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☆ Safe-haven gold rises as Israeli attack on Iran raises concerns of wider conflict
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices rose on Friday as risk aversion swept across financial markets following media reports on explosions in Iran, prompting fears of a wider regional conflict and increasing bullion's safe-haven appeal. The news of Israel's attacks on Iran today "is driving gold price attention on the Middle East which has been the sole thing keeping the gold price moving higher for weeks now. "Gold is not a monetary policy trade at the moment, it's a geopolitics trade," Rodda said. Eventually, even if geopolitical risks subside, "Chinese gold reserve accumulation acts as the major catalyst.

Persons: Bullion, Kyle Rodda, Rodda, Ilya Spivak Organizations: Novosibirsk Refining Plant, Reserve Locations: Novosibirsk, Russia, Iran, Israel

☆ Gold holds steady as traders await U.S. data for more Fed cues
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Fed Governor Waller on Wednesday said recent disappointing inflation data affirms the case for the U.S. central bank holding off on cutting its short-term interest rate target. Traders are currently pricing in a 62% probability the Fed will begin cutting rates in June, according to the CME Group's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion.

Persons: Christopher Waller, Ilya Spivak, Fed Governor Waller Organizations: Federal Reserve, Fed, U.S, Traders Locations: Ukraine

☆ Firmer dollar weighs on gold as spotlight shifts to Powell's speech
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.2% at $1,965.50 per ounce by 0535 GMT after hitting its lowest since Oct. 24 on Tuesday. The dollar extended gains against its rivals, making greenback-priced gold more expensive for other currency holders. So, there's not much of driving catalysts for gold this week," said Ilya Spivak, head of global macro at Tastylive. Investors now look forward to comments from Fed Chair Jerome Powell, who is set to speak on Wednesday and Thursday. Palladium dropped 2.5% to $1,029.12, after hitting its lowest since October 2018 at $1,016.06 earlier in the session.

Persons: Ilya Spivak, Jerome Powell, Powell, Spivak Organizations: Federal Reserve, Economic, of New Locations: U.S, ., of New York, FOMC

☆ Gold firms as dollar, yields slip after Fed keeps rates steady
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +2 min

At the precious metals dealer Pro Aurum, two gold and two silver bars are placed in a locker in a vault. Gold prices edged up on Thursday, buoyed by a weaker U.S. dollar and Treasury yields after the Federal Reserve held interest rates steady and as investors stepped up bets that the central bank may be done with rate hikes. The Fed on Wednesday held interest rates steady as widely expected, as policymakers struggled to determine whether financial conditions may be sufficiently tight to control inflation. Markets now await the U.S. non-farm payrolls report on Friday, for more cues on Fed's interest rate path. Spot silver was steady at $22.98 per ounce, platinum rose 0.6% to $926.08 and palladium rose 1% to $1,114.02.

Persons: Ilya Spivak, Jerome Powell, Spivak Organizations: Pro Aurum, Federal Reserve, Fed, Trust, U.S .

☆ Gold gains on softer U.S. bond yields, Mideast uncertainty
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rebounded on Tuesday as benchmark U.S. Treasury yields pulled back, while investors awaited economic data for guidance on interest rates and monitored growing tensions in the Middle East. Spot gold was up 0.2% at $1,976.99 per ounce by 0349 GMT, while U.S. gold futures was steady at $1,988.10. "The importance of geopolitics and gold is really highlighted very clearly by how strong gold has been despite stronger bond yields," said Ilya Spivak, head of global macro at Tastylive. "Once markets digest geopolitics, yields would become more of a meaningful factor," he added. Spot silver was up 0.7% to $23.15 an ounce, platinum fell 0.1% to $895.66 and palladium firmed 1.1% to $1,129.79.

Persons: Ilya Spivak, Israel, Spivak Organizations: Treasury, Gaza, U.S

☆ Gold firms on Middle East conflict, spotlight on Powell speech
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices hovered near a 2-1/2-month high on Thursday as escalating Middle East turmoil buoyed demand for the safe-haven asset, while investors awaited U.S. Federal Reserve Chair Jerome Powell's speech due later in the day. Spot gold was steady at $1,947.45 per ounce by 0318 GMT after hitting its highest since Aug. 1 on Tuesday. Market focus will be on Powell's speech to the Economic Club of New York for more cues on the interest rate path after recent dovish comments from several Fed officials. I don't think there's a whole lot to reprice there and doubt the Fed Chair is going to fight that sentiment," Spivak said.

Persons: Jerome Powell's, Ilya Spivak, Joe Biden, Spivak Organizations: Korea Gold Exchange, Federal, Gaza, Economic, of New Locations: Seoul, South Korea, ., Israel, of New York

☆ Gold nudges up, heading for best week since March
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: +2 min

Gold firmed on Friday and was heading for its best week in seven months, amid tensions in the Middle East, and supported by expectations that U.S. interest rates may have peaked as markets assess latest inflation figures. U.S. Treasury yields and the dollar reversed course in Asia hours on Friday, having strengthened in the last session and weighed on gold after data showed U.S. consumer prices increased in September. Before the inflation data, gold had climbed to its highest in two weeks on Thursday, boosted by dovish policy stance by top policymakers who noted that the recent rise in U.S. Treasury yields might make further rate hikes less necessary. Investors also assessed the latest inflation data out of China, the biggest gold consumer, which showed consumer prices faltered and factory-gate prices shrank slightly faster than expected in September, with both indicators showing persistent deflationary pressures. Platinum was down 0.3% to $865.99 and palladium fell 0.3% to $1,140.83, both on path for weekly declines.

Persons: Ilya Spivak Organizations: Novosibirsk Refining Plant, Treasury, Hamas, Investors Locations: Novosibirsk, Russia, U.S, Asia, Israel, Palestinian, China

☆ Gold pauses declines as investors hold breath for U.S. payrolls report
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Spot gold rose 0.2% to $1,823.59 per ounce by 0335 GMT, but was on track to extend losses to a second consecutive week, shedding 1.3% so far. Markets await the release of U.S. non-farm payrolls data at 1230 GMT, following a string of jobs indicators released this week. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings hit the lowest levels since August 2019 on Thursday. Prices for platinum-group metals could remain depressed, CEO of the world's biggest platinum miner by value, Anglo American Platinum, told Reuters.

Persons: Ilya Spivak, Spivak Organizations: U.S ., Benchmark, Federal, Treasury, Trust, Reuters Locations: Mendrisio, Switzerland, U.S, American

☆ Gold defies strength in dollar, yields as global rates peak
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +1 min

Gold firmed on Friday despite pressure from a stronger U.S. dollar and bond yields, as investors assessed major central banks' decisions to stand pat on interest rates as a signal of imminent global economic pain. Spot gold was up 0.3% to $1,924.45 per ounce by 0551 GMT, having logged its biggest daily drop since Sept. 5 on Thursday. "The markets looked at central banks and said you're not stopping hikes because inflation is beaten, you're stopping because you're worried that global growth is about to stop," said Ilya Spivak, head of global macro at Tastylive. The dollar stood near a six-month peak on the prospects of higher-for-longer U.S. rates, while benchmark 10-year Treasury yields climbed a 16-year high and global equities eyed their worst week in a month. Investors traditionally buy gold as a hedge against economic uncertainty, but higher rates tend to weigh on non-interest-paying bullion.

Persons: Ilya Spivak, Silver Organizations: Investors, U.S . Federal Reserve, of Locations: U.S

☆ Gold rises on weaker dollar; traders await data, cues from Fed
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.3% to $1,928.14 per ounce by 0402 GMT while U.S. gold futures were up 0.2% to $1,937.70. "If the dollar falls but yields edge up (softer Fed tone, neutral/upbeat data), gold may stumble but remain muted as silver, platinum and palladium rise," said Ilya Spivak, head of global macro at Tastylive. "Looking ahead, (gold) will continue to try reconciling signs of a deepening slowdown in global economic activity with this hawkish central bank turn." The dollar index edged down 0.1%, making greenback-priced bullion more attractive for overseas buyers. Economic data including China's Purchasing Managers' Index, and a key U.S. inflation gauge this week could provide a clearer picture on the macroeconomic situation.

Persons: Jerome Powell's, Ilya Spivak, Jerome Powell, Spivak Organizations: Federal, Benchmark, China's, European Central Bank, Investors Locations: China, United States, U.S, Sintra

☆ Gold hovers near 3-month low, set for biggest weekly drop since Feb
▼ + stars: | 2023-06-23 | 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 hovered near a three month low on Friday and was set for its biggest weekly drop since February, as the dollar strengthened after U.S. Federal Reserve Chief Jerome Powell hinted about more interest rate hikes. Spot gold ticked up 0.2% to $1,916.39 per ounce by 0450 GMT but stayed close to a three-month low hit earlier in the session. "Gold has extended lower out of the range that it was occupying for a few weeks, suggesting there is more weakness ahead. Palladium ticked 0.1% higher to $1,285.00 after hitting its lowest since May 2019 in the previous session.

Persons: Jerome Powell, Ilya Spivak, Powell, Tim Waterer, Tastylive's Spivak Organizations: South Korea's, Nikko, U.S, Federal, KCM Trade Locations: Seoul, Powell, U.S

☆ Gold trades in tight range as investors await Fed decision
▼ + stars: | 2023-06-07 | 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 inched higher on Wednesday, trading in a tight range as support from a weaker dollar countered concerns surrounding the U.S. Federal Reserve's next interest rate decision. Spot gold rose 0.1% to $1,963.86 per ounce by 0220 GMT. Non-interest-bearing bullion tends to become less attractive in a high interest rate environment. Fed fund futures indicate traders have priced in an 80.6% chance that the Fed will hold interest rates in the 5%-5.25% range, according to CMEGroup's Fedwatch tool.

Persons: Ilya Spivak Organizations: U.S . Federal, New York Fed, Fed Locations: Moscow, Russia, U.S ., Asia, Pacific

☆ Gold set for biggest weekly fall since Feb on U.S. debt deal hopes
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +1 min

Gold prices ticked up on Friday but were on course for their biggest weekly drop in 3-1/2 months as hopes of a resolution in the U.S. debt ceiling negotiations and fading expectations of a rate cut by year-end took some shine off bullion. Spot gold was up 0.3% to $1,963.39 per ounce by 0418 GMT, but on track for a 2.4% weekly drop — its biggest since early February. U.S. gold futures rose 0.2% to $1,964.60. Spot silver rose 0.6% to $23.64 per ounce, but was set for a second weekly fall. Investors are increasing their bullish bets in platinum with strong auto sales also boding well for platinum group metals, ANZ said in a note.

SummarySummary Companies Dollar up 0.1%Fed likely to raise rate by 25 bps on WednesdayMay 1 (Reuters) - Gold prices dipped on Monday as the U.S. dollar held firm, with traders positioning themselves ahead of a much awaited Federal Reserve rate-hike decision due this week. The dollar index rose 0.1%, making greenback-priced bullion more expensive for overseas buyers. "If the Fed comes out unexpectedly hawkish, then it won't bode well for gold. Gold prices rose more than 1% in April as renewed concerns over the U.S. banking turmoil drove investors to the safe-haven asset. The European Central Bank is widely expected to raise rates for the seventh straight meeting on May 4.

☆ Gold prices ease with Fed rate trajectory in focus
▼ + stars: | 2023-04-21 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $2,001.75 per ounce, as of 0342 GMT, after rising 1% on Thursday. Gold prices have been moderating in the absence of real incoming news flow and "we really need to see some bigger pieces of information to give it that directional conviction", said Ilya Spivak, head of global macro at Tastylive. "Gold pushed back above $2,000/oz as the weaker economic outlook is enticing safe-haven buying," ANZ said in a note. Rate hikes raise the opportunity cost of holding non-interest-bearing gold. Spot silver dipped 0.3% to $25.22 per ounce, while platinum was flat at $1,093.33 and palladium rose 0.5% to $1,594.26.

☆ Gold set for best month since July 2020 on banking turbulence
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged up on Friday, en route to their best monthly performance since July 2020, as the recent banking system crisis led to expectations of a less-aggressive U.S. Federal Reserve, making bullion an attractive bet. Bullion was also set for a second consecutive quarterly gain, up 8.6% so far. The dollar was on track for a second consecutive quarterly loss, making bullion cheaper for overseas buyers. Gold rose above the $2,000 mark after the sudden collapse of two U.S. regional lenders earlier this month, which led to bets that the Fed might pause hiking rates to avoid a wider fallout from the global banking system turmoil. Although gold is considered a hedge against economic uncertainties, higher rates tend to dull zero-yielding bullion's appeal.

☆ Gold gains as Fed hints at pause in rate hikes
▼ + stars: | 2023-03-23 | 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 advanced on Thursday after the U.S. Federal Reserve hinted it was nearing a pause in its rate-hike cycle, making the safe-haven asset a more attractive bet in a future low interest environment. Spot gold was up 0.4% at $1,976.98 per ounce, as of 0406 GMT. Traditionally considered a hedge against inflation and economic uncertainties, gold prices jumped 2% on Wednesday after the Fed raised interest rates by an expected 25 basis points, and indicated it might pause further increases after the recent collapse of two U.S. banks. Spot silver slipped 0.4% to $22.94 per ounce, platinum added 1.1% at $988.61, while palladium lost 0.5% to $1,443.57.

☆ Gold poised for best week since mid-Nov on banking sector tension
▼ + stars: | 2023-03-17 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $1,928.08 per ounce, as of 0313 GMT. U.S. gold futures rose 0.5% to $1,932.10. But the European Central Bank (ECB) raised interest rates by 50 basis points on Thursday, as concerns over high inflation outstripped fears of a global banking crisis. The dollar index was down 0.2%, making gold more attractive to buyers holding other currencies. All three metals were bound for weekly gains, with silver set for its best week since early December.

☆ Gold poised for best week since mid-November on banking sector tension
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Friday, buoyed by a weaker dollar, and were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal. U.S. gold futures rose 0.5% to $1,932.10. Large U.S. banks injected $30 billion in deposits into First Republic Bank on Thursday to rescue the lender caught up in a widening banking crisis. But the European Central Bank raised interest rates by 50 basis points on Thursday, as concerns over high inflation outstripped fears of a global banking crisis. All three metals were bound for weekly gains, with silver set for its best week since early December.

☆ Gold eyes best week since mid-Jan as traders gauge U.S. rate hike path
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was up 0.2% at $1,838.84 per ounce, as of 0358 GMT, rising about 1.5% so far in the week. U.S. gold futures rose 0.2% to $1,844.20. Interest rate hikes to contain high inflation discourage investors from placing money in non-yielding assets such as gold. If Fedspeak reinforces that interest rates could move higher still, then "gold could be in for a troubling end of the week," Spivak said. All the three metals were poised for weekly gains, with platinum on track for its best week since November.

☆ Gold faces third weekly drop as rate-hike worries drag
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dipped on Friday and were set for a third straight weekly drop, as investors fretted about more rate hikes by the U.S. Federal Reserve after a slew of strong economic data. Gold is considered an inflation hedge, but higher interest rates increase the opportunity cost of holding non-yielding bullion. Real interest rates have rebounded against this backdrop, so non-yielding gold has been down, Spivak said. Two Fed officials said on Thursday the U.S. central bank likely should have lifted interest rates more than it did early this month. Data on Thursday showed U.S. monthly producer prices rebounded 0.7% last month.

☆ 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.

☆ Gold holds tight range ahead of U.S. economic data
▼ + stars: | 2023-01-25 | by ( ) www.cnbc.com time to read: +1 min

Gold prices traded in a tight range on Wednesday as investors stayed away from taking big bets ahead of U.S. economic growth data this week, while expectations of slower interest rate hikes from the Federal Reserve kept bullion's outlook bright. Spot gold was steady at $1,937.09 per ounce, as of 0249 GMT, after hitting its highest since late April 2022 on Tuesday. Most investors are expecting the Fed to raise rates by 25 basis points (bps) at its policy meeting next week. With lower interest rates translating into lesser returns on interest-bearing assets like government bonds, investors may prefer zero-yield gold. Data showed on Tuesday Swiss exports of gold to countries including China, Turkey, Singapore and Thailand surged to multi-year highs in 2022.

☆ Gold steadies near 9-month peak on hopes of slower Fed rate hike
▼ + stars: | 2023-01-16 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices steadied after climbing to their highest in nearly nine months on Monday, as a softer dollar and expectations of slower interest rate hikes from the U.S. Federal Reserve added to bullion's shine. Earlier in the session, prices hit $1,929 per ounce, a peak since late April. "The growing adoption of green energy sources continues to favor fabrication demand for silver ... Silver bar and coin demand continued to be high," ANZ said in a note. "We expect silver to perform well, in tandem with gold, as investors look for cheaper alternatives to gold."

☆ Gold little changed ahead of key U.S. inflation data
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: +1 min

Gold prices were hemmed into a narrow range on Wednesday as investors held back from making large bets ahead of key U.S. inflation data due later this week. Spot gold was little changed at $1,875.68 per ounce as of 0242 GMT, hovering near the eight-month high hit on Monday. U.S. gold futures rose 0.2% to $1,879.30. "If the data shows that inflation is softer, then gold might go north of the $1,900 level. Gold is considered an inflation hedge but is highly sensitive to rising interest rates, which increases the opportunity cost of holding the non-yielding bullion.

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