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7 mentions found


☆ Gold drifts higher as U.S. rate cut optimism boosts appeal
  + stars: | 2024-07-16 | 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 nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues. Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Rong. Investors were awaiting U.S. retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.
Persons: Jerome Powell, Powell, Yeap Jun Rong, Christopher Waller, Adriana Kugler, Yeap Organizations: Argor Hebaeus SA, Federal, Investors, Reuters Locations: Swiss, Budapest, Hungary
☆ Gold eases as firmer dollar offsets support from bets on Fed pause
  + stars: | 2023-06-05 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices edged lower in rangebound trading on Monday as the dollar firmed after a strong U.S. payrolls report, overshadowing support from prospects that the Federal Reserve would pause its rate hikes this month. Spot gold was down 0.2% at $1,944.69 per ounce as of 0256 GMT, trading in a $6 range. But the unemployment rate surged to a seven-month high of 3.7% from a 53-year low of 3.4% in April. Asian shares extended a global rally on optimism that the Fed would pause its rate hikes this month, while oil prices jumped. Spot silver inched down 0.2% to $23.53 per ounce, platinum rose 0.2% to $1,005.00 per ounce, while palladium shed 0.6% to $1,412.46.
Persons: nonfarm, Philip Jefferson, Matt Simpson Organizations: Argor Hebaeus SA, Federal, Reuters, Index, U.S . House Locations: Swiss, Budapest, Hungary, U.S
☆ 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 ease as traders gauge OPEC+ output cuts, weak U.S. data
  + stars: | 2023-04-04 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices steadied with investors' attention shifting to demand trends and the impact of higher prices on the global economy. Gold prices dropped on Monday after a surprise cut in OPEC+ crude production was announced over the weekend. Bullion is seen as a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset. "If we are right, this should send the dollar lower and clear the 'runway' for an additional move higher." Spot silver slipped 0.5% to $23.88 per ounce, platinum eased 0.1% to $984.99 and palladium ticked 0.1% lower to $1,458.42.
☆ Gold steadies near 9-month peak on hopes of slower Fed rate hike
  + stars: | 2023-01-16 | 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 steadied after climbing to their highest in nearly nine months on Monday, as a softer dollar and expectations of slower interest rate hikes from the U.S. Federal Reserve added to bullion's shine. Earlier in the session, prices hit $1,929 per ounce, a peak since late April. "The growing adoption of green energy sources continues to favor fabrication demand for silver ... Silver bar and coin demand continued to be high," ANZ said in a note. "We expect silver to perform well, in tandem with gold, as investors look for cheaper alternatives to gold."
☆ Gold hits 2½-year low as dollar stands tall
  + stars: | 2022-09-26 | by ( ) www.cnbc.com   time to read: +1 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 fell to a new 2½-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation. Gold prices have fallen more than 20% since scaling above the key $2,000 per-ounce mark in March. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.31% to 947.23 tons on Friday. Spot silver fell 0.8% to $18.68 per ounce, platinum rose 0.7% to $860.13, and palladium gained 0.4% to $2,076.10.
☆ Gold falls 1% on surging dollar, hawkish Fed
  + stars: | 2022-09-22 | 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 fell 1% on Thursday, as the U.S. dollar rallied and the Federal Reserve flagged more large rate hikes, diminishing the zero-yielding metal's appeal. Gold prices fell 1% on Thursday, as the U.S. dollar rallied and the Federal Reserve flagged more large rate hikes, diminishing the zero-yielding metal's appeal. "Gold will remain vulnerable to selling pressure if inflation does not continue to ease, but it could start to stabilize now." The dollar rallied to a new two-decade high, making the greenback-priced metal more expensive for buyers holding other currencies.
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