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Everett Millman - 1 Bart Melek - 1 they're - 1 Millman - 1
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Bangkok Thailand U.S Israel China's China
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☆ Gold buoyed by Fed rate-cut hopes, geopolitical concerns
  + stars: | 2024-08-07 | 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 firmed on Wednesday on mounting bets of U.S. interest rate cuts in September and rising geopolitical tensions in the Middle East, with markets awaiting U.S. economic data for clues on the Federal Reserve's interest rate path. Spot gold rose 0.4% to $2,399.38 per ounce, as of 11:29 a.m. Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low interest rate environment. Meanwhile, China's central bank held back on buying gold for its reserves for a third straight month in July, official data showed on Wednesday.
Persons: Everett Millman, Bart Melek, they're, Millman Organizations: Co, Gainesville, TD Securities Locations: Bangkok, Thailand, U.S, Israel, China's, China
☆ Gold rises as traders hunker down for economic cues
  + stars: | 2023-04-25 | by ( ) www.cnbc.com   time to read: +2 min
Spot gold was up 0.35% to $1,996.12 per ounce, while U.S. gold futures settled 0.34% higher at $2,006.60. The rival safe-haven dollar rose 0.5%, making bullion more expensive for buyers holding other currencies, while benchmark 10-year Treasury yields fell by their largest amount since March. A weak U.S. consumer confidence report and lackluster manufacturing data fanned fears of economic slowdown, lowering the bets for a rate hike next week. While gold is considered a safe haven during economic uncertainties, higher interest rates dull appeal for zero-yield bullion. Traders also took stock of U.S. Treasury Secretary Janet Yellen's warning that failure by Congress to raise the government's debt ceiling would trigger an "economic catastrophe" that would send interest rates higher for years to come.
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