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☆ Gold pauses record rally ahead of U.S. jobs data
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.5% at $2,278.50 per ounce, as of 0328 GMT, after hitting a record high of $2,305.04 on Thursday. "Gold will continue to rally with normal pull-backs," Luca Santos, an analyst at ACY Securities said. Bullion was on track for a third straight weekly gain, up 2.3% so far, also driven by strong central bank buying and demand from momentum-following funds. Traders are currently pricing in about 65% chance that the Fed will cut rates in June, according to the CME FedWatch tool.

Persons: Luca Santos, Santos, Bullion, Hugo Pascal, Pascal, Jerome Powell Organizations: Heraeus, Solar, U.S ., Federal, ACY Securities, NFP, Palladium Locations: Budapest, Hungary, U.S

TOKYO (AP) — Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates. A top Japanese finance official expressed reservations about the recent surge in the U.S. dollar against the Japanese yen, fueling speculation about possible intervention in the market. Despite the BOJ’s decision to hike rates, cautious communication failed to stimulate demand for the Japanese yen,” said Luca Santos, currency analyst ACY Securities. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Thursday. The U.S. Federal Reserve has indicated it may deliver three cuts to interest rates this year, as long as inflation keeps cooling.

Persons: Seng, Korea's Kospi, ”, Luca Santos, Brent Organizations: TOKYO, Reserve, Nikkei, Shanghai, U.S ., U.S, of, of Japan, ACY Securities, Dow Jones, Nasdaq, Treasury, U.S . Federal Locations: of Japan, Japan, U.S

☆ Gold struggles for direction ahead of Fed's Jackson Hole meet
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Spot gold held its ground at $1,895.70 per ounce by 0520 GMT, hovering above a five-month low of $1,883.70 hit last week. Following a week of back-to-back losses, gold on Monday settled 0.3% higher to post its best day in more than two weeks. Any correction in the U.S. dollar from recent highs could immediately ignite a strong gold market rally, he said. For an outlook on interest rates, comments from Fed Chair Jerome Powell on Friday will be monitored at a meeting of central bankers at Jackson Hole, Wyoming.

Persons: Clifford Bennett, Jerome Powell, Bennett Organizations: U.S, Treasury, ACY Securities, Federal Reserve, Trust Locations: Moscow, Russia, Jackson, , Wyoming, U.S

☆ Gold hits 5-week low as U.S. dollar, yields stay elevated
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Gold bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Spot gold was down 0.1% at $1,912.13 per ounce, as of 0356 GMT, hitting its lowest level since July 7. Higher interest rates and Treasury bond yields raise the opportunity cost of holding non-interest-bearing gold, which is priced in dollars. Reflecting investor interest in gold, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell to the lowest level since late-January 2020. Among other precious metals, spot silver fell 0.4% to $22.59 an ounce, having matched a low last seen on July 6.

Persons: Clifford Bennett, Fed's, Bennett Organizations: Aurum, U.S, U.S . Federal, ACY Securities, Trust Locations: U.S .

☆ Gold near 3-week lows as U.S. data points to more Fed tightening
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices held near three-week lows on Thursday after a larger-than-expected increase in U.S. private payrolls in July fueled bets on more monetary policy tightening and boosted the dollar and bond yields. Spot gold was up 0.2% at $1,937.39 by 0400 GMT, trading near its lowest level since July 12 hit in the previous session. The U.S. dollar index rose to a four-week peak on Wednesday and benchmark 10-year Treasury yields were at their highest since November after data showed U.S. private payrolls rose by 324,000 jobs last month. Non-yielding gold is often sought as a safe investment during times of economic uncertainty but tends to lose its sheen when rates rise.

Persons: Clifford Bennett Organizations: Aurum, ACY Securities, U.S, Reuters, U.S ., Federal, Bank of England Locations: U.S

☆ Gold trades in narrow range as markets wait for Fed minutes
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold stuck to a narrow range on Wednesday as investors awaited the release of the U.S. Federal Reserve's latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices. Spot gold was little changed at $1,923.66 per ounce by 0243 GMT, while U.S. gold futures rose 0.1% to $1,931.20. "Fed minutes are likely to reveal a lively debate where still more rate hikes are to come. High interest rates discourage investing in non-yielding gold, which is otherwise seen as a safe investment amid economic uncertainties.

Persons: Gold, Clifford Bennett, Bennett Organizations: Aurum, U.S, U.S . Federal, ACY Securities Locations: U.S ., United States, China

While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York

☆ Gold flat as markets await Powell's testimony for rate cues
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: +2 min

Gold prices moved in a tight range on Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of U.S. Federal Reserve Chairman Jerome Powell's congressional testimony. Spot gold held its ground at $1,936.03 per ounce by 0504 GMT. In this light, Chairman Powell's testimony could have a major short-term impact on the market," said Clifford Bennett, chief economist at ACY Securities. "For the moment gold is under the great interest rate threat hammer, but the very real on-going strong jewelry and manufacturing demand should eventually win the day," Bennett added. Among other precious metals, spot silver fell 0.4% to $23.0973 per ounce, platinum shed 0.6% to $957.16, and palladium lost 0.3% to $1,375.37.

Persons: Jerome, Powell's, Clifford Bennett, Powell, Bennett, Michael Langford Organizations: U.S . Federal, ACY Securities, U.S . House Financial, Federal Reserve, Traders, U.S ., Scorpion Minerals Locations: U.S, Washington, Asia

☆ Gold rises as dollar weakens ahead of Fed decision
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged higher on Wednesday, helped by a softer dollar as slowing U.S. inflation cemented bets that the Federal Reserve would keep interest rates unchanged later in the day. Spot gold rose 0.3% to $1,948.49 per ounce by 05:00 GMT. Markets are pricing in a roughly 90% chance of the Fed keeping rates unchanged, according to CME's Fedwatch tool. While gold is seen as a hedge against inflation, higher rates to tame price pressures generally weigh on the non-yielding asset's appeal. Spot silver climbed 0.7% to $23.8439 per ounce, platinum rose 0.3% to $979.37, while palladium was flat at $1,361.01.

Persons: Clifford Bennett, " Bennett, Nicholas Frappell Organizations: Federal Reserve, U.S, ACY Securities, Fed, ABC Refinery Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Gold climbs on softer dollar as traders weigh Fed verdict
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices edged higher on Thursday, supported by a softer dollar, although bullion hovered near the previous session's lows as investors awaited cues from the U.S. Federal Reserve. Spot gold was up 0.3% to $1,946.09 per ounce by 0441 GMT, after shedding 1% in the previous session. The dollar index eased slightly making gold less expensive for investors holding other currencies. Gold still remains a viable macro portfolio tail hedge, despite a hawkish Fed regime, Citi said in a note.

Persons: Ajay Kedia, Clifford Bennett Organizations: U.S . Federal, Kedia Commodities, Reuters, Bank of Canada, Wednesday, ACY Securities, Citi Locations: Moscow, Russia, U.S, Mumbai

☆ Gold holds ground amid U.S. debt-ceiling jitters
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Wednesday, as investors fretted over prolonged U.S. debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold ticked up 0.1% to $1,991.35 per ounce by 0455 GMT. Rival safe-haven dollar, meanwhile, held firm on the day, making gold less appealing for overseas buyers. "Any inflation-fighting rhetoric from Fed officials between now and the June meeting would hinder the gold price," Waterer further said, adding, the prevailing dollar strength was capping gold's upside for the time being. Spot silver rose 0.1% to $23.76 per ounce after hitting a six weeks low in the previous session.

☆ Futures edge higher in early hours on debt talks optimism
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.32%, S&P 0.37%, Nasdaq 0.33%May 15 (Reuters) - U.S. stock index futures edged higher on Monday amid optimism that lawmakers will reach an agreement to raise the U.S. debt limit to avoid a catastrophic default, and ahead of speeches by Federal Reserve officials lined up through the week. ET, Dow e-minis were up 108 points, or 0.32%, S&P 500 e-minis were up 15.5 points, or 0.37%, and Nasdaq 100 e-minis were up 44.5 points, or 0.33%. Markets are waiting to hear them to gauge the pricing of rate cuts this year. The Dow Jones Industrial Average (.DJI) fell 1.1% last week, while the S&P 500 index (.SPX) fell 0.3% and the Nasdaq (.IXIC) rose 0.4%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Gold hovers above $2,000 as Fed rate decision looms
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate decision due later in the day. The Fed's rate decision will be announced at 1800 GMT. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. On the physical front, Perth Mint's April gold product sales slipped more than 6% month-on-month, while silver sales hit a six-month peak. Analysts have cut their forecasts for palladium after a 60% price fall, but rising vehicle production should limit any sell-off, a Reuters poll showed.

SummarySummary Companies Fed rate decision due at 1800 GMTU.S. job openings drop in MarchMay 3 (Reuters) - Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate-hike verdict due later in the day. The market mostly expects the U.S. central bank to raise interest rates by 25 basis points. "If the Fed were to surprise with a pause, this would suggest a deepening banking crisis and would likely send gold higher," said Clifford Bennett, chief economist at ACY Securities. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Asian shares sink on banking jitters, US economic concerns
▼ + stars: | 2023-04-27 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) were 0.3% lower on Thursday, while Japan's Nikkei (.N225) lost 0.4%. Data showed that new orders for key U.S.-manufactured capital goods fell more than expected in March, suggesting that business spending on equipment was likely a drag on economic growth in the first quarter. Wells Fargo lowered its forecast for U.S. GDP growth by 100 basis points to a 0.8% rise. The dollar index , which measures the currency against six major rivals, dropped to 101.4 on fresh concerns over a U.S. slowdown. U.S. crude futures edged up 0.3% to $74.5 per barrel, while Brent crude futures rose 0.5% to $78.09 per barrel.

☆ Gold at over one-year peak as weak U.S. data buoys demand
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged higher on Wednesday to touch their highest levels since March 2022 after weak U.S. economic data spurred safe-haven demand and expectations that the Federal Reserve might loosen its monetary policy trajectory. Spot gold was up 0.1% at $2,022.09 per ounce, as of 0355 GMT. Gold prices rallied 2% to cross $2,000 per ounce on Tuesday after another round of weaker U.S. economic data pointed to a slowing economy. Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. Gold is traditionally considered a hedge against inflation and economic uncertainties, but higher interest rates dim the appeal for non-yielding bullion.

☆ Softer dollar buoys gold, but banking optimism limits safe-haven appeal
▼ + stars: | 2023-03-28 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold might retest support at $1,945/oz - technicalsU.S. dollar down 0.2%Global stocks rise on TuesdayMarch 28 (Reuters) - Gold prices rose on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal's appeal. "The U.S. dollar seems to be stabilising, this should entice fresh buying back into the (gold) market," said Clifford Bennett, chief economist at ACY Securities. However, gold remains the "resolute safe-haven" in a "rolling risk environment" for the banking sector as risks of contagion are far more persistent than the market would like to believe, Bennett added. Gold might retest a support at $1,945 per ounce, a break below could open the way towards $1,927, Reuters technical analyst Wang Tao said. Spot silver eased 0.1% to $23.06 per ounce, while platinum rose 0.5% to $976.87 and palladium added 0.7% at $1,418.44.

☆ Asian bank stocks sink as Credit Suisse fear roils markets
▼ + stars: | 2023-03-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Banking stocks in Asia fell on Thursday, dragging the broader markets lower, as troubles at Credit Suisse sparked fears that banking turmoil is spreading around the world. The lender said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank. In Hong Kong, Standard Chartered (SCBFF) sank nearly 4%. Local bank BOC Hong Kong was down 3.1%. The bank failures had already forced US regulators to take emergency measures on Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

☆ Gold ticks up as dollar slips ahead of Fed meeting
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices inched higher on Monday as the U.S. dollar eased, while market participants globally awaited a slew of central bank meetings with the main focus on the Federal Reserve. Spot gold rose 0.3% to $1,932.84 per ounce, as of 0457 GMT. The European Central Bank (ECB) and the Bank of England (BoE) are also having policy meetings this week. Spot silver gained 0.6% to $23.70 per ounce, platinum rose 0.6% to $1,017.69, and palladium climbed 1.7% to $1,646.41.

“My forecast is for a further decline of 1.2% [on a quarterly basis for China’s GDP]. China’s GDP declined 2.6% in the second quarter from the previous one, reversing a 1.4% growth in the January-to-March period. Economists polled by Reuters have expected China’s GDP to expand by 3.4% in the third quarter from a year earlier. Many international organizations, including the IMF and World Bank, have recently downgraded China’s GDP growth forecasts for this year. Bennett expected the third-quarter GDP data to be released after the Party Congress.

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