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Gold Returns to $1,200 per Ounce – Led by Depreciating Dollar (Part 1 of 2) Gold price action
Below is our gold price and fundamental analysis. For an in-depth fundamental look at crude oil and related companies, sectors, and drivers, please refer to our Gold ETF page.
April gold futures were up marginally by 0.73% and settled at $1,201 per ounce on April 15, 2015. COMEX-traded gold rebounded on the consensus of the delayed interest rate hike by the Federal Reserve and a depreciating dollar. The iShares Gold Trust (IAU), an ETF that follows gold’s performance, was up marginally by 0.87%. The Market Vectors Gold Miners ETF (GDX) also rallied by 2.94% in yesterday’s trade.
Gold miners like Yamana Gold (AUY), AngloGold Ashanti (AU), and Gold Corp. (GG) were also up by 4% at the close of trade. These stocks account for 16% of GDX.
US dollar tumbles
Gold prices recovered as the US Dollar Index depreciated by 0.80% over the last five trading sessions. The index measures the performance of the US dollar with respect to six major currencies. These currencies are the euro, yen, pound, Canadian dollar, Swedish krona, and Swiss franc. The weak dollar makes dollar-denominated gold cheaper. As a result, gold prices surge.
The US dollar tumbled because of weak industrial output data released by the Federal Reserve on April 15, 2015. The data showed that industrial output fell by 0.6% in March 2015—better than the market estimate of a 0.5% decline. In February 2015 industrial output rose by 0.1%. The falling energy prices saw mining and utilities activities drop in March 2015. In contrast, manufacturing output increased in March 2015.
Gold futures’ prices rose for the fifth time in the last ten days. The average up days’ prices increased 0.31% more than the down days’ average over the same period. Gold and silver had an average performance in yesterday’s trade. WTI (West Texas Intermediate) crude oil topped the charts for the second day across all of the commodities.
Gold prices gained 1.71% YTD (year-to-date)—despite the US Dollar Index increasing by almost 9% YTD. Prices are in a long-term downtrend due to sluggish demand and the improving US economy.
Continue to Part 2 Browse this series on Market Realist:
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VanEck Vectors Global Alternative Energy ETF
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PRODUCTEUR |
CODE : AU |
ISIN : US0351282068 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
AngloGold est une société d’exploration minière d'or basée en Afrique Du Sud. AngloGold est productrice d'or, d'argent, de cuivre et de zinc au Bresil, au Canada, au Ghana, au Mali, en Australie, en Afrique Du Sud, en Argentine, en Guinee, en Namibie et en Tanzanie, en développement de projets de fer et d'or au Bresil, en Australie, en Afrique Du Sud, en Colombie et en Republique Democratique Du Congo, et détient divers projets d'exploration aux Philippines. Ses principaux projets en production sont CRIXÁS, MINERAÇÃO, SAO BENTO, ANGLOGOLD ASHANTI MINERAÇAO et CRIXAS MINE au Bresil, SUNRISE DAM GOLD MINE en Australie, NAVACHAB MINE et NAVACHAB en Namibie, YATELA, MORILA et SADIOLA au Mali, CERRO VANGUARDIA en Argentine, MPONENG (WESTERN DEEP NO. 1 SHAFT), TAUTONA (WESTERN DEEP NO.3 SHAFT), BAMBANANI, TAU LEKOA, MPONENG, SAVUKA, TAU TONA, GREAT NOLIGWA, KOPANANG et CRIPPLE CREEK & VICTOR (CRESSON MINE) en Afrique Du Sud, SIGUIRI en Guinee, TEBEREBIE, IDUAPRIEM, OBUASI et KUBI au Ghana, GEITA en Tanzanie et TROUT LAKE MINE et CALLINAN MINE au Canada, ses principaux projets en développement sont MOAB KHOTSONG en Afrique Du Sud, MINAS-RIO au Bresil, LA COLOSA et GRAMALOTE en Colombie, KIBALI (KILO-MOTO) en Republique Democratique Du Congo et TROPICANA en Australie et ses principaux projets en exploration sont HUALATAN et ER au Perou, MKURUMU en Tanzanie, 777 PROJECT et RIVARD au Canada, LOUBOUGOULA, GOODPASTER et ALAMOUTALA (SADIOLA II) au Mali, BAMBADJI au Senegal, MORRO VELHO au Bresil et SIANA aux Philippines. AngloGold est cotée aux Etats-Unis D'Amerique, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,3 milliards (1,2 milliards €). La valeur de son action a atteint son plus bas niveau récent le 23 novembre 2018 à 10,00 , et son plus haut niveau récent le 20 septembre 2024 à 28,03 . AngloGold possède 47 442 200 actions en circulation. |