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7 mentions found


☆ Gold hovers near 3-month peak as eyes on Powell's testimony
  + stars: | 2024-03-05 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Oct. 13, 2023. Gold prices steadied near a three-month peak on Tuesday, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week. Spot gold was flat at $2,114.59 per ounce, as of 0423 GMT, hovering around Monday's levels of $2119.69 that marked its highest point since Dec. 4. London's gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust's GLD holdings were down 10% from the previous year as of March 4.
Persons: Jerome Powell, Joni Teves, Fed's Raphael Bostic, Teves Organizations: Korea Gold Exchange, Federal, UBS, Data, ANZ Locations: Seoul, South Korea, U.S
☆ Gold prices to hit $2,200 and a 'dramatic' outperformance awaits silver in 2024, says UBS
  + stars: | 2024-02-05 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold and silver are expected to climb further in 2024 on expectations that the U.S. Federal Reserve will start cutting interest rates, UBS forecasts. Also this comes with a weaker dollar" said the investment bank's precious metals strategist Joni Teves, who expects the metal to hit $2,200 per ounce by the end of the year. Gold prices tend to have an inverse relationship with interest rates. As interest rates dip, gold becomes more appealing compared to alternative investments like bonds, which would yield weaker returns in a low interest rate environment.
Persons: Joni Teves Organizations: Aurum, U.S . Federal Reserve, UBS, Federal Reserve, Fed Locations: Munich
☆ CNBC Daily Open: A scorching start for U.S. jobs growth
  + stars: | 2024-02-05 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. "We just want some more confidence before we take that very important step of beginning to cut interest rates," he said. Gold, silver advanceGold and silver could rise further this year on hopes that the U.S. Federal Reserve will lower interest rates, said UBS. "Also, this comes with a weaker dollar," said Joni Teves, adding gold will likely hit $2,200 per ounce in 2024.
Persons: Jerome Powell, Hong, Joni Teves Organizations: CNBC, U.S . Federal, CSI, Dow, Nasdaq, UBS, U.S, Senators, House Republicans, Citi Locations: China, U.S, Ukraine, Israel
☆ UBS strategist explains how to get exposure to gold if its price hits $2,200
  + stars: | 2024-01-29 | 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 EmailUBS strategist explains how to get exposure to gold if its price hits $2,200Joni Teves, precious metals strategist at UBS, discusses its bullish call on gold and the outlook for the U.S. Federal Reserve's monetary policy, saying UBS is "ahead of consensus."
Persons: Joni Teves Organizations: UBS, U.S, U.S . Federal Locations: U.S .
☆ Gold could hit $2,200 by the end of 2024: UBS
  + stars: | 2023-12-05 | 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 EmailGold could hit $2,200 by the end of 2024: UBSJoni Teves from UBS explains why macroeconomic factors, not geopolitics, will send gold prices higher in 2024.
Persons: UBS Joni Teves Organizations: UBS
☆ 'Attractive risk-reward': Gold to rally by a double-digit percentage in 2023, UBS says
  + stars: | 2022-11-08 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +2 min
But rising interest rates have drawn investors away from bullion by raising the opportunity cost of holding the zero-yield asset. Spot gold was trading around $1,676 an ounce on Monday, and UBS sees prices hitting $1,900 an ounce by the end of 2023. In a note to clients on Nov. 7, UBS said gold prices have historically tended to rally 19% for every 1% cut in real rates. A "real rate" is an interest rate that has been adjusted to remove the effects of inflation. UBS also pointed toward support for gold prices caused by demand from institutional investors.
☆ Is it time to buy gold? Wall Street pros weigh in as prices fall
  + stars: | 2022-10-11 | by ( Zavier Ong | ) www.cnbc.com   time to read: +6 min
The precious metal has come under pressure this year, with the dollar's big gain weighing on gold prices. I think inflation is going to win. Higher real rates imply a higher cost of carry for gold, due to increased competition from higher-yielding investments. "They are something you keep in your portfolio, because when you need them, they work and that's the history of gold and gold equities. He added that he continues to see a "very strong" market for gold and gold equities over the longer-term.
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