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☆ Gold holds above $2,100 near record high, focus on Powell testimony
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Spot gold edged down 0.1% at $2,126.13 per ounce, as of 0458 GMT. Spot prices hit a record peak of $2141.59 per ounce overnight on Tuesday, rallying for a fifth straight session. Spot platinum rose 0.4% to $884.16 per ounce, and palladium rose over 1% to $958.20, while silver dropped 0.3% to $23.63.

Persons: Jerome Powell, Ajay Kedia, Kunal Shah Organizations: Federal, Kedia Commodities, Traders, U.S, Nirmal, Commodities Locations: Mumbai, U.S

☆ Gold prices at nearly two-week low as Fed rate-cut bets recede
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +2 min

A view of ingots of 99.99 percent pure gold, which are placed in a workroom, at Novosibirsk Refining Plant, Russia's leading gold refining and bar manufacturing plant, in Novosibirsk, Russia on September 15, 2023. Gold prices lingered near their lowest level in almost two weeks on Tuesday, pressured by a firmer dollar and elevated Treasury yields, as traders lowered expectations of aggressive interest rate cuts by the U.S. Federal Reserve this year. Data released on Monday showed that the U.S. services sector growth picked up in January after Friday's blowout U.S. jobs report that dashed prospects of early Fed rate cuts. Traders have repriced their bets to four quarter-point cuts for 2024, down from six last Monday, according to LSEG's interest rate probability app IRPR. Investors are awaiting remarks from at least eight Fed speakers this week for further clues on the timing of rate cuts.

Persons: Ajay Kedia Organizations: Novosibirsk Refining Plant, U.S . Federal Reserve, Fed, Kedia Commodities, Treasury, Traders Locations: Novosibirsk, Russia, U.S, Mumbai, China

☆ Gold directionless ahead of US central bank decision
▼ + stars: | 2024-01-30 | 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 headed for a weekly gain after US price data came in cooler than forecast, reinforcing expectations for multiple interest rate cuts by the Federal Reserve next year. Gold prices were in a tight range on Tuesday as traders awaited the U.S. central bank's decision on key policy rates and remarks from Chair Jerome Powell. A Reuters poll showed on Monday that uncertainty about the economy and U.S. interest rate cuts could drive record gold prices in 2024. Lower interest rates decrease the opportunity cost of holding bullion.

Persons: Gold, Jerome Powell, Ajay Kedia, Powell Organizations: Co, Federal Reserve, Traders, U.S, Kedia Commodities, Wednesday, Treasury Locations: Bangkok, Thailand, U.S, U.S . Federal, Mumbai, United States

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

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

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

Spot gold was little changed at $2,023.41 per ounce, as of 0232 GMT. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Bullion is considered an inflation hedge, but higher rates dent the non-yielding asset's appeal. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

☆ Gold holds ground as investors brace for U.S. inflation data
▼ + stars: | 2023-05-09 | 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 flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve's policy path. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

☆ Gold prices flat on caution ahead of Fed meeting
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +1 min

Gold prices were flat on Tuesday, as cautious market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve. The Fed, which meets on May 2-3, is widely expected to raise interest rates by 25 basis points. Gold prices could move towards $2,000 if the Fed highlights recession worries and hints at a pause in the rate hike cycle, said Ajay Kedia, director at Kedia Commodities in Mumbai. U.S. manufacturing contracted in April but there was a build-up of inflation pressures, supporting expectations of Fed rate hike, according to data released on Monday. In the previous session, gold prices briefly rose above $2,000 after JP Morgan's acquisition of First Republic Bank's assets.

☆ Gold off one-year highs as dollar firms ahead of U.S. payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices slipped from one-year highs on Thursday as the dollar regained some ground, while investors awaited the U.S. non-farm payrolls report to gage the Federal Reserve's monetary policy strategy. The economic data points this week were major components supporting gold prices, he added, while also noting some profit-booking ahead of the Good Friday holiday. Wednesday's data showed the U.S. services sector slowed more than expected in March. While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim non-yielding bullion's appeal. Markets see a 53.8% chance of the Fed standing pat on interest rates in May, according to CME's FedWatch tool.

☆ Gold edges higher, on track for third straight monthly gain
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: +2 min

Gold bars are displayed at a bullion merchant's, Baird & Co., in London, U.K., on Friday, March 14, 2008. Spot gold rose 0.2% to $1,925.39 per ounce as of 0257 GMT and was headed for a monthly gain of more than 5%. The dollar index was down 0.1% and was set for a fourth straight monthly drop. The U.S. central bank slowed its tightening pace to 50 bps in December after four straight 75-bp hikes. The gold market has already priced in a 25 bps hike, if the Fed strikes a dovish tone, then it will be positive for gold," said Ajay Kedia, director at Kedia Commodities, Mumbai.

☆ Gold slips as dollar firms ahead of U.S. inflation data
▼ + stars: | 2023-01-27 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was down 0.3% at $1,923.33 per ounce, as of 0648 GMT, shedding 0.2% so far in the week. Gold is seeing a pull-back as the dollar is on the higher side and the U.S. GDP data is also slightly pressuring prices, said Ajay Kedia, director at Kedia Commodities, Mumbai. Data on Thursday showed the U.S. economy grew at a faster pace in the December quarter than economists had expected, prompting bets the Fed would keep rates higher for longer. Investors are now awaiting U.S. personal consumption expenditures (PCE) data, the Fed's preferred inflation measure, at 1330 GMT for cues on the central bank's path forward. A downside surprise in the data may point towards a less-hawkish Fed, which could drive gold prices higher in the longer run, said IG Market strategist Yeap Jun Rong.

☆ Gold prices dip as firmer dollar dulls appeal
▼ + stars: | 2023-01-17 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies (.DXY) up 0.3%Silver will outperform gold in 2023-analystJan 17 (Reuters) - Gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses. On Monday, prices hit $1,929, the highest since late-April 2022. A stronger dollar turns gold less attractive to buyers with other currencies. "Expectations of the Fed slowing pace of rate hikes has been supporting gold. The U.S. central bank slowed its pace of rate hikes to 50 bps in December after four consecutive 75 bps increases.

☆ Gold firms as dollar eases ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. CPI due at 1330 GMT(.DXY) down 0.1%Jan 12 (Reuters) - Gold prices ticked higher on Thursday, aided by a softer dollar, while market participants awaited key U.S. inflation data that could influence the Federal Reserve's policy path. "Gold prices are very well supported as the dollar has weakened. If the inflation report is supportive for gold, then prices could move up to $1,900 level, but there might be some profit booking after that, Kedia added. Although gold is seen as an inflation hedge, rising rates increase the opportunity cost of holding bullion. On the physical front, Indian gold refiners have nearly stopped imports of gold dore, a semi-pure alloy, as grey market operators offer hefty discounts, industry officials said.

☆ Gold prices inch higher as U.S. dollar, yields slip
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices ticked up on Thursday as the U.S. dollar and Treasury yields eased, with market participants awaiting new indications on the Federal Reserve's rate hike plans. Benchmark U.S. 10-year Treasury yields eased after hitting a six-week high in the previous session. If it shows an increases in claims, then it should weaken dollar and support gold," said Ajay Kedia, director at Kedia Commodities, Mumbai. Bullion is on track for a yearly decline of about 1% pressured by aggressive U.S. rate hikes. "In 2022, gold has already priced in the rate hikes.

☆ Gold eases off one-week high as dollar regains some ground
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: +2 min

Gold jewelry at a store ahead of the festival of Diwali in New Delhi, India on Sunday, Oct. 23, 2022. Gold prices inched lower on Wednesday from a one-week high hit in the previous session, as the dollar regained some ground, making greenback-priced bullion more expensive for overseas buyers. Spot gold fell 0.2% at $1,814.74 per ounce as of 0330 GMT, after rising more than 1% on Tuesday following a dip in dollar. "Rate hikes typically weigh on gold but as we enter into late cycle of Fed tightening, gold can recover, said OCBC FX strategist Christopher Wong. "However, a more material recovery in prices would require more than just a calibration in Fed tightening, probably need the Fed to pause and perhaps cut rates."

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