CME Group Morning Gold Market Report
CME Group's Morning Gold Market Report:
It said: "While August gold showed some minor upside action to start today, the Asian gold action was sideways to lower overnight, despite hopes earlier this week of a Chinese easing move over this coming weekend. Some traders think gold could come under pressure early today in the wake of generally weaker global equity market action, as weak US data from yesterday seems to have rekindled the need for action from the US Fed. With a lack of top tier US scheduled data due out today, weaker equities and adverse currency market action to start, gold is probably lucky to be carving out small gains in the early Friday US trade action. Ongoing gains in grain prices should be supportive of gold today, but the gold bulls today don't have the added benefit of soaring energy prices in the early US trade action. While the Asian trade didn't seem to playing up the prospect of another RRR reduction from China on Sunday night, it is possible that US gold traders could toss that prospect around just ahead of the US close later today. Little change in gold derivative holdings yesterday would seem to suggest that investors are indifferent toward near term prospects in gold. Comex Gold Stocks were 10.811 million ounces down 64 ounces. Stocks have declined 12 of the last 20 days."
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