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☆ Robust equities erode gold's safe-haven allure as ETF holdings fall
▼ + stars: | 2023-08-21 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +2 min

(Reuters) -Receding fears of a U.S. slowdown, surging bond yields and the robust performance of equities have gradually eroded the appeal of exchange-traded funds (ETF) backed by traditional safe-haven gold this year, despite sticky inflation. The biggest ETF, SPDR Gold Trust, saw holdings dwindle to pre-pandemic levels. [GOL/ETF]Investors typically buy gold during times of financial and economic uncertainty and rising inflation. [GOL/]“Gold has fallen into disfavour as a hedge against economic uncertainty for many institutional investors,” said Ross Norman, chief executive of Metals Daily. Equities have outperformed gold despite higher interest rates, while rival safe-haven Treasury bonds have attracted investors away from gold, which doesn’t earn any interest or dividends.

Persons: Ilya Naymushin, ”, Ross Norman, Carsten Menke, Julius Baer, Gold, Philip Newman, Newman, hasn’t Organizations: Reuters, REUTERS, World Gold Council, Investors, U.S, Metals Daily, U.S . Federal, Treasury, Metals Locations: U.S, Siberian, Krasnoyarsk, Russia, disfavour, “

Spot gold was up 0.8% to $1,927.90 per ounce by 10:25 a.m. EDT (1425 GMT), after dropping to a more than three-month low earlier in the session. Benchmark 10-year Treasury yields slipped to a 10-day low, reducing the opportunity cost of owning non-yielding gold. Spot silver rose 0.9% to $22.44 per ounce, but was set for its biggest weekly drop since October 2022. Platinum was down 0.3% to $920.38, on course for its worst week since August 2022. Palladium could extend this year's near 30% price decline as the rapid rise of electric vehicles threatens to hammer demand for the autocatalyst metal.

Persons: Edward Moya, Jerome Powell, Phillip Streible, Mary Daly, Barbara Lewis Organizations: Treasury, Federal Reserve, Blue, San Francisco Fed, Reuters, Palladium, Thomson Locations: U.S, Chicago, Bengaluru

☆ Tighter market to push oil prices above $90 in second half of the year: Reuters poll
▼ + stars: | 2023-02-28 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +3 min

West Texas Intermediate (WTI) U.S. crude was projected to average $83.94 per barrel in 2023, below previous month's $85.40 forecast. Gruenberger expects a 600,000 barrel-per-day (bpd) year-on-year hit to Russian supply from lower domestic intake, weaker demand and slightly lower exports. "China will continue to scoop up Russian product at a discount," said Robert Yawger, energy futures strategist for Mizuho Bank. Reuters GraphicsThe International Energy Agency sees China accounting for almost half of this year's 2 million bpd growth in global oil demand, which could overtake supply after the first half and push producers to reconsider their output policies. Reporting by Deep Vakil in Bengaluru; Editing by Noah Browning and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Companies TC Energy Corp FollowDec 23 (Reuters) - TC Energy Corp (TRP.TO) on Friday said that a U.S. regulator had approved a restart plan for an idled segment of its Keystone oil pipeline to Cushing, Oklahoma, and it looked to restore service after several days of testing and inspections. The 622,000-barrel-per-day (bpd) pipeline was shut on Dec. 7 after it spilled 14,000 barrels of oil in rural Kansas, the biggest U.S. spill in nine years. The shutdown reduced the flow of Canadian crude to Gulf refineries, but it has had little impact on Canadian oil prices, partly because of ample storage in Alberta. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved the restart plan, TC said. Frigid weather at the spill site may slow work, TC said.

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