Gold Prices Remain Below $1300, Despite Fall In Goods Orders; Gold Miners On ASX traded On Mixed Note

  • Apr 03, 2019 AEDT
  • Team Kalkine
Gold Prices Remain Below $1300, Despite Fall In Goods Orders; Gold Miners On ASX traded On Mixed Note

Gold prices recovered slightly after a steep fall, with COMEX gold futures (GC) retrieving from the level of $1285.70 (Day’s low on 1st April 2019) to the present level of around $1296, after recovering initially till $1297.25 (Day’s high on 2nd April).

The gold prices took a steep fall after manufacturing activities in China, and the United States improved. However, gold prices rebounded slightly as retail sales declined in the United States.

The factor which further supported the gold prices slightly was the decline in durable goods orders in the United States. The U.S. Core Durable Goods Orders declined by 0.1% for February 2019, against the market expectation of 0.1% growth. A slip in durable goods orders indemnified the rising manufacturing activities, and in turn, supported gold prices.

A rise in goods orders should follow high manufacturing activities in an order for an economy to expand; the mixed figures of high manufacturing and low goods buying created a mixed scenario in the global market, which in turn left gold prices hanging below $1300 mark; however, prices still recovered on the weak orders figures and rebounded from the recent low of $1285.70.

The weakness in order figures exerted pressure on dollar prices, and the Dollar Index (DXY) fell from the level of 97.52 (Day’s high on 2nd April) to the present level of 97.06, which in turn, extended support to gold prices.

However, bond prices fell further, and bond yield surged, with Us-10-year bond yield-to-maturity rose from the level of 2.469% (Day’s low on 2nd April) to the present level of 2.52%, which in turn, prevented any sharp gain in gold prices and countered the positive impact of declined goods orders on the gold prices.

Gold miners on the Australian Stock Exchange traded with mix sentiments over the behaviour of gold in the international market.

The share prices of Evolution Mining (ASX: EVN) traded on a mix note, and the shares ended the trading session on ASX at A$3.570, down by 0.28% as compared to its previous close. During the trading session, the share prices made a high of A$3.605, before losing all the gains and marking a low of A$3.540.

Another Australian gold miner Regis Resources (ASX: RRL) followed the same footprints and marked the day’s high at A$5.170, before losing all the early gains and settling at A$5.100, down by 0.20% as compared to its previous close.

However, few miners such as Newcrest Mining Limited (ASX: NCM) extended gains, and the share prices ended 1.12% higher, as compared to its previous close. The share prices of the company marked a high of A$25.330 before closing the day session at A$25.230.

On the other hand, some miners extended heavy losses, Gold Road Resources (ASX: GOR) ended the day session on a negative note. The share prices closed at A$0.935, down by 2.09% as compared to its previous close.

Gold miners traded sluggishly and on mix sentiments as gold prices remained below $1300.


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