Gold Futures Settle Higher Again As Dollar Stays Weak
Gold prices climbed higher on Tuesday, extending gains from the previous session, as the dollar continued to stay weak with traders looking ahead to the crucial U.S. inflation data, due on Wednesday, for clues about the central bank’s interest rate moves.
Rising geopolitical worries contributed as well to the demand for the safe-haven yellow metal.
News about Russia bombarding a power plant in Ukraine has sparked fears of a radioactive fallout in Europe.
Elsewhere, Taiwan’s foreign minister said earlier today that China has used the drills in its military playbook to prepare for the invasion of Taiwan.
The dollar index, which slid to 105.97 in the Asian session, recovered to 106.28, but still trailed its previous closing level by about 0.17%.
Gold futures for December ended higher by $7.10 or about 0.4% at $1,812.30 an ounce.
Silver futures for September ended lower by $0.132 at $20.482 an ounce, while Copper futures for September settled at $3.5855 per pound, down $0.0010 from the previous close.
The report from the Labor Department tomorrow is expected to show consumer prices edged up by 0.2% in July after jumping by 1.3% in June. The annual rate of growth is expected to slow to 8.7% from a four-decade high of 9.1%.
Core consumer prices, which exclude food and energy prices, are expected to rise by 0.5% in July after climbing by 0.7% in June. Annual core consumer price growth is expected to accelerate to 6.1% from 5.9%.
Three-Year Note Auction Attracts Above Average Demand
Kicking off this week’s series of announcements of the results of its long-term securities auctions, the Treasury revealed Tuesday that this month’s auction of $42 billion worth of three-year notes attracted above average demand.
The three-year note auction drew a high yield of 3.202 percent and a bid-to-cover ratio of 2.50.
The Treasury sold $43 billion worth of three-year notes last month, drawing a high yield of 3.093 percent and a bid-to-cover ratio of 2.43.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous three-year note auctions had an average bid-to-cover ratio of 2.44.
The Treasury is due to announce the result of this month’s auctions of $35 billion worth of ten-year notes and $21 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
Google Hit By Widespread Outage, But Back Online
Search engine Google was briefly down on Tuesday, with users in the U.S., U.K., Australia and other countries reporting issues with the website.
According to DownDetector.com, the website was “having problems sine 9:12 PM EDT.” At its peak in the U.S., over 40,000 people reported that Google wasn’t working. However, it dropped quickly, and stayed below 100 since around 2 a.m. ET.
“We’re aware of a software update issue that occurred late this afternoon Pacific Time and briefly affected availability of Google Search and Maps, and we apologize for the inconvenience,” Google said in a statement. “We worked to quickly address the issue and our services are now back online.”
Google was trending on Twitter briefly, with many users using the hashtag #GoogleDown.
Users also found issues with Google’s sister platforms Gmail, Google maps and Google images, which rely on Google’s search engine to operate.
One person dies in single-engine plane crash in Douglas County near Federal Express building
A single-engine airplane crashed in Douglas County and the pilot, the only person on board, died in the crash.
The crash happened near the Federal Express building, 14200 Grasslands Drive, according to a 1:05 p.m. South Metro Fire Rescue tweet.
The plane crashed in an open field, southeast of Centennial Airport. There was no fire, although there was a small fuel spill, according to SMFR.
The small plane was departing eastbound on runway 10 prior to the crash, according to Centennial Airport. No further details were released.
The National Transportation Safety Board is investigating the crash.
Southwest Gas Corp. Q2 Earnings Summary
Below are the earnings highlights for Southwest Gas Corp. (SWX):
Earnings: -$6.6 million in Q2 vs. $25.1 million in the same period last year.
EPS: -$0.10 in Q2 vs. $0.43 in the same period last year.
Excluding items, Southwest Gas Corp. reported adjusted earnings of $15.7 million or $0.23 per share for the period.
Revenue: $1.15 billion in Q2 vs. $821.4 million in the same period last year.
Welltower Inc. Announces Climb In Q2 Income, Beats estimates
Welltower Inc. (WELL) revealed a profit for its second quarter that increased from the same period last year and beat the Street estimates.
The company’s bottom line totaled $89.78 million, or $0.20 per share. This compares with $26.26 million, or $0.06 per share, in last year’s second quarter.
Analysts on average had expected the company to earn $0.18 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 28.9% to $1.47 billion from $1.14 billion last year.
Welltower Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $89.78 Mln. vs. $26.26 Mln. last year.
-EPS (Q2): $0.20 vs. $0.06 last year.
-Analyst Estimate: $0.18
-Revenue (Q2): $1.47 Bln vs. $1.14 Bln last year.
Next quarter EPS guidance: $0.12 to $0.17
Nautilus Inc. Q1 Earnings Summary
Below are the earnings highlights for Nautilus Inc. (NLS):
Earnings: -$60.2 million in Q1 vs. $13.9 million in the same period last year.
EPS: -$1.92 in Q1 vs. $0.43 in the same period last year.
Analysts projected -$0.71 per share
Revenue: $54.8 million in Q1 vs. $184.6 million in the same period last year.
Full year revenue guidance: $380-$460 mln