Gold Sees Follow-Through Selling On Rebounding U.S. Dollar

(Kitco News) - Gold prices are lower again in early U.S. trading Thursday, on follow-through pressure from Wednesday’s losses. A rebound in the U.S. dollar index the past two days is also a bearish element for the precious metals markets, as is the improved risk appetite in the world marketplace recently. June Comex gold was last down $11.30 at $1,237.00 an ounce. May Comex silver was last down $0.24 at $16.085 an ounce.
World stock markets were mostly mixed to weaker Thursday. U.S. stock indexes are pointed toward steady openings when the day session begins in New York. Focus of equities traders is on first-quarter corporate earnings reports. Stocks in Japan did post solid gains Thursday after a Bank of Japan official said the BOJ will “not hesitate to take additional (monetary policy) easing measures” if needed.
The Bank of England left its monetary policy unchanged at the regular meeting held Thursday. No change in BOE policy was expected by the marketplace.
China’s monetary authorities on Thursday again weakened its yuan currency against the U.S. dollar—by the largest one-day depreciation since January. Singapore monetary officials also worked to depreciate its currency. These moves have helped push the U.S. dollar index higher on a continued corrective bounce after the index hit an eight-month low Tuesday. The dollar index remains in a price downtrend and the bears still have the overall near-term technical advantage.
The other key “outside market” finds Nymex crude oil prices near steady early Thursday morning and trading near $42.00 a barrel. A major oil-producers’ meeting is scheduled for Sunday in Doha, Qatar, at which time participants will discuss limiting their production levels. There were reports Wednesday the Saudi oil minister said his nation won’t cut back on crude oil production.
In other overnight news, the Euro zone’s consumer price index was reported at unchanged in March, year-on-year. The report was considered upbeat because it was not a negative reading that would have hinted at more price deflation.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the consumer price index, and real earnings. There are IMF and world finance officials meetings and reports scheduled the next

(Kitco News) - Gold prices are lower again in early U.S. trading Thursday, on follow-through pressure from Wednesday’s losses. A rebound in the U.S. dollar index the past two days is also a bearish element for the precious metals markets, as is the improved risk appetite in the world marketplace recently. June Comex gold was last down $11.30 at $1,237.00 an ounce. May Comex silver was last down $0.24 at $16.085 an ounce.
World stock markets were mostly mixed to weaker Thursday. U.S. stock indexes are pointed toward steady openings when the day session begins in New York. Focus of equities traders is on first-quarter corporate earnings reports. Stocks in Japan did post solid gains Thursday after a Bank of Japan official said the BOJ will “not hesitate to take additional (monetary policy) easing measures” if needed.
The Bank of England left its monetary policy unchanged at the regular meeting held Thursday. No change in BOE policy was expected by the marketplace.
China’s monetary authorities on Thursday again weakened its yuan currency against the U.S. dollar—by the largest one-day depreciation since January. Singapore monetary officials also worked to depreciate its currency. These moves have helped push the U.S. dollar index higher on a continued corrective bounce after the index hit an eight-month low Tuesday. The dollar index remains in a price downtrend and the bears still have the overall near-term technical advantage.
The other key “outside market” finds Nymex crude oil prices near steady early Thursday morning and trading near $42.00 a barrel. A major oil-producers’ meeting is scheduled for Sunday in Doha, Qatar, at which time participants will discuss limiting their production levels. There were reports Wednesday the Saudi oil minister said his nation won’t cut back on crude oil production.
In other overnight news, the Euro zone’s consumer price index was reported at unchanged in March, year-on-year. The report was considered upbeat because it was not a negative reading that would have hinted at more price deflation.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the consumer price index, and real earnings. There are IMF and world finance officials meetings and reports scheduled the next couple days.

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