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☆ Economic fears to cap oil prices below $90 through 2023 - Reuters poll
▼ + stars: | 2023-05-31 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus. "Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said. OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.

Persons: Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis Organizations: bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson Locations: OPEC, U.S, Russia, Vienna, Bengaluru

☆ 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 prices ease with cenbank rate moves in focus
▼ + stars: | 2023-04-20 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. "Despite gold's break below $1,980 yesterday, investors were quick to snap up the quick discount and drive spot prices back above this key support level... New York Fed President John Williams said on Wednesday that inflation is still at problematic levels and the Fed will act to lower it. Rate hikes reduce non-interest bearing gold's appeal as it raises the metal's opportunity cost. Spot silver lost 0.5% at $25.12 per ounce, platinum fell 0.4% to $1,085.81 and palladium dipped 0.5% to $1,607.49.

☆ Gold drifts lower on firmer dollar, Fed rate outlook
▼ + stars: | 2023-04-19 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies US dollar up 0.1%Markets pricing in 25 bps rate hike by Fed in MayApril 19 (Reuters) - Gold prices edged lower on Wednesday as the U.S. dollar regained some ground, while traders assessed chances of the U.S. Federal Reserve raising interest rates just once more in May before pausing. Spot gold was down 0.1% at $2,003.03 per ounce, as of 0337 GMT. The dollar index was up 0.1%, making gold expensive for buyers holding other currencies. "While that may provide an anchor for gold prices, given the recent rally and overextended technical conditions, the possibility of some unwinding (in prices) upon validation of the Fed's rate outlook may still remain on the table." Gold is considered a hedge against inflation, but higher interest rates dim the non-yielding asset's appeal.

☆ Gold off one-year highs as investors weigh rate hike prospects
▼ + stars: | 2023-04-17 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold prices biased for a grind higher - analystsMarkets pricing in Fed 25-bps rate hike in MayU.S. dollar up 0.1%April 17 (Reuters) - Gold prices inched higher on Monday but were off one-year highs reached late last week as mixed economic data prompted investors to reassess the U.S. Federal Reserve's rate hike trajectory and boosted the dollar. Spot gold was up 0.1% at $2,004.74 per ounce, as of 0353 GMT. The dollar index was 0.1% higher, making bullion expensive for overseas buyers. Other data showed households expected inflation to rise over the next 12 months. The CME FedWatch tool shows markets are pricing in a 80.9% chance of a 25 basis point hike in May.

☆ Gold set for 2nd weekly gain on weak dollar, Fed pause hopes
▼ + stars: | 2023-04-14 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $2,042.01 per ounce, as of 0534 GMT, hovering near a one-year high reached on Thursday. The dollar index slid to a one-year low, making bullion cheaper for buyers holding other currencies. Data this week showed the U.S. producer price index in March dropped the most since April 2020, while the consumer price index rose less than expected. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim non-yielding bullion's appeal. Spot silver rose 0.5% to $25.90 per ounce, hitting a one-year peak earlier, while platinum gained 0.5% at $1,051.93.

☆ Gold ticks up as US inflation data fuels bets for rate-hike pause
▼ + stars: | 2023-04-13 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold advances for third consecutive sessionMarkets pricing in 25-bp rate hike in MayApril 13 (Reuters) - Gold prices inched higher for a third consecutive session on Thursday, as cooler-than-expected U.S. inflation data spurred bets that the Federal Reserve might raise rates once more next month before pausing hikes. Spot gold was up 0.1% at $2,016.99 per ounce, as of 0332 GMT. Gold prices rose more than 1% on Wednesday after data showed the U.S. Consumer Price Index (CPI) rose 0.1% last month, compared with expectations for a 0.2% increase, after advancing 0.4% in February. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Recession concerns are "allowing gold prices to ride on its safe-haven status... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap added.

☆ Gold gains as traders gear up for US inflation data
▼ + stars: | 2023-04-12 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies All eyes on CPI data due at 1230 GMTA soft inflation print could send gold above $2,032 - analystApril 12 (Reuters) - Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." A "weaker U.S. dollar and returning investment flows have been holding (gold) prices, ANZ said in a note.

☆ Gold advances on softer dollar as traders await US inflation data
▼ + stars: | 2023-04-11 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

U.S. gold futures rose 0.4% to $2,012.30. Traders are now focussing on the U.S. consumer price data due Wednesday for more clarity on the path of rates heading into the Fed's May policy meeting. The opportunity cost of holding the non-yielding bullion rises when interest rates are increased to bring down inflation. "Near-term, there are also bearish technical setups for a corrective move lower" in gold prices, OCBC's Wong added. Data on Tuesday showed top bullion consumer China's March consumer inflation hit the slowest pace since September 2021 and suggested demand weakness persisted amid an uneven economic recovery.

☆ Gold slides 1% after US jobs data raises rate hike bets
▼ + stars: | 2023-04-10 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold slips below $2,000/ozMarch U.S. payrolls rise by 236,00066% chance seen of Fed rate hike in May- CME Fedwatch ToolApril 10 (Reuters) - Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May. Friday's data from the U.S. Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month. The report raised bets that the U.S. central bank would increase rates next month, with markets pricing in a 66% chance of a 25 basis-point (bps) rate hike, according to the CME FedWatch tool. Gold is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.

☆ Gold slips on firmer dollar ahead of US payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File PhotoApril 6 (Reuters) - Gold prices fell on Thursday as the dollar firmed ahead of a much awaited U.S. non-farm payrolls report, as investors sought clarity on whether the Federal Reserve might take a breather on its monetary tightening path. * Investors now await Friday's non-farm payrolls report for March, with economists polled by Reuters expecting new jobs of about 240,000. * Markets see a 54.2% chance of the Fed standing pat on interest rates in May, according to the CME FedWatch tool. * While gold is traditionally considered a hedge against inflation, higher interest rates dim non-yielding bullion's appeal.

☆ Gold hovers near 2020 record highs on softer dollar, weak US data
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukApril 5 (Reuters) - Gold prices hovered near record highs seen in 2020, trading steady above the key $2,000 level on Wednesday, as the dollar eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory. FUNDAMENTALS* Spot gold held its ground at $2,020.39 per ounce, as of 0123 GMT. * Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. * While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim the appeal for non-yielding bullion. * Spot silver eased 0.1% to $24.99 per ounce, while platinum was 0.2% higher at $1,020.47 and palladium edged up 0.1% to $1,458.51.

☆ Gold prices ease as US dollar regains some ground
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Gold prices edged lower on Tuesday as a steady dollar made bullion more expensive for overseas buyers, while softer U.S. economic data heightened expectations of less-aggressive moves by the Federal Reserve. FUNDAMENTALS* Spot gold was down 0.1% at $1,962.36 per ounce, as of 0103 GMT. * Gold prices had dropped on Monday after a surprise cut in OPEC+ crude production was announced during the weekend. But prices reversed course to rally 1% as the dollar stumbled following the release of softer U.S. economic data. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.22% to 930.04 tonnes on Monday from 928.02 tonnes on Friday.

☆ Gold dips as stronger dollar dampens appeal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Gold prices slipped on Monday as a sturdy dollar made the greenback-denominated metal less affordable for buyers holding other currencies. FUNDAMENTALS* Spot gold was down 0.3% at $1,962.36 per ounce, as of 0049 GMT. * The opportunity cost of holding non-yielding bullion rises when interest rates are increased to bring down inflation. * Markets see a 48.4% chance of the Fed hiking rates by a quarter point in May, according to the CME FedWatch tool. DATA/EVENTS (GMT)0145 China Caixin Mfg PMI Final0750 France S&P Global Mfg PMI0755 Germany S&P Global/BME Mfg PMI0800 EU S&P Global Mfg Final PMI0830 UK S&P GLBL/CIPS Mfg Final PMI1345 US S&P Global Mfg PMI Final1400 US ISM Manufacturing PMIReporting by Kavya Guduru in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices dip as bank angst recedes
▼ + stars: | 2023-03-30 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for second sessionGold could decline to $1,920/oz - analystVolumes in SPDR Gold Shares highest since OctMarch 30 (Reuters) - Gold prices edged lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids. Spot gold was down 0.2% at $1,960.52 per ounce, as of 0346 GMT, falling for a second session. Volumes in SPDR Gold Shares, the largest gold-backed ETF, have surged to their highest level since October," they said. The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation. Markets see a 43.2% chance of the Fed raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

☆ Gold retreats as waning banking crisis dampens demand
▼ + stars: | 2023-03-29 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was trading 0.7% lower at $1,960.91 per ounce, as of 0619 GMT, after rising 1% on Tuesday. "We've seen a natural retracement ... gold is pulling back after a failed 'bid' to break above $1,975," said Matt Simpson, senior market analyst at City Index. But some investors "still seem to be holding onto gold 'just in case' there's another skeleton or two lurking in the closet," Simpson said. The opportunity cost of holding non-yielding gold rises when interest rates are increased. Silver fell 0.8% to $23.08 per ounce, platinum lost 0.7% at $956.76 and palladium edged down 0.2% to $1,416.93.

☆ 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.

☆ Gold inches lower on steady dollar, with focus on banking risks
▼ + stars: | 2023-03-27 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for 2nd session in a rowGrowth worries, banking stresses could benefit gold- analystMarch 27 (Reuters) - Gold prices edged down for a second straight session on Monday as the U.S. dollar firmed, while authorities attempted to assuage investor fears of a widespread crisis in the global banking sector. Spot gold was down 0.1% at $1,975.59 per ounce, as of 0350 GMT. Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the United States closer to recession, Minneapolis U.S. Federal Reserve President Neel Kashkari said on Sunday. While gold is considered a hedge against inflation and economic uncertainties, higher interest rates tend to discourage investment in non-yielding bullion. Spot silver fell 0.6% to $23.08 per ounce, platinum was 0.2% lower at $974.60 and palladium slipped 0.7% to $1,405.48.

☆ Gold listless as investors strap in for Fed rate verdict
▼ + stars: | 2023-03-22 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies All eyes on Fed statement at 1800 GMTFed seen hiking rates by 25 bpsHawkish Fed, rates repricing could undermine gold prices - analystMarch 22 (Reuters) - Gold prices traded in a narrow range on Wednesday as some investors stayed on the sidelines ahead of the U.S. Federal Reserve's interest rate decision and policy outlook. Spot gold was flat at $1,939.59 per ounce, as of 0318 GMT, after dropping 2% on Tuesday. Investor attention is now on the Fed's decision scheduled at 1800 GMT, followed by a press conference by Fed Chair Jerome Powell. "Key focus is on how the Fed communicates its forward guidance, in particular 'the higher for longer' rhetoric and dots plots," OCBC's Wong said. "If we do get higher dots plot, then that represents a still-hawkish Fed that is determined to fight inflation ... a potential hawkish repricing could undermine gold prices."

☆ Gold prices ease as market focus turns to US Fed meeting
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

FUNDAMENTALS* Spot gold was down 0.1% at $1,977.69 per ounce, as of 0044 GMT. * Gold tends to benefit from low interest rates as it reduces the opportunity cost of holding non-yielding bullion. * The dollar edged up 0.1%, making bullion less attractive for buyers holding other currencies. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.38% to 924.55 tonnes on Monday from 921.08 tonnes on Friday. * Spot silver edged down 0.1% to $22.49 per ounce, platinum was flat at $988.33 and palladium was listless at $1,413.97.

☆ Gold lacklustre as Credit Suisse-UBS deal spurs risk-on mood
▼ + stars: | 2023-03-20 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. On Sunday, UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Credit Suisse was caught up in a widening crisis triggered by the collapse of U.S.-based Silicon Valley Bank earlier this month, following which gold rallied over 8% or by $160 on safe-haven demand. Therefore, it may take much more for gold to reverse its current bullish trend," IG's Yeap said. Bullion is considered a hedge against economic uncertainties, although higher rates increase the opportunity cost of holding non-yielding gold.

☆ 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 in tight range with focus on Fed's rate-hike moves
▼ + stars: | 2023-03-15 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $1,903.64 per ounce as of 0316 GMT, trading in a $6 range. The dollar index was down 0.1%, making bullion less expensive for overseas buyers, while U.S. Treasury yields ticked higher. "Investor allocation to gold remains low," analysts at ANZ said in a note, but added they expect the banking turmoil to "reinvigorate investor demand over the longer term." Spot silver rose 0.6% to $21.81 per ounce, platinum added 0.5% at $987.64 and palladium firmed 0.3% at $1,510.92. Reporting by Kavya Guduru in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ US regulator seeks more corrective actions from TC Energy after Keystone spill
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowMarch 7 (Reuters) - The U.S. pipeline regulator said on Tuesday it would require TC Energy (TRP.TO) to take fresh action on more than 1,000 additional miles (1,609 kilometers) of its Keystone pipeline that spilled nearly 14,000 barrels of oil in rural Kansas in December. The Canadian pipeline operator completed a controlled restart of the 622,000-barrel-per-day (bpd) pipeline to Cushing, Oklahoma, on Dec. 29 last year, returning it to service after a 21-day outage following the biggest U.S oil spill in nine years. The amended corrective order from the Pipeline and Hazardous Materials Safety Administration (PHMSA) requires TC Energy to keep the operating pressure on the affected pipeline segment under the previously agreed upon 923 pounds per square gauge (psig) limit. TC Energy is also required to submit an independently conducted root cause failure analysis, followed by a remedial work plan and proposed measures to mitigate consequences of failure, it added. The Canadian company said last month that a combination of factors including bending stress on the pipe and a weld flaw might have led to the Keystone oil spill, adding that it was expecting $480 million in costs related to the incident.

☆ Texas oil regulator advises pipeline operators to prepare for severe winter conditions
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Jan 29 (Reuters) - The Texas oil regulator on Sunday advised oil and gas pipeline operators to secure equipment and facilities after forecasts for severe weather over the next several days. The Railroad Commission of Texas (RRC), which oversees the state's oil and gas industries, issued the notice after the National Weather Service forecast wintry precipitation and ice accumulations across several parts of the state. The oil regulator advised the operators to secure all personnel, equipment and facilities to prevent injury or damage, and monitor and prepare operations for potential impacts. It also asked the operators to "heed" all watches, warnings and orders issued by local emergency officials and monitor weather reports. Some sleet will be possible," the National Weather Service said in a forecast for portions of north central, northeast and south central Texas.

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