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Top related persons:
Jerome Powell's - 1 Bullion - 1 Gold - 1 David Meger - 1 Tai Wong - 1 Denis Balibouse - 1 Ruth Crowell - 1 Polina Devitt - 1
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Search resuls for: "London Bullion Market Association"


9 mentions found


☆ Gold marches higher as U.S. jobs data boosts bets of early rate cut
  + stars: | 2024-03-08 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices were poised for their biggest weekly jump in five months on Friday, hovering near a historic high, as Federal Reserve Chair Jerome Powell's remarks cemented mid-year rate cut bets, ahead of a key jobs report later in the day. Gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon. Low interest rates are supportive for gold prices as they reduce the opportunity cost of holding bullion. Gold prices will continue to trend higher overall, though a short consolidation may be necessary," said Tai Wong, a New York-based independent metals trader. Meanwhile, London's gold price benchmark hit another record high of $2171.30 per troy ounce at an afternoon auction on Friday, the London Bullion Market Association (LBMA) said.
Persons: Jerome Powell's, Bullion, Gold, David Meger, Tai Wong Organizations: U.S . Federal Reserve, High, Treasury, Traders, London Bullion Market Association Locations: U.S, New York
☆ London gold body aims to create secure global database
  + stars: | 2023-09-14 | by ( ) www.reuters.com   time to read: +1 min
Melted gold flows out of a smelter into a mould of a bar at a plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies The London Bullion Market Association FollowLONDON, Sept 14 (Reuters) - The London Bullion Market Association (LBMA) on Thursday called for proposals from service firms to create a secure global database that would improve trust in the gold market's value chain. Gold refineries must source gold responsibly under the industry body's accreditation requirements, allowing them access to London's bullion market, the world's largest. The group's database of Russian gold bars held by banks in London helps to prevent sanctions evasion by Russian companies. Reporting by Polina Devitt; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.
Persons: Denis Balibouse, Ruth Crowell, Polina Devitt, Richard Chang Organizations: REUTERS, Bullion Market, Bullion Market Association, Thomson Locations: Mendrisio, Switzerland, London
☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
  + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com   time to read: +4 min
In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.
☆ Analysis: Russian gold removed from some Western funds after Ukraine
  + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com   time to read: +6 min
But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.
☆ Gold prices inch higher on softer dollar
  + stars: | 2022-12-05 | by ( ) www.cnbc.com   time to read: +1 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. Gold prices edged up on Monday and hovered near the key $1,800-level, as a softer U.S. dollar made the greenback-priced bullion cheaper for buyers holding other currencies. Spot gold rose 0.1% to $1,800.02 per ounce as of 0027 GMT. Lower interest rates tend to be beneficial for gold as it reduces the opportunity cost of holding the non-yielding asset. Physical gold demand stalled in India last week on higher prices, while premiums fell in top consumer China as Covid-19 restrictions dulled activity.
☆ Gold hits 5-month peak as dollar dips on China reopening hopes
  + stars: | 2022-12-05 | by ( Ashitha Shivaprasad | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Dollar index down 0.2%, hovers near 5-month lowLondon body creates database of Russian gold barsDec 5 (Reuters) - Gold prices rose to a five-month high on Monday, as the U.S. dollar weakened slightly after more Chinese cities relaxed COVID-19 restrictions over the weekend. The dollar index was down 0.2%, hovering near five-month lows. Lower interest rates tend to be beneficial for gold as it reduces the opportunity cost of holding the non-yielding asset. "Also, news that China is scaling back its COVID restrictions means that gold demand will increase in the region, further supporting prices," said Simpson. The London Bullion Market Association is creating a database of Russian gold bars held by banks in London to help prevent sanctions evasion by Russian companies or the Russian central bank, the industry group said on Friday.
☆ Silver heads for biggest deficit in decades, Silver Institute says
  + stars: | 2022-11-18 | by ( Clark Mindock | ) www.reuters.com   time to read: +2 min
LONDON, Nov 18 (Reuters) - Global demand for silver is expected to rise 16% this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute on Thursday night. The Silver Institute predicted a deficit of 194 million ounces this year, up from 48 million ounces in 2021. The Silver Institute predicts a 16% increase in demand this year to 1.21 billion ounces. Silver prices have fallen around 10% this year to $21 an ounce, mostly due to financial investors selling silver in response to rising U.S. bond yields and a strengthening dollar. SILVER DEMAND (MILLIONS OF OUNCES)*Source: The Silver Institute, Metals FocusReporting by Peter Hobson; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
☆ Gold dips as steady U.S. dollar, looming rate hikes dim appeal
  + stars: | 2022-10-19 | by ( ) www.cnbc.com   time to read: +1 min
Gold inched lower on Wednesday as the dollar gained some ground, while the U.S. Federal Reserve's commitment to tightening its monetary policy also weighed on zero-yield bullion's appeal. Spot gold was down 0.1% at $1,650.02 per ounce, as of 0317 GMT, while U.S. gold futures were flat at $1,654.80. "Market participants may want to see a clearer end to Fed's rate hikes before restoring some confidence in gold prices," IG market strategist Yeap Jun Rong said, adding given upside risks to inflation, monetary tightening seems far from over. "That will keep gold prices locked in an overall downward trend for now, with any rallies running the risks of being eventually sold into." The Fed is widely expected to deliver a fourth straight 75-basis point rate hike when it meets in November, and traders of futures contracts tied to the policy rate are betting on another oversized hike in December as well.
☆ LBMA delegates predict gold price will rise to $1,830.50 in a year
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: 1 min
Oct 18 (Reuters) - Delegates from around the world meeting at the London Bullion Market Association's annual precious metals conference in Lisbon predicted that gold prices would rise to 1,830.50 an ounce in a year's time, up from around $1,650 on Tuesday. They forecast that silver prices would rise to $28.30 in a year from around $18.70 on Tuesday, platinum would rise to $1,238.70 from around $915 and palladium would edge up to $2,058.80 from around $2,020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Hobson. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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