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☆ Gold ticks up, U.S. inflation data in focus
▼ + stars: | 2024-10-10 | by ( ) www.cnbc.com time to read: +2 min

Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance. Spot gold rose 0.2% to $2,614.00 per ounce by 0246 GMT, after easing for the previous six sessions. The U.S. Consumer Price Index for September is due at 1230 GMT and Producer Price Index data on Friday. Markets see an 80% chance of a 25-basis-point Fed rate cut in November. Dallas Fed Bank President Lorie Logan called for gradual cuts and said that the U.S. central bank should not rush.

Persons: Price, Ilya Spivak, Spivak, Mary Daly, Lorie Logan, Israel's Organizations: U.S, Consumer, Treasury, Fed, San Francisco Fed Bank, Dallas Fed Bank Locations: U.S, Iran

☆ Gold eases, but set for weekly gain on Fed rate cut bets
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September. Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September. "Inflation outlook and interest rate picture have moved in favor of gold this week. As we move closer to a lower interest rate environment, conditions could be ripe for gold to set new record highs before the year is out," said Tim Waterer, KCM Trade's chief market analyst. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Persons: Tim Waterer, KCM, Mary Daly, Austan Goolsbee, Waterer Organizations: Federal Reserve, San Francisco Fed Bank, Chicago Fed Bank Locations: U.S

☆ Gold drifts lower as traders await U.S. inflation data
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Tuesday, while investors looked toward key U.S. inflation data due later this week that could throw some light on the Federal Reserve's interest rate cut stance. Gold prices eased on Tuesday, while investors looked toward key U.S. inflation data due later this week that could throw some light on the Federal Reserve's interest rate cut stance. Spot gold was down 0.2% at $2,327.52 per ounce as of 0339 GMT. "Technical factors in the short-term are not so positive for gold. Other Fed officials speaking this week include Fed Governors Lisa Cook and Michelle Bowman along with Richmond Fed President Tom Barkin.

Persons: Kelvin Wong, Bullion, Wong, Mary Daly, Lisa Cook, Michelle Bowman, Tom Barkin Organizations: Asia Pacific, U.S, San Francisco Fed Bank, Richmond Fed Locations: OANDA, U.S

☆ Wall St ends down slightly; investors await Friday's payrolls
▼ + stars: | 2023-10-05 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Friday's monthly payrolls report could be the week's most important economic news, however, investors remained concerned about whether the Federal Reserve will keep rates higher for longer. Stocks ended well off their weakest levels of the session, and strategists noted the S&P 500 was holding above its 200-day moving average, currently at around 4,206. After recent market weakness, investors are keen for third-quarter earnings reports to kick off mid-month. S&P 500 company earnings overall are expected to have risen 1.6% year-over-year for the quarter, according to LSEG IBES data. The S&P 500 posted three new 52-week highs and 39 new lows; the Nasdaq Composite recorded 24 new highs and 330 new lows.

Persons: Stocks, Mary Daly, Peter Cardillo, Brendan McDermid, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, David Gregorio Our Organizations: Companies, Dow, Nasdaq, Federal Reserve, Benchmark U.S, Treasury, Spartan Capital Securities, San Francisco Fed Bank, Economic, of New, New York Stock Exchange, REUTERS, Dow Jones, Dell Technologies, NYSE, Thomson Locations: New York, of New York, U.S, New York City, Bengaluru

☆ Gold prices edge up on weaker dollar
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Gold prices edged higher in early Asian trade on Monday, helped by a weaker U.S. dollar, although chances of more interest rate hikes by the Federal Reserve this year to tame sticky inflation weighed on bullion's appeal. FUNDAMENTALS* Spot gold rose 0.3% to $1,926.29 per ounce by 0051 GMT. U.S. gold futures were up 0.3% at $1,936.10 per ounce* The dollar index was down 0.2%, making gold more attractive for buyers holding other currencies. * In his congressional testimony last week, Fed Chair Jerome Powell signalled more rate hikes ahead but vowed the central bank would proceed with caution. DATA/EVENTS (GMT)0500 Japan Leading Indicator Revised April0800 Germany Ifo Business Climate New June0800 Germany Ifo Current Conditions New June0800 Germany Ifo Expectations New JuneReporting by Seher Dareen in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Mary Daly, Masato Kanda, Seher, Subhranshu Sahu Organizations: Federal Reserve, Francisco Fed Bank, Thomson Locations: Japan, Germany, Bengaluru

☆ Gold prices edge higher as tepid dollar lifts appeal
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged higher on a weaker dollar, although bullion hovered close to three-month lows as traders assessed prospects that more interest rate hikes by the U.S. Federal Reserve were in the offing. Spot gold rose 0.2% to $1,925.78 per ounce by 0341 GMT. Bullion slumped nearly 2% in the previous week as hawkish comments from Fed officials suggested more rate hikes to bring down sticky inflation. Higher interest rates make non-yielding gold less appealing. San Francisco Fed Bank President Mary Daly said on Friday two more rate hikes this year are a "very reasonable" projection.

Persons: Bullion, Christopher Wong, Mary Daly, Wong Organizations: U.S . Federal, San Francisco Fed Bank, P Global Locations: Moscow, Russia

☆ Wall Street ends down, snaps weekly winning streak on Fed worries
▼ + stars: | 2023-06-23 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

With few market-moving catalysts this week aside from Powell's congressional testimony, all three indexes notched weekly losses, ending a weeks-long rally. The Nasdaq snapped its eight-week winning streak, its longest since March 2019, while the S&P 500 (.SPX) broke its five-week rally, its longest since November 2021. The S&P 500 and the Nasdaq logged their biggest Friday-to-Friday percentage drops since early March, when the regional banking liquidity crisis hit. "You can probably count on a rate hike next month, but it's that second hike that the markets are skeptical of," Mayfield added. According to preliminary data, the S&P 500 (.SPX) lost 33.48 points, or 0.76%, to end at 4,348.41 points, while the Nasdaq Composite (.IXIC) lost 138.09 points, or 1.01%, to 13,492.52.

Persons: Jerome Powell's, Ross Mayfield, Mary Daly, Tom Barkin, Mayfield, Russell, Stephen Culp, Shubham Batra, Shristi, Richard Chang Organizations: YORK, Federal, Nasdaq, Baird, Francisco Fed Bank, Reuters, Atlanta Fed, Financial, Dow Jones, Carmax Inc, Starbucks Corp, Thomson Locations: Louisville , Kentucky, Bengaluru

Her comments followed a hawkish stance by Fed Chair Jerome Powell in his two-day testimony before the Senate Banking Committee earlier this week. Markets calmed briefly and the S&P 500 (.SPX) and the Nasdaq (.IXIC) added some gains in the previous session after Powell said the Fed will proceed with caution. We've heard from the various Fed governors, Powell talk about higher interest rates," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest. Yields on the 2-year, which best reflects interest rate expectations, dropped to hover at 4.71% on Friday. Investors will also monitor comments from some Fed policymakers due to speak later in the day.

Persons: Mary Daly, Jerome Powell, Powell, We're, We've, Paul Nolte, advancers, Shubham Batra, Shristi, Arun Koyyur Organizations: Starbucks, Dow, Nasdaq, Federal Reserve, San Francisco Fed Bank, Reuters, Committee, Murphy, Apple, Microsoft, Dow Jones, 3M, Carmax Inc, Starbucks Corp, NYSE, Thomson Locations: San, U.S, Bengaluru

☆ Gold ticks up as US inflation data fuels bets for rate-hike pause
▼ + stars: | 2023-04-13 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold advances for third consecutive sessionMarkets pricing in 25-bp rate hike in MayApril 13 (Reuters) - Gold prices inched higher for a third consecutive session on Thursday, as cooler-than-expected U.S. inflation data spurred bets that the Federal Reserve might raise rates once more next month before pausing hikes. Spot gold was up 0.1% at $2,016.99 per ounce, as of 0332 GMT. Gold prices rose more than 1% on Wednesday after data showed the U.S. Consumer Price Index (CPI) rose 0.1% last month, compared with expectations for a 0.2% increase, after advancing 0.4% in February. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Recession concerns are "allowing gold prices to ride on its safe-haven status... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap added.

☆ Gold ticks up as U.S. inflation data fuels bets for rate hike pause
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched higher for a third consecutive session on Thursday, as milder-than-expected U.S. inflation data prompted bets that the Federal Reserve might raise rates just once more before pausing. U.S. gold futures rose 0.3% to $2,031.40. Gold prices rose over 1% on Wednesday after data showed the U.S. Consumer Price Index rose 0.1% last month, compared with expectations of a 0.2% increase, after advancing 0.4% in February. Recession concerns are "allowing gold prices to ride on its safe-haven status ... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap said. Spot silver fell 0.3% to $25.39 per ounce, platinum lost 0.3% to $1,011.86 and palladium dipped 0.5% to $1,452.08.

[1/2] An employee holds the door open at the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. Supervision of large banks like SVB, which was the 16th biggest U.S. bank at the time of its failure, is a shared responsibility of bank examiners employed by the regional Fed bank and Fed Board staff in Washington. Fed Chair Jerome Powell said this week he wants to identify "what went wrong here". Bank examiners at San Francisco Fed had flagged escalating problems at the Santa Clara-based bank suggesting issues with its ability to meet short-term cash needs like depositor withdrawals. As San Francisco Fed chair, Mehran headed the search committee that hired Daly for the top job at the bank in 2018.

☆ Minneapolis Fed directors wanted 100 bp discount rate hike in September
▼ + stars: | 2022-10-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

The Minneapolis Fed directors sought to have the discount rate, which sets the cost for a key emergency lending rate, moved to 3.50% from the 2.50% level it stood at when those directors voted on Sept. 8. It raised the discount rate by the same margin, its usual practice, to its current level of 3.25%. Meanwhile, the boards of the New York and San Francisco Fed banks voted for a 3% discount rate, the minutes said. The 12 regional Fed banks are quasi private intuitions that are each overseen by boards of directors drawn from the private sector. Discount rate votes do not determine where the Fed sets the federal funds rate, its chief tool for influencing the direction of the economy.

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