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☆ Gold rises on Fed rate cut hopes, Middle East tensions
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal. "Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. "Weaker U.S. data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong. Markets are pricing in a 67% chance of a U.S. rate cut in September, as per CME's FedWatch Tool. Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.

Persons: Kelvin Wong, Benjamin Netanyahu, Yeap Jun Rong, John Williams, Austan Goolsbee Organizations: Co, Federal Reserve, Asia Pacific, New York Fed Bank, Chicago Fed, Perth Locations: Bangkok, Thailand, OANDA, Gaza, U.S

☆ Gold on track for first weekly dip in six; focus on U.S. inflation data
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis. Focus now turns to March's core Personal Consumption Expenditures, or PCE, index data due later on Friday — the Fed's preferred measure of inflation — for further clues on the U.S. rate outlook. The dollar index was headed for its biggest weekly dip since early March, making the greenback-priced bullion less expensive for other currency holders. Spot silver rose 0.2% to $27.49 per ounce, spot platinum rose 0.8% to $921.45 and palladium gained 1.4% to $988.22.

Persons: Gold, Yeap Jun Rong, Jun Rong Organizations: Co, Federal Locations: Bangkok, Thailand, U.S

☆ Gold drifts higher as geopolitical tensions lift safe-haven appeal
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, recouping losses from the previous session, as geopolitical tensions bolstered demand for the safe-haven metal. Spot gold was up 0.6% at $2,345.56 per ounce, as of 0317 GMT. Strong central bank buying, safe-haven inflows amid continued geopolitical risks, and demand from momentum-following funds have fueled bullion's 14% gain so far this year. Spot silver edged 0.2% higher to $28.03 per ounce, after hitting its highest levels since June 2021 on Wednesday.

Persons: Yeap Jun Rong, Jun Rong Organizations: Co Locations: Bangkok, Thailand, U.S

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ Gold retreats from near record-high levels ahead of U.S. inflation data
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices slipped from near record-high levels on Tuesday, as traders braced for key U.S. inflation report that could give more clarity on when the Federal Reserve might start cutting its interest rates. Spot gold fell 0.2% to $2,178.53 per ounce, as of 0424 GMT, after rising for nine consecutive sessions. "Following the stellar run-up in gold prices, it does call for some near-term breather," IG market strategist Yeap Jun Rong said. Another surprise run of hotter-than-expected inflation data for February will likely challenge that, which could drive some near-term unwinding in gold prices." Traders are pricing in three to four quarter-point (25 bps) U.S. rate cuts, with a 70% chance for the first in June, as per LSEG's interest rate probability app.

Persons: Bullion, Yeap Jun Rong, there's, Tim Waterer Organizations: Co, Federal Reserve, Traders, U.S . Treasury, KCM Trade Locations: Bangkok, Thailand, U.S

TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.

Persons: Australia's, ”, Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai

☆ Gold at one-week high as soft dollar, Middle East turmoil lift demand
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13. U.S. gold futures rose 0.4% to $2,031.50 per ounce. Spot platinum dipped 0.3% to $903.04, palladium rose 0.7% to $956.66, while silver fell 1.2% to $23.12 per ounce.

Persons: Yeap Jun Rong, Wang Tao, Jun Rong, Raphael Bostic Organizations: U.S ., Maritime Trade Operations, Market, Fed Bank of Atlanta, CME Locations: Mandab, Yemen, China

That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.

Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States

☆ Gold slips as strong U.S. data dampens Fed rate cut bets
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +2 min

Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Gold prices inched lower on Wednesday as strong U.S. economic data doused hopes for early interest rate cuts by the Federal Reserve, while investors awaited a slew of economic reports this week. "Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold's appeal," said IG market strategist Yeap Jun Rong. Traders are pricing in five quarter-point Fed rate cuts in 2024, down from six cuts two weeks ago.

Persons: Yeap Jun Rong, Rong Organizations: Federal Reserve, Treasury, Traders, Fed Locations: Birmingham, England, Ukraine, Israel, dovish, U.S

☆ Japan markets are hitting multi-decade highs — will Nikkei scale its all-time peak?
▼ + stars: | 2024-01-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 4, 2024. Bloomberg | Bloomberg | Getty ImagesAfter a tumultuous start to the year, Japan's benchmark Nikkei 225 broke past the 35,000 mark for the first time since February 1990 and has been scaling new 33-year highs. The rally in Japan's equity market, which started on Jan. 5, has also seen the broad-based Topix hitting 33-year highs. Speaking to CNBC, Yeap Jun Rong, market strategist at IG Asia struck an optimistic tone, saying that "all stars seem to be aligned for Japan's stock market." In a note last week, the Bank of America called the Japan rally a "déjà vu," comparing it with the Nikkei's rise between April and June 2023.

Persons: Yeap Jun Rong, Yeap Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, Bloomberg, Getty, Nikkei, CNBC, IG Asia, Bank of Japan, TSX, Bank of America Locations: Tokyo, Japan

☆ 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 holds ground ahead of U.S. inflation test
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: +2 min

A technician cleans impurities from melted gold bars at Primera Gold's laboratory in Bukavu, South Kivu Province, eastern Democratic Republic of Congo, May 12, 2023. Gold prices consolidated in a tight range on Thursday, hovering close to a near seven-month high, as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected. Spot gold was down 0.1% at $2,041.76 per ounce by 0543 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.2% to $2,042.40 per ounce. Spot silver fell 0.2% to $24.95 per ounce.

Persons: Bullion, Yeap Jun Rong, Jerome Powell Organizations: Primera Gold's, U.S, Federal, Traders Locations: Bukavu, South Kivu Province, Democratic Republic of Congo, U.S

TOKYO (AP) — Asian shares retreated Monday as investors awaited updates on consumer spending and inflation in the U.S. and other nations. While analysts expect them to stand pat on policy, attention remains relatively high, given concerns about inflation. Wall Street ended last week mixed with a half-day trading session that capped a fourth straight winning week. The holiday shopping season kicked off with Black Friday amid concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation. The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide.

Persons: ” Yeap Jun Rong, Hong, Hang Seng, Brent, Yuri Kageyama Organizations: TOKYO, Nikkei, IG, Shanghai, Reserve Bank of New, Bank of Korea, Bank of, Black, Dow Jones, Nasdaq, Nvidia, Google, CF Industries, Federal Reserve, Treasury, Benchmark, New York Mercantile Exchange, U.S Locations: U.S, China, Reserve Bank of New Zealand, Bank of Thailand

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

The Shanghai Composite index edged 0.1% higher to 3,054.37. Taiwan’s Taiex gained 0.2% and the Sensex in Mumbai fell 0.1%. Wall Street’s stocks drifted to a mixed finish Thursday as market momentum slowed following the sizzling rally of the first half of November. The Dow Jones Industrial Average slipped 0.1% to 34,945.47, and the Nasdaq composite gained 0.1% to 14,113.67. Stocks in the oil-and-gas industry swooned after the price of crude tumbled sharply to its lowest level since July.

Persons: Seng, Kazuo Ueda, Ueda, Australia’s, Taiwan’s Taiex, ” Yeap Jun Rong, IG, Macy’s, Sonos, Stocks, Halliburton, Brent Organizations: Nikkei, Bank of Japan Gov, U.S, U.S ., Dow Jones, Nasdaq, Walmart, Cisco Systems, Marathon Petroleum Locations: HONG KONG, U.S, New York, Shanghai, South Korea, Mumbai

☆ Gold slips from 5-mth peak as investors look to U.S. economic data
▼ + stars: | 2023-10-23 | 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 retreated from last session's five-month peak on Monday as the U.S. dollar and Treasury yields strengthened ahead of crucial economic data this week, with investors looking for any signs of a global fallout of the Middle East conflict. Spot gold was down 0.4% at $1,972.39 per ounce by 0334 GMT, and U.S. gold futures slid 0.5% to $1,983.50. COMEX gold speculators switched to net long position of 41,867 contracts in the week to Oct. 17, adding 56,655, data showed on Friday. Elsewhere, spot silver fell 0.5% to $23.23 an ounce, platinum slipped 0.6% to $889.48 and palladium was down 0.1% to $1,096.15.

Persons: Yeap Jun Rong Organizations: Aurum, U.S ., Treasury, U.S, Trust Locations: Israel

☆ India rupee to struggle on US yield concerns; odds of record low seen rising
▼ + stars: | 2023-10-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards indicate the rupee will open at around 83.26-83.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low. The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low. "From what I have seen this week, odds of a new low (on rupee) are now higher." The 10-year U.S. Treasury yield rose to 4.9550% in Asia, the highest in sixteen years.

Persons: Francis Mascarenhas, John Williams, Jun Rong, Nimesh Vora, Sohini Goswami Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank of, Federal Reserve, New York Fed, IG Asia, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Reserve Bank of India, Asia, Singapore

BANGKOK (AP) — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). A big threat for the global economy is what oil prices will do to inflation. It rose 2.6% after reporting stronger profit than expected for the latest quarter as its revenue rose after it hiked prices. In other trading early Thursday, the dollar fell to 149.80 Japanese yen from 149.93 yen.

Persons: Australia's, Sensex, ” Yeap Jun Rong, IG, Brent, Morgan Stanley, Gold Organizations: Hamas, Nikkei, Bank of, New York Mercantile Exchange, Dow Jones Industrial, Nasdaq, Netflix, United Airlines, American Airlines, Delta Air Lines, Procter, Gamble, Treasury Department, Federal Reserve Locations: BANGKOK, Asia, Hong Kong, Tokyo, Seoul, Japan, Israel, Bank of Korea, Shanghai, Gaza, Tel Aviv, U.S

☆ Gold jumps on safe-haven demand after Gaza hospital strike
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a one-month high on Wednesday, after a deadly blast in Gaza fueled fears about the regional conflict escalating and kept the safe-haven asset a favored choice against war risks. Spot gold rose 0.8% to $1,938.19 per ounce by 0501 GMT, after scaling its highest since Sept. 20 earlier in the session. "Safe-haven flows amid geopolitical tensions in the Middle East have remained the dominant catalyst for gold prices," IG market strategist Yeap Jun Rong said. Gold prices have surged about $100 since the conflict began, despite recent robust U.S. economic data boosting bets of higher-for-longer interest rates, which tends to weigh on non-yielding gold. Investors now await Federal Reserve Chair Jerome Powell's speech on Thursday for cues on interest rates.

Persons: Kelvin Wong, Yeap Jun Rong, Jerome Powell's, OCBC, Bullion Organizations: Asia Pacific, West Bank, Investors, Federal Locations: Gaza, OANDA, Gaza City

SINGAPORE, Oct 5 (Reuters) - Oil prices inched up on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains. Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71. The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported on Wednesday. Oil prices will struggle to push higher given the more uncertain demand outlook, along with weaker U.S. economic data released on Wednesday and a significant build in gasoline inventories, he added.

Persons: clawing, Jun Rong, Katya Golubkova, Sonali Paul, Jamie Freed Organizations: Brent, U.S, West Texas, of, Petroleum, National Australia Bank, U.S . Energy Information Administration, IG, Thomson Locations: SINGAPORE, OPEC, Russia, Saudi Arabia, U.S, Tokyo, Singapore

☆ Gold set to break longest losing streak in 7 years as bond selloff cools
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: +2 min

Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Spot gold rose 0.3% to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. Benchmark U.S. 10-year bond yields fell from 16-year highs on Thursday and the U.S. dollar was 0.2% lower, allaying some pressure on non-yielding gold. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 metric tons on Wednesday, its lowest since August 2019. The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1% to $21.19 per ounce, having slipped to its lowest since mid-March this week.

Persons: Yeap Jun Rong Organizations: U.S ., U.S, CPI, Labor, Wednesday, Benchmark, Trust Locations: ., U.S

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsOct 4 (Reuters) - Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand. Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI) , fell 5 cents to $89.18 per barrel. "A resilient labour market is deemed to be providing more room for the Federal Reserve (Fed) to keep rates high for longer," said Yeap Jun Rong, market analyst at IG. Eight analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels in the week to Sept. 29.

Persons: Agustin Marcarian, Jun Rong, Brian Martin, Daniel Hynes, Alexander Novak, Laura Sanicola, Muyu Xu, Gerry Doyle, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, IG, of, Petroleum, ANZ, Reuters, Industry, American Petroleum Institute, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, OPEC, Saudi Arabia, Russia, Asia, Turkey, United States, .

☆ Gold fragile on lofty U.S. dollar and yields, palladium at 5-year low
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +2 min

Gold prices headed back towards seven-month lows on Wednesday as an ascending dollar and bond yields after strong U.S. jobs data kept markets expectant of further monetary policy tightening, while palladium slipped to its lowest level since late 2018. Spot gold eased 0.1% to $1,820.70 per ounce by 0332 GMT, while U.S. gold futures dropped 0.3% to $1,836.20. The unexpected rise in August U.S. job openings highlights the durability of labor demand, NAB Resources said, adding that gold continues to decline on the higher-for-longer Federal Reserve rates outlook, strengthening U.S. bond yields and dollar. Benchmark U.S. 10-year bond yields were at 16-year highs, diminishing demand for non-interest-paying bullion. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2% on Tuesday.

Persons: Janet Yellen, Yeap Jun Rong Organizations: U.S ., NAB Resources, U.S, Treasury, Benchmark, Trust, Palladium Locations: Moscow, Russia

☆ Gold hits over 1-month low on higher-for-longer U.S. rates theme
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dropped to a more than one-month low on Wednesday, beaten down by an assurgent U.S. dollar as markets made adjustments to a rising interest rate scenario. There is a 40% chance that the Federal Reserve will need to raise rates "meaningfully" to beat inflation, Minneapolis Fed Bank President Neel Kashkari said on Tuesday. Higher interest rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield any interest. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings touched a more than four-year low. Spot silver dropped 0.8% to a 12-day low of $22.69 per ounce, while platinum was up 0.1% to $904.87.

Persons: Neel Kashkari, Yeap Jun Rong Organizations: Federal, Minneapolis Fed, Labor Department, Trust, Palladium Locations: U.S

☆ Evergrande stock crashes again as fears of collapse grow
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of Evergrande Group crashed again on Wednesday as fears grew of a potential liquidation of the company, the poster child of China’s property crisis. Evergrande’s woes deepened this week, after it warned that its offshore debt restructuring plan may be in trouble because of a regulatory probe into its main subsidiary in mainland China. That was thanks to a rise in revenue because of a “short boom” in China’s property market earlier this year, the company said then. Evergrande has been trying to implement a government-supervised restructuring of its debts, which stood at $328 billion at the end of June. Evergrande was forced to cancel meetings with creditors scheduled for this week, in part because recent sales have been weaker than it expected.

Persons: Evergrande, ”, Jun Rong Yeap, Frederic Neumann, ” — Marc Stewart Organizations: Hong Kong CNN —, Evergrande Group, Hong, Hong Kong, IG Group, HSBC, CNN Locations: Hong Kong, China, Evergrande, United States, Asia, Beijing

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