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☆ Morning Bid: Gold makes the running as oil fails to fire
▼ + stars: | 2023-12-04 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising. A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086. Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.

Persons: Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann Organizations: REUTERS, Bulls, ECB, Thomson Locations: Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold holds ground ahead of US inflation test
▼ + stars: | 2023-11-30 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold scales 6-month peak on softer dollar, Fed pause bets
▼ + stars: | 2023-11-27 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $2,010.99 per ounce by 0758 GMT, after hitting its highest since May 16. U.S. gold futures rose 0.4% to $2,011.70. Reuters Graphics"What's moving gold at the moment is the lower U.S. dollar because of the recent soft data," said Kyle Rodda, a financial market analyst at Capital.com. The dollar index (.DXY) edged down 0.1% against its rivals, not far from a more than two-month low level touched last week, making gold less expensive for other currency holders. Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected.

Persons: Alexander Manzyuk, Kyle Rodda, Rodda, CME's, Wang Tao, Harshit Verma, Janane Venkatraman, Sherry Jacob, Phillips Organizations: REUTERS, U.S, PCE, Federal, Reuters, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold poised for second weekly gain as Fed pause hopes hurt dollar
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

REUTERS/Alexander ManzyukGold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes. The dollar index was on track for a second weekly drop, making gold less expensive for other currency holders. Markets have dialed back expectations of Fed rate cuts in 2024 after data showed number of Americans filing new claims for unemployment benefits fell more than expected last week. Earlier this week, the Fed minutes showed the central bank would proceed "carefully" and "all participants judged it appropriate to maintain" the current rate setting. Platinum eased 0.1% to $914.68, but was heading for its second weekly rise.

Persons: Alexander Manzyuk Gold, Tim Waterer, CME's, Waterer, Wang Tao Organizations: REUTERS, Federal, KCM Trade Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Gold steadies; poised for second weekly gain on weaker dollar
▼ + stars: | 2023-11-24 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsSummaryCompanies Gold up 0.7% so far this weekPlatinum eyes second weekly gainDollar heads for second weekly fallNov 24 (Reuters) - Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes. The dollar index (.DXY) slipped 0.2% against its rivals and was on track for a second weekly drop, making gold less expensive for other currency holders. Earlier this week, the Fed minutes showed the central bank would proceed "carefully" and "all participants judged it appropriate to maintain" the current rate setting. "There is that disconnect between market expectations for rates and what the Fed minutes showed and that's what's causing some hesitation in the price of gold," Waterer said. Platinum was flat at $915.57, but was heading for its second weekly rise.

Persons: Alexander Manzyuk, Tim Waterer, CME's, Waterer, Brijesh Patel, Sherry Jacob, Phillips, Rashmi Organizations: REUTERS, Federal, KCM Trade, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold slips below $2,000 level as dollar halts slide
▼ + stars: | 2023-11-22 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $1,996.33 per ounce, as of 0335 GMT. However, "the move lower in the U.S. dollar looks overextended ... And with an effective 4-day weekend looming in the U.S., gold currently lacks the legs to commit fully above $2,000." A weaker dollar makes gold less expensive for other currency holders. Data on Tuesday showed U.S. existing home sales dropped to the lowest level in more than 13 years in October. Swiss gold exports in October rose to their highest level since May as deliveries to India surged to meet demand during the country's festive season, customs data showed.

Persons: Alexander Manzyuk, Matt Simpson, CME's, Brijesh Patel, Sherry Jacob, Phillips Organizations: REUTERS, U.S . Federal Reserve, Index, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Swiss, India, Bengaluru

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

☆ Gold rises on dollar weakness as focus turns to Fed minutes
▼ + stars: | 2023-11-21 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

The dollar languished near more than a 2-1/2-month low as investors expect U.S. interest rates to fall next year. A weaker dollar makes gold less expensive for other currency holders. Signs of slowing inflation in the United States has boosted expectations that the U.S. central bank was done raising interest rates. Lower interest rates decrease the opportunity cost of holding gold. Inflation is likely to remain "stubborn" and force the Fed to keep interest rates elevated for longer than investors anticipate, Richmond Fed president Thomas Barkin said.

Persons: Alexander Manzyuk, Edward Meir, CME's, Jerome Powell, It's, Meir, Thomas Barkin, Brijesh Patel, Sherry Jacob, Phillips Organizations: REUTERS, Treasury, Federal, Benchmark, Richmond Fed, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, United States, Bengaluru

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

☆ Gold ticks higher as dollar slips on Fed pause bets
▼ + stars: | 2023-11-20 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold rose 0.1% to $1,981.79 per ounce as of 0306 GMT, after rising 2.2% last week. The dollar slipped 0.2% to a more than a 2-1/2 month low against its rivals, making gold less expensive for other currency holders. Traders now widely expect the Fed to leave rates unchanged at its Dec. 12-13 policy meeting, according to the CME FedWatch tool. Lower rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 1.49% to 883.43 tonnes on Friday.

Persons: Alexander Manzyuk, Kyle Rodda, Brijesh Patel, Chris Reese, Rashmi Organizations: REUTERS, Federal, Fed, Traders, Holdings, SPDR, Trust, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ Gold softens on caution ahead of Fed's policy decision
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Spot gold fell 0.2% to $1,978.36 per ounce by 0351 GMT on Wednesday, while U.S. gold futures dropped 0.4% to $1,987.00. Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week. Markets now await the outcome of the Fed's monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday. "Although no change in the interest rates is expected, the focus will be on the Fed's assessment of the U.S. economy and clues to the monetary policy going forward," said Praveen Singh, associate vice president at BNP Paribas' Sharekhan. Spot silver dropped 1% to $22.662 per ounce, platinum slipped 0.6% to $927.77, while palladium rose 0.5% to $1,120.91.

Persons: Alexander Manzyuk Gold, Christopher Wong, Praveen Singh Organizations: REUTERS, U.S, BNP Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, Gaza, U.S, China

☆ AI boom could feed precious metals' demand - Metals Focus
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Ingots of 99.99 percent pure silver are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File photo Acquire Licensing RightsOct 25 (Reuters) - The artificial intelligence (AI) boom could support industrial demand for precious metals next year, although high interest rates and economic concerns may be near-term headwinds, Metals Focus said on Wednesday. Since most components used in conjunction with AI devices are sophisticated, "we expect to see widespread support for a range of precious metals bearing components," Metals Focus said in a note to investors. To cope with the evolution of AI algorithms, shipping growth for AI servers and switches will rise by double digits over the next few years and stimulate precious metals demand, Metals Focus said. Spot gold prices have climbed about 9% in the past two weeks, mainly fueled by safe-haven inflows triggered by the Israel-Hamas conflict, providing a tailwind for other precious metals as well.

Persons: Alexander Manzyuk, ChatGPT, Ashitha Shivaprasad, Arpan Varghese, Richard Chang Organizations: REUTERS, Metals, Nvidia, Thomson Locations: Novosibirsk, Siberian, Russia, Israel, Bengaluru

☆ Gold rally loses steam as yields edge up, stocks rebound
▼ + stars: | 2023-10-10 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

(Reuters) - Gold prices edged down on Tuesday after clocking a sharp rise in the last session as risk sentiment improved and bond yields rebounded, while investors awaited the U.S. inflation data due later this week. Gold rose about 1.6% on Monday, its biggest one-day jump in five months, as military clashes between Israel and Palestinian Islamist group Hamas boosted demand for safe-haven investments. European stocks rebounded sharply on Tuesday as dovish comments from Fed policymakers and easing oil prices helped calm investor nerves. Benchmark 10-year Treasury yields rose to 4.7049%, decreasing the appeal for non-yielding bullion. Spot silver fell 0.8% to $21.72 per ounce, platinum slipped 0.3% to $883.97 and palladium dropped 0.8% to $1,130.52.

Persons: Alexander Manzyuk, ”, Craig Erlam, Erlam, Philip Jefferson, Lorie Logan, Kyle Rodda Organizations: Reuters, REUTERS, OANDA, U.S, Consumer, Dallas Fed Locations: Novosibirsk, Siberian, Russia, Israel, Palestinian, U.S . Federal, EU, U.S

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were up 55 cents to $91.26 a barrel by 1:01 p.m. EDT (1701 GMT), after falling to a session low of $89.50, the lowest price since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, a day after Turkey said operations would start again this week after nearly a six-month stoppage. U.S. crude inventories were expected to have fallen by about 500,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Alexander Novak, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter, Paul Simao Organizations: REUTERS, Brent, . West Texas, U.S ., Federal Reserve, Price Futures Group, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, OPEC, Asia, Turkey, Gulf, Iraq

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsOct 3 (Reuters) - Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment," ANZ analysts said in a client note. Higher interest rates along with a stronger dollar also makes oil more expensive for holders of other currencies, which could dent oil demand. BMI Research analysts said "given that the global economy is slowing, the group will likely want to maintain their current cuts, while signposting the scope for further reductions, if market conditions demand it."

Persons: Alexander Manzyuk, Brent, Laura Sanicola, Trixie Yap, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, . West Texas, ANZ, U.S ., U.S, Reserve, BMI Research, Organization of, Petroleum, Thomson Locations: Republic of Tatarstan, Russia, Iraq, OPEC

"It demonstrates the company's capabilities and readiness to refine different types and complexities of crude oil." Cnergyico conducted due diligence and consulted with external sanctions counsel to ensure the import of Russian oil did not violate sanctions, he said. Last year, Pakistan's total crude imports registered at 154,000 bpd. The government paid in Chinese yuan for its first import of discounted Russian crude, which went to state-owned Pakistan Refinery Ltd (PKRF.PSX). Cnergyico said it expects to make the Russian imports viable through the export of furnace oil to generate foreign exchange.

Persons: Alexander Manzyuk, Cnergyico, Ariba Shahid, William Mallard, Tom Hogue Organizations: REUTERS, Rights, Reuters, Pakistan Refinery Ltd, Bank, United Arab, Thomson Locations: Republic of Tatarstan, Russia, Rights KARACHI, Pakistan, Ukraine, Saudi Arabia, United Arab Emirates, Karachi

☆ Russia's oil and gas revenues set to rise 14% in September - Reuters calculations
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsMOSCOW, Sept 19 (Reuters) - Russia's oil and gas revenues, which account for around a third of total federal budget proceeds, are set to rise to around 733 billion roubles ($7.6 billion) in September, up 14% from the previous month, Reuters calculations showed on Tuesday. The corresponding figure in September 2022 was 688 billion roubles. The budget is expected to return some 278 billion roubles to refineries under the damping mechanism in September, according to Reuters calculations. Proceeds from oil and gas sales are crucial for Russia's commodity-oriented economy and for the financing of what it calls its "special military operation" in Ukraine. The finance ministry is due to publish its data on budget revenues from oil and gas in early October.

Persons: Alexander Manzyuk, Mark Trevelyan Organizations: REUTERS, Rights, Reuters, Thomson Locations: Republic of Tatarstan, Russia, Ukraine

"Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. The IEA's demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.

Persons: Alexander Manzyuk, Brent, Natalie Grover, Alex Lawler, Jason Neely, David Evans Organizations: REUTERS, International Energy Agency, IEA, of, Petroleum, for Economic Co, Development, OPEC, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Paris, China, London

☆ Gold stays near 1-month lows as U.S. dollar, yields hold ground
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.

Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowDUBAI/LONDON, Aug 4 (Reuters) - An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. "The committee will continue to closely assess market conditions," an OPEC statement issued after the online meeting said, adding that the panel urged members to achieve full compliance with output cut pledges. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, DUBAI, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, LONDON, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowLONDON/DUBAI, Aug 4 (Reuters) - An OPEC+ ministerial panel which meets on Friday is unlikely to tweak the group's current oil output policy, five OPEC+ sources told Reuters, after a Saudi decision to extend its voluntary cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, DUBAI, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

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