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☆ Gold set for weekly dip with resilient U.S. economy in focus
▼ + stars: | 2023-09-08 | 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 firmed on Friday as the dollar retreated from highs but the bullion was still en route to a weekly fall as traders looked beyond a widely expected pause by the Federal Reserve this month to focus on persistently resilient U.S. data. Spot gold was up 0.3% to $1,924.98 per ounce by 0345 GMT, but set for a 0.7% weekly fall. U.S. gold futures rose 0.3% to $1,949.00. Higher interest rates boost returns on competing safe-haven Treasury bonds, which are set for their first weekly rise in three, making non-interest-bearing gold less attractive.

Persons: Gold, Brian Lan Organizations: Aurum, Federal Reserve, GoldSilver Central, Treasury Locations: Brian Lan of Singapore, U.S

☆ Gold hits 1-week high on softer dollar after Powell's comment
▼ + stars: | 2023-07-27 | 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 prices rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike. The Fed raised interest rates by a quarter-of-a-percentage point on Wednesday, highlighting that another 25 basis-point hike could be in September based on a wide range of data. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. The dollar index was lower, supporting bullion as a weaker dollar makes gold cheaper for holders of other currencies.

Persons: Jerome Powell, Brian Lan, Powell Organizations: Aurum, U.S . Federal, GoldSilver Locations: U.S, Brian Lan of Singapore, United States, China

☆ Gold near 9-week high on weaker dollar, hopes of Fed rate pause
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices climbed on Thursday to a near nine-week peak, amid a weaker dollar and bets that the U.S. Federal Reserve might soon pause its interest rate hiking cycle. Spot gold rose 0.4% to $1,984.29 per ounce by 0521 GMT, close to its highest since mid-May. Gold has been supported by the dollar weakening and inflation prints coming in lower, said Brian Lan of Singapore dealer GoldSilver Central. The dollar index was 0.2% lower, close to an over one-year low, making gold cheaper for holders of other currencies. Spot silver rose 0.2% to $25.21 per ounce, platinum was down 0.1% to $971.87 while palladium slipped 0.6% to $1,300.21.

Persons: Brian Lan, We've, Lan, Baden Moore Organizations: U.S . Federal, GoldSilver Central, Investors, National Australia Bank Locations: Brian Lan of Singapore, Asia

☆ Gold near one-month high on hopes of Fed nearing end of rate hikes
▼ + stars: | 2023-07-13 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% to $1,959.79 per ounce by 0241 GMT, hitting its highest since June 16. Therefore, a lot of focus remains on the central bank's next rate-setting meeting, which could dictate near-term gold prices, said Brian Lan of Singapore dealer GoldSilver Central. Recent hawkish comments from policymakers have weighed on gold, with bullion down more than $100 since its May highs. Among other precious metals, spot silver rose 0.3% to $24.2163 per ounce and palladium advanced 0.7% to $1,292.19. Reporting by Arundhati Sarkar in Bengaluru; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Silver, Brian Lan, Lan, Price, Arundhati Sarkar, Rashmi Aich, Sohini Organizations: Federal Reserve, GoldSilver, Thomson Locations: Brian Lan of Singapore, Bengaluru

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