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☆ Gold set for second weekly fall; U.S. payrolls on investors' radar
▼ + stars: | 2024-05-03 | 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 prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the U.S. non-farm payrolls data that could provide cues on the Federal Reserve's rate cut timeline. Spot gold held its ground at $2,306.84 per ounce by 0457 GMT but lost more than 1% this week. Softer U.S. payrolls print could provide support for gold but a better report may weigh on prices, Wong added. The non-farm payrolls report is due at 1230 GMT.

Persons: Christopher Wong, Wong, Wang Tao, Fawad Organizations: Co, U.S ., Fed, City Index Locations: Bangkok, Thailand, Egypt, Israel

☆ 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

☆ Gold flat ahead of US inflation data
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were little changed on Tuesday, as investors held back from making big bets ahead of a U.S. inflation report that could give fresh perspective on the timing of the Federal Reserve's first rate cut. Spot gold was flat at $2,018.71 per ounce, as of 0424 GMT, after briefly slipping to a more than two-week low of $2,011.72/Oz on Monday. All eyes are on the January U.S. consumer price index inflation data due at 13:30 GMT. Americans reported a fairly stable outlook for inflation at the start of the year, a New York Fed survey showed. Spot platinum was flat at $888.89 per ounce, palladium rose 1.5% to $905.71, and silver edged 0.1% higher to $22.71.

Persons: Tim Waterer, Wang Tao Organizations: Federal, KCM Trade, New, Fed, Reuters, U.S ., Traders, U.S Locations: Moscow, Russia, U.S, ., China, Hong Kong

☆ Gold frail as dollar, yields strength dim shine
▼ + stars: | 2024-01-16 | 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 were subdued on Tuesday as the dollar and Treasury yields rose, while traders waited to hear from a slew of U.S. Federal Reserve speakers this week for more clarity on the central bank's rate cut prospects. The dollar index touched a 10-day high, making bullion less attractive for other currency holders, while yields on benchmark U.S. 10-year Treasury notes rose above 4%. Elsewhere, European Central Bank officials pushed back against market expectations for rapid rate cuts this year. According to Reuters technical analyst Wang Tao, spot gold may retrace to $2,042 per ounce, after its repeated failures to break resistance at $2,060.

Persons: Christopher Waller's, Matt Simpson, Christopher Waller, Waller, Simpson, Wang Tao Organizations: Co, . Federal Reserve, Index, Fed, Brookings Institution, Traders, Central Bank Locations: Bangkok, Thailand

☆ Safe-haven gold gains on renewed Fed cut bets
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged up on Monday, holding above the $2,050 level on safe-haven appeal from elevated tensions in the Middle East and on renewed bets for an early rate cut by the U.S. Federal Reserve. Spot gold was up 0.2% at $2,053.69 per ounce, as of 0435 GMT, after marking its biggest daily gain since Dec. 12 on Friday. Overall, traders are betting on 166 basis points (bps) of Fed rate cuts this year, higher than Friday morning's bets of 150 bps. According to Reuters technical analyst Wang Tao, spot gold may break resistance at $2,060 per ounce and rise into the $2,071-$2,079 range. Spot silver rose 0.4% to $23.25 per ounce, platinum climbed 0.8% to $913.07, and palladium gained 1.6% to $990.48.

Persons: Kyle Rodda, Wang Tao Organizations: U.S . Federal, Hamas, Traders Locations: Singapore, Israel, U.S, Yemen

☆ Gold hits near 7-month peak as dollar, yields weaken on Fed rate cut bets
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.2% to $2,044.53 per ounce by 0453 GMT after hitting its highest since May 5. U.S. gold futures for December delivery rose 0.3% to $2,045.40 per ounce. "The key point data to look for is the PCE (personal consumption expenditures) data and markets are expecting another slowdown in inflationary pressure in U.S.," said Wong. Investors' attention is now on the revised U.S. third-quarter GDP figures, due at 1330 GMT and on key PCE data — Fed's preferred inflation gauge — on Thursday. According to Reuters' technical analyst Wang Tao, spot gold may extend gains into a range of $2,059 to $2,069 per ounce.

Persons: Kelvin Wong, Wong, Christopher Waller —, CME's, Wang Tao Organizations: U.S ., Federal Reserve, Asia Pacific, Traders, Reuters Locations: OANDA, —

☆ Gold scales 6-month peak on softer dollar, Fed pause bets
▼ + stars: | 2023-11-27 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $2,010.99 per ounce by 0758 GMT, after hitting its highest since May 16. U.S. gold futures rose 0.4% to $2,011.70. Reuters Graphics"What's moving gold at the moment is the lower U.S. dollar because of the recent soft data," said Kyle Rodda, a financial market analyst at Capital.com. The dollar index (.DXY) edged down 0.1% against its rivals, not far from a more than two-month low level touched last week, making gold less expensive for other currency holders. Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected.

Persons: Alexander Manzyuk, Kyle Rodda, Rodda, CME's, Wang Tao, Harshit Verma, Janane Venkatraman, Sherry Jacob, Phillips Organizations: REUTERS, U.S, PCE, Federal, Reuters, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold poised for second weekly gain as Fed pause hopes hurt dollar
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

REUTERS/Alexander ManzyukGold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes. The dollar index was on track for a second weekly drop, making gold less expensive for other currency holders. Markets have dialed back expectations of Fed rate cuts in 2024 after data showed number of Americans filing new claims for unemployment benefits fell more than expected last week. Earlier this week, the Fed minutes showed the central bank would proceed "carefully" and "all participants judged it appropriate to maintain" the current rate setting. Platinum eased 0.1% to $914.68, but was heading for its second weekly rise.

Persons: Alexander Manzyuk Gold, Tim Waterer, CME's, Waterer, Wang Tao Organizations: REUTERS, Federal, KCM Trade Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Gold scales 3-month peak as Middle East conflict lifts demand
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hit a three-month high on Friday and were set for a second straight weekly gain, with demand bolstered by the Middle East conflict and expectations that the Federal Reserve's rate hikes are nearing an end. Spot gold was up 0.2% at $1,978.19 per ounce by 0542 GMT, after hitting its highest since July 20. "Gold prices were supported as fears of another Fed rate hike in 2023 subside. We remain neutral towards gold prices for 2023, expecting prices to average $1,950/oz," Fitch Solutions said in a note. Spot silver fell 0.4% to $22.94 per ounce, but was headed for a second weekly rise.

Persons: Kyle Rodda, Yoav Gallant, Jerome Powell, Wang Tao Organizations: Agosi AG, Capital.com, Israeli, Fitch Solutions, Economic, of New Locations: Pforzheim, Israel, Gaza

☆ Gold skids, but holds above $1,900 as Israel-Hamas war rages
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold fell 0.7% to $1,919.21 per ounce by 0423 GMT and U.S. gold futures dropped 0.5% to $1,932.70. Given the surge in prices, gold will likely remain in focus for traders seeking to buy dips, which makes $1,920 and $1,900 of area of interest. But if tensions in the Middle East continue to escalate, shorting gold may not end too well for bears over the near-term. Data on Friday showed that COMEX gold speculators increased net short position by 11,784 contracts to 14,788 in week ended Oct. 10.

Persons: Hungary Gold, Matt Simpson, Wang Tao, Joe Biden, Jerome Powell's Organizations: Heraeus SA, Solar, Hamas, Investors, Federal Locations: Budapest, Hungary, Israel

[1/3] Tourists rest on the Bund ahead of the National Day holiday, in Shanghai, China September 26, 2023. China celebrates the Mid-Autumn Festival and National Day from Friday to Oct. 6 in the longest public holiday this year. The China Tourism Academy, part of the Ministry of Culture and Tourism, estimates people will make more than 100 million trips a day during "the most popular Golden Week in history". In 2019, mainland Chinese tourists spent $255 billion abroad, more than any other nationality, with group tours estimated to account for roughly 60% of that total. ($1 = 7.3030 Chinese yuan renminbi)Additional reporting by Wang Tao in Singapore; Editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, It's, Joe Zhang, I'm, haven't, Boon Sian Chai, Boon, Cao, Nancy Dai, Zhou Weihong, Wang Zheng, Wang Tao, Marius Zaharia Organizations: Bund, REUTERS, Rights, China Tourism Academy, Ministry of Culture, Trip.com, Spring, Thomson Locations: Shanghai, China, Beijing, Japan, Tourism, Anqing, Anhui, South Korea, United States, ForwardKeys, Thailand, Singapore

☆ China keeps benchmark rates unchanged as economy finds footing
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. Despite the steady LPR, some market watchers said recent property easing measures suggest cuts to the five-year LPR and more policy stimulus are likely in coming months. China cut the one-year benchmark lending rate in August but surprised markets by keeping the five-year rate unchanged.

Persons: Tingshu Wang, Xing Zhaopeng, Xing, Wang Tao, Winni Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, ANZ, UBS, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States

☆ Gold stalls as Fed caution keeps investors at bay
▼ + stars: | 2023-09-20 | 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 were subdued on Wednesday as investors remained cautious ahead of the Federal Reserve's policy decision, where the U.S. central bank is expected to stay put on interest rates, but prospects loom for further hikes later this year. Spot gold was down 0.1% at $1,929.86 per ounce by 0517 GMT, holding below its highest level since Sept. 5 reached on Tuesday. The Fed's rate-setting policy committee will release a new policy statement and interest rate decision at 1800 GMT, with Fed Chair Jerome Powell scheduled to hold a press conference at 1830 GMT. A more hawkish Fed on the back of stronger-than-expected August U.S. CPI and PPI data released last week should see downside risk to gold prices, NAB Commodities Research said in a note.

Persons: Jerome Powell, Jun Rong, Janet Yellen, Wang Tao Organizations: Treasury, Fed, IG, CPI, PPI, NAB Commodities Research Locations: Moscow, Russia, ., U.S

☆ Gold gains as U.S. inflation data takes center stage this week
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve's moves on interest rates. Spot gold gained 0.3% to $1,922.89 per ounce by 0313 GMT, having lost 1% in the previous week. Gold had found support around its 200-day moving average, an important technical level not easy to crack, he said, adding that if U.S. inflation undershoots that could weigh further on the U.S. dollar. Spot gold may retest a resistance at $1,930 per ounce, according to Reuters technical analyst Wang Tao. The U.S. Consumer Price Index data for August due on Wednesday is expected to shape the Fed's interest rate decisions this year.

Persons: Matt Simpson, Gold, Wang Tao, Tim Waterer Organizations: U.S ., The U.S ., U.S, Consumer Locations: The

☆ Gold near 3-week high as markets cut back U.S. rate hike bets
▼ + stars: | 2023-08-30 | 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 hovered near three-week highs on Wednesday, as investors pared back bets of further U.S. interest rate hikes in response to soft economic readings, with more data eyed this week to analyze the outlook. Spot gold was flat at $1,936.17 per ounce by 0328 GMT, about $2 below its highest levels since Aug. 7 hit on Tuesday. Gold may extend gains to $1,948 per ounce, as it has cleared a resistance at $1,936, said Reuters technical analyst Wang Tao. Platinum eased 0.1% to $975.07, having climbed to its highest level since July 19 in the previous session.

Persons: Matt Simpson, Wang Tao Organizations: South Korea's, Nikko, Treasury, U.S ., Commerce, Federal Locations: Seoul, ., U.S

☆ Gold at 5-month low as rallying U.S. yields bolster dollar
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,893 an ounce, as of 0335 GMT, having dropped to its weakest level since March 15 at $1,888.30. Benchmark 10-year U.S. Treasury yields hit a 10-month high, boosting the dollar to its highest level since mid-June and drawing investors away from non-interest-bearing gold. "Whilst the FOMC minutes saw the U.S. dollar and yields strengthen further to weigh on gold, there are tentative signs of stability for spot gold prices today," said Matt Simpson, a senior analyst at City Index. Reuters technical analyst Wang Tao says spot gold may fall to $1,879 per ounce, as it has broken two key supports. Upside to gold prices will likely need delivery of rate cuts expected in 2024, they added.

Persons: Matt Simpson, Wang Tao Organizations: Aurum, U.S ., Treasury, Federal Reserve, Reuters, NAB Commodities Research, Palladium

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

☆ Gold retreats on dollar uptick, traders bet on Fed pause
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

On display at Agosi AG in Pforzheim is a gold bar that weighs 12.5 kilograms (400 ounces), has a fine gold content of 99.99 percent and lies on gold granules. Gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly stronger dollar, even as investors bet that recent U.S. economic readings make the case for a pause in the Federal Reserve's rate-hike stance. Spot gold fell 0.1% to $1,976.05 per ounce by 0350 GMT, after hitting its highest since May 24 at $1,984.19 on Tuesday. The dollar index edged higher from a more than one-year low hit on Tuesday, making gold more expensive for holders of other currencies. "Gold prices may have to reclaim the key psychological level of $2,000 to potentially provide more conviction for buyers," said Yeap.

Persons: Jun Rong, Wang Tao Organizations: Agosi AG, Reuters, Palladium Locations: Pforzheim, ., U.S, China

☆ Gold flat as investors await U.S. data for rate cues
▼ + stars: | 2023-07-06 | 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 was flat on Thursday as investors awaited a raft of U.S. economic data that could influence the Federal Reserve's policy trajectory, after minutes of its June meeting reaffirmed expectations that interest rates could remain higher for longer. Spot gold held its ground at $1,917.46 per ounce by 0459 GMT, while U.S. gold futures fell 0.2% to $1,924.10. Therefore, a series of labor market data will be on watch, but much will still revolve around a continued moderation in wage pressures, he added. Rising U.S. interest rates increase the opportunity cost of holding non-yielding bullion.

Persons: Gold, Jun Rong, Wang Tao, Janet Yellen's Organizations: Aurum, IG, Traders, Investors, U.S . Labor, Labor, Survey, Treasury Locations: U.S, Janet Yellen's Beijing

☆ Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades
▼ + stars: | 2023-06-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesGoldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world's second-largest economy stutters and loses momentum after its coronavirus reopening. "With the reopening boost quickly fading, medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions may start to become more important in China's growth outlook," they said. Stock Chart Icon Stock chart iconUBS also sees continued weakness in China's economy ahead, particularly focusing on the second quarter of the year. Wang noted that uncertainty in China's property sector remains a central risk to its forecast and could bring its growth outlook even lower. "Risks to our forecast is slightly biased towards the downside, mainly from uncertainties in property market and path of property policy support ahead, as well as weaker external demand," she said.

Persons: Goldman Sachs, Chief China Economist Hui Shan, Wang Tao, Wang Organizations: Getty, Nurphoto, Chief China Economist, UBS, Bank of America, JPMorgan, U.S, People's Bank of, Federal, UBS Investment Bank's Locations: Nanjing, East China's Jiangsu Province, China, People's Bank of China, saar

☆ Pro wrestlers return to China as global bouts resume after pandemic
▼ + stars: | 2023-06-07 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

SHANGHAI, June 7 (Reuters) - Not only presidents and chief executives are making their way to China to reconnect after three years of border closures, but also international professional wrestlers, who returned this week after the COVID-19 pandemic. "We are glad to let the world know, 'Hey, Chinese wrestling is back'," said event promoter Adrian Gomez. A cast of colourfully dressed characters - both heroes and villains - hammed it up for the audience, in the spirit of the storied WWE, the best-known pro wrestling body. International participants included former WWE pro wrestler Yoshi Tatsu from Japan and Malaysia's Nor "Phoenix" Diana, who is known as the first hijab-wearing pro wrestler. Gomez said the return of international wrestlers signalled a huge change in fortunes for Chinese pro wrestling, which has battled to stage domestic live matches since COVID curbs were imposed in early 2020, sometimes with no audience at all.

Persons: Adrian Gomez, colourfully, Yoshi Tatsu, Diana, Wang Tao, Gomez, we've, Casey Hall, Clarence Fernandez Organizations: Middle Kingdom, WWE, Thomson Locations: SHANGHAI, China, Japan, United States

☆ China's recovery is relying on an improvement in the labor market: UBS Investment Research
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's recovery is relying on an improvement in the labor market: UBS Investment ResearchWang Tao from UBS Investment Research says slow improvement in the labor market, and property market fundamentals are weighing on the Chinese economic recovery.

Persons: UBS Investment Research Wang Tao Organizations: UBS Investment Research

☆ Gold ticks higher as economic risks persist
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged higher on Monday as the U.S. debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal. Spot gold was up 0.2% at $2,014.44 per ounce by 0432 GMT, after falling for three sessions. Bullion tends to gain during times of economic or financial uncertainty, but higher interest rates dim non-yielding gold's appeal. Markets are pricing in an 83.4% chance of the U.S. central bank holding rates at the current level in June, according to the CME FedWatch tool. But taking some shine off gold, rival safe-haven dollar rose to a five-week high against major peers and made bullion less affordable for buyers holding other currencies.

"We are looking into ways to express this (China recovery) theme in our portfolio rather than just say 'let's go long China equity'. "Given the higher risk premium of China stocks, the demand for 'shadowing' China will continue to be strong," Jefferies said. The relative cheapness of European stocks, at least at the start of this year, has also been important. Luxury stocks - less vulnerable to sanctions - have performed well, but geopolitical worries have bruised tech firms, and manufacturing difficulties have hurt commodity stocks. "What is doing extremely well this year is luxury; if you'd bought European miners hoping that China would stimulate, you'd have got it wrong."

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

Gold prices inched higher for a third consecutive session on Thursday, as milder-than-expected U.S. inflation data prompted bets that the Federal Reserve might raise rates just once more before pausing. U.S. gold futures rose 0.3% to $2,031.40. Gold prices rose over 1% on Wednesday after data showed the U.S. Consumer Price Index rose 0.1% last month, compared with expectations of a 0.2% increase, after advancing 0.4% in February. 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 said. Spot silver fell 0.3% to $25.39 per ounce, platinum lost 0.3% to $1,011.86 and palladium dipped 0.5% to $1,452.08.

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