuesday! And Now… Today’s Pfennig!
Gold pushed slightly higher in Hong Kong on Monday, but there was little further action until early in the second hour of New York trading, when the metal suddenly went vertical, busting through the $900 barrier, adding $15 in less than a half-hour and topping out at $907, but that was it for the day, as it eased through the rest of the Comex and the Globex, to finish at $903.20/oz., up $17.40. Overnight, gold is slightly lower.
U.S. President Barack Obama today (Monday) announced a proposal for new legislation to pursue American tax evaders by closing loopholes and clamping down on overseas tax breaks for American businesses and individuals.
This could get ugly. Another month, another 600k+ jobs expected to be lost. This would mark the 16th straight month of job losses, just one month short of the longest streak in history.
Gold was initially lower in Hong Kong but traded flat through to the New York open on Tuesday, at which point it plunged about $13 in a half-hour, before riding a gently rising uptrend for the rest of the day, to finish at $893.30/oz., down $12.90. Overnight, gold is slightly higher.
Gold rose in Hong Kong on Friday, then spent the whole day cruising leisurely within a range between $905 and $915, with a slight bias to the upside late in the day that resulted in a finish at $913.10/oz., up $9.30. For the week, gold was strong, adding 5.1%.
MF Cuts Global Outlook; Brazil Hedge Fund Sells Banks, Homebuilders; February Home Prices Up 0.7%; Home Prices in Dubai Could Fall 70%; Apple Tops Forecasts; Feds Search Siemens’ Offices; Freddie Mac CFO Found Dead; E-Bay Beats Street
Gold hugged the $875 mark all through Far East trading yesterday…and as I mentioned in my rant yesterday…gold got sold off a quick five-spot shortly after London opened. From there, it wandered around the $870 mark until the London p.m. fix [3:00 p.m. London/10:00 a.m. New York], where another eight bucks got shaved off the price. This turned out to be the low of the day…and from there, gold recovered almost all it lost in the prior twelve hours.
The base metals were mostly higher on Friday. Copper was down from the pre-dawn hours to the New York open, but rallied strongly through the day to finish just off its intraday high at $2.1585/lb., up more than a penny and three-quarters.
