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☆ Gold ticks lower but holds near key $2,700 level
▼ + stars: | 2024-11-08 | by ( ) www.cnbc.com time to read: +2 min

Argor Heraeus SA-branded one kilogram gold bars are arranged for a photograph at the Chinese Gold and Silver Exchange Society in Hong Kong, China. Gold prices eased on Friday but hovered around the $2,700 level, as traders assessed the impact of Donald Trump's presidency and its implications for the U.S. interest rate outlook. Spot gold fell 0.4% to $2,697.19 per ounce as of 0251 GMT and was headed for a weekly loss. Gold prices are marginally pressured due to the market's uncertainty over U.S. political and policy developments, said Kyle Rodda, financial market analyst at Capital.com. Spot silver fell 0.8% to $31.75 per ounce, platinum fell 0.2% to $994.80 and palladium shed 0.21% to $1,022.36.

Persons: Argor, Donald Trump's, Kyle Rodda, Rodda, Brian Lan Organizations: Argor Heraeus, Silver Exchange Society, U.S, Federal Reserve, GoldSilver, Gold Locations: Hong Kong, China, Singapore, Beijing

☆ Gold rangebound as investors brace for key U.S. economic data
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of a key U.S. economic data that may provide clues about the size of the Federal Reserve's interest rate cuts expected later this year. Gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of a key U.S. economic data that may provide clues about the size of the Federal Reserve's interest rate cuts expected later this year. Investors are watching out for the ISM services data and the initial jobless claims, due later in the day, along with the U.S. non-farm payroll data expected on Friday. Gold tends to thrive in a low interest rate environment and political turmoil. Elsewhere, Perth Mint's gold product sales touched a 10-month high in September, while silver sales hit a seven-month high.

Persons: Brian Lan, —, CME's, Lan Organizations: GoldSilver Central, Investors, U.S . Locations: Singapore, Israel, Beirut, Iran, Perth

☆ Gold set for best week in 7 as dollar softens ahead of US jobs data
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +2 min

Bullion has climbed 1.8% this week, set for its best weekly gain since late December. Lower interest rates boost non-yielding bullion's appeal. Spot gold rose nearly 1% on Thursday after data from the U.S. Labor Department showed initial jobless claims rose more than expected last week. Fed Chair Jerome Powell pushed back on the idea of an interest rate cut in the spring, but expressed confidence in inflation moving towards the desired 2% range. Money market pricing shows traders are nothing but sure about a rate cut in May.

Persons: Brian Lan, Jerome Powell Organizations: Novosibirsk Refining Plant, Treasury, Federal Reserve, GoldSilver, U.S . Labor Department Locations: Novosibirsk, Russia, Singapore, U.S

☆ Gold near 5-week low as rate-cut optimism tapers
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors' expectation for deeper and early interest rate cuts in U.S. this year. The dollar has strengthened substantially in the past few days, putting a strain on gold prices, Brian Lan at the Singapore based dealer GoldSilver Central, said. Money markets were betting on 142 basis points of Fed rate cuts this year, while pricing in a 61% chance of a March easing, according to LSEG's interest rate probability app, IRPR. Lower interest rates decrease the opportunity cost of holding bullion.

Persons: Brian Lan, it's, GoldSilver's Lan, Raphael Bostic, Bostic, Christopher Waller's Organizations: Korea Gold Exchange, Federal Reserve, GoldSilver, Traders, Atlanta Federal Reserve Locations: Seoul, South Korea, Singapore

☆ Gold climbs as markets await U.S. CPI data to gauge Fed's stance
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.3% to $1,879.25 per ounce by 0541 GMT, its highest level since Sept. 27. The dollar index and U.S. Treasury yields were rooted near two-week lows, making non-interest-paying gold more attractive. "But one thing for sure is that people would be expecting interest rates will still continue to remain high ... so precious metals price will remain (broadly) subdued." High interest rates raise the opportunity cost of holding non-yielding bullion, which is still down over 9% from near record highs hit in May. Elsewhere, spot silver firmed 0.4% to $22.15 per ounce, platinum advanced 0.8% to $891.84 and palladium gained 0.7% to $1,175.29.

Persons: Brian Lan Organizations: Treasury, GoldSilver, Investors, Wednesday Locations: U.S, Singapore, abate

☆ 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

☆ Gold slips to three-month low as Fed rate cues lift dollar
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +1 min

Bars of gold are seen at Krastsvetmet, one of the world's largest producers of precious metals, in Moscow, January 31, 2023. Gold slipped to a near three-month low on Thursday as the dollar and Treasury yields advanced after the U.S. Federal Reserve signaled more interest rate hikes this year. Spot gold fell 0.4% to $1,935.99 per ounce, hitting its lowest since March 17. Traders are now pricing in a roughly 72% chance of a Fed rate hike in July, according to the CME Fedwatch tool. "(The) Fed has more or less given the market a direction," said Brian Lan, of Singapore dealer GoldSilver Central.

Persons: Gold, Tim Waterer, Brian Lan, Suki Cooper Organizations: Treasury, U.S . Federal Reserve, Fed, KCM Trade, Traders, GoldSilver Central, The U.S, European Central Bank Locations: Moscow, Singapore, The, U.S

☆ Gold prices range-bound as traders measure Fed policy path
▼ + stars: | 2023-06-01 | by ( ) www.cnbc.com time to read: +2 min

A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices held steady on Thursday, supported by a pullback in the dollar, although prices moved in a tight range as investors gauged the Federal Reserve's interest rate outlook following a critical vote on the U.S. debt ceiling. The dollar index eased from its highest in more than two months, making bullion less expensive for overseas buyers. On the downside, it has support at $1,955, and remains influenced by the movement of the dollar, he added. Higher interest rates dull the appeal for zero-yield bullion.

Persons: Brian Lan Organizations: Gold Investments, Bullion, Investors, U.S . House, Senate, Fed, GoldSilver, Federal Reserve, Federal Locations: London, Singapore, U.S

SummarySummary Companies US dollar down 0.2%Powell: Won't rule out mild recessionPlatinum, palladium up 1%May 4 (Reuters) - Gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle. Spot gold was up 0.1% at $2,040.46 per ounce by 0249 GMT. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020. U.S. gold futures rose 0.6% at $2,050.10. Spot silver rose 0.9% at $25.82 per ounce, platinum gained 1% to $1,060.16 while palladium edged 1.4% higher to $1,443.11.

☆ Gold climbs on subdued dollar, U.S. data in spotlight
▼ + stars: | 2023-04-27 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices rose on Thursday as a softer dollar rekindled some of bullion's appeal for overseas buyers, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve policy meeting next week. Spot gold rose 0.48% to $1,999.01 per ounce by 448 GMT, while U.S. gold futures climbed 0.6% to $2,008.10. Safe-haven gold scaled an over one-year peak at $2,048.71 in mid-April, as the banking crisis unfolded and weak U.S. economic readings bolstered bets for a pause in interest rate hikes. Brian Lan, managing director at gold dealer GoldSilver Central in Singapore said, a lot is hinged on the Fed's interest rate decision in May, and gold could see more volatility due to the dollar.

☆ Gold retreats as investors navigate interest rate outlook
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +2 min

A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices were lower on Thursday as the dollar firmed, with a fresh set of global economic data cementing investor worries that global interest rates would stay higher for longer than expected. Although considered a hedge against inflation, higher interest rates to tame rising prices increase the opportunity cost of holding non-yielding bullion. Gold prices "are just consolidating. The dollar has strengthened and that's why we see gold prices coming down a little," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

☆ Gold firms on softer dollar but Fed's rate-hike views limit advance
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: +2 min

A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices rose on Thursday, helped by a slight pullback in the dollar, although prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash. Elevated interest rates dampen gold's appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset. St. Louis Fed President James Bullard reiterated on Wednesday that a Fed policy rate in the range of 5.25%-5.5% would be adequate to tame inflation. Investor attention is now on the U.S. personal consumption expenditures data, the Fed's preferred inflation measure, due on Friday.

☆ Gold hits more than 9-month high after Powell strikes dovish tone
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was up 0.2% at $1,953.76 per ounce, as of 0206 GMT, after hitting its highest since April 2022 earlier in the session. U.S. gold futures rose 1.3% to $1,967.50. However, Powell warned of further monetary policy tightening while noting the progress on disinflation, which he said was in its early stages. "Although Powell said rate hikes might continue, the market expects the Fed not to be drastic anymore, which is supporting gold. Gold tends to benefit in a lower interest rate environment, as it reduces the opportunity cost of holding non-yielding bullion.

☆ Gold set for fifth straight weekly rise on Fed slowdown bets
▼ + stars: | 2023-01-20 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was little changed at $1,930.04 per ounce, as of 0308 GMT and was up 0.5% for the week. With lower rates translating into lesser returns on interest-bearing assets like government bonds, investors may prefer zero-yield gold. The dollar index was headed for a second consecutive weekly drop, making bullion cheaper for overseas buyers. Both metals headed for a second straight week of declines. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Gold edges higher as dollar dips ahead of U.S. jobs data
▼ + stars: | 2023-01-05 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $1,856.11 per ounce, as of 0302 GMT, after hitting a near seven-month high in the previous session. U.S. gold futures also edged 0.1% higher at $1,861.20. "Gold has had a good start to the year, helped by a weaker dollar and expectations that the Fed might slow its pace of rate hikes. "If the jobs data reflects that the rate hikes have taken a toll on the economy, then dollar might weaken further and benefit gold." Bullion is seen as a hedge against inflation and economic uncertainties, but higher interest rates tend to weigh on non-yielding gold.

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