RBC's Gero: Gold May Still Benefit From 'Geopolitical Turmoil,' Deficits
Gold is “off the radar of the funds for now” as arally occurs in stocks, says GeorgeGero, managing director with RBC Wealth Management. However, he adds, gold atsome point could still show a reaction to “all thegeopolitical turmoil” and “new worries about [a] looming deficit as aresult of tax cuts.” TheCongressional Budget Office says after Republican tax cuts this year, the deficitwill expand to $804 billion in fiscal 2018 from $665 billion in fiscal 2017.Shortly after 9 a.m. EDT, the Dow Jones Industrial Average was up roughly 350points. Still, with the euro ticking higher against the U.S. dollar, Comex June gold was $3.90 higher to $1,344 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Data Show India’s Gold Demand‘Rather Subdued’
Tuesday April 10, 2018 09:41
Commerzbank cites provisional data from the Ministry of Finance showing thatIndia imported 64.2 tonnes of gold in March, 47% less than in the same month ayear ago. First-quarter gold imports fell by 42% to 159 tonnes. “The buoyantdemand that is usually seen in the run-up to the Hindu Akshaya Tritiya festival- which takes place next week - has failed to materialize this year,”Commerzbank says. “According to market observers, the Indian gold market isstill amply supplied following last year’s high imports. What is more, demandis apparently rather subdued at present due to the increased prices.”
By Allen Sykoraof Kitco News; asykora@kitco.com
TDS: Gold ‘Relatively Steadfast’ Amid Trade Tensions
Tuesday April 10, 2018 09:41
Gold fared better than most commodities over the last week amidmarket anxiety about a potential trade war between the U.S. and China, yetbulls are likely disappointed the yellow metal has not risen more, says TDSecurities. Many industrial metals and oil weakened last week as marketsreacted to trade tensions between the two largest economies in the world. “Goldwas one of the few commodities which performed relatively steadfast, but priceaction has been disappointing to the faithful who have been supporting it byincreasing exposure in exchange-traded products, as it has been unable tochallenge $1355/oz resistance,” TDS says. As of 9:29 a.m. EDT, spot gold was up$3.80 for the day to $1,339.80 an ounce.
By Allen SykoraFor Kitco News
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