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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 ticks up as Treasury yields slip; U.S. retail sales data in focus
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term. Spot gold rose 0.3% to $2,667.97 per ounce by 0217 GMT, $17 shy of a record high hit last month. The 10-year Treasury yields slipped for a third straight session, making zero-yield bullion more appealing. "The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari. Delegates to the London Bullion Market Association's annual gathering predicted gold prices would rise to $2,941 over the next 12 months and silver prices would jump to $45 per ounce.

Persons: Soni Kumari, Mary Daly, Raphael Bostic, Benjamin Netanyahu, Emmanuel Macron Organizations: SA, Treasury, Federal Reserve, ANZ, San Francisco Federal Reserve Bank, Atlanta Fed, London Locations: Budapest, Hungary, U.S, rearming

☆ Safe-haven gold firms on U.S. recession fears, rate-cut bets
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Gold prices drifted higher on Monday, aided by worries that the United States could be headed for a recession and rising bets that the Federal Reserve will likely need to start cutting interest rates aggressively. Spot gold rose 0.14% to $2,446.83 per ounce, as of 0519 GMT, after falling 1% earlier in the session. "Gold is picking up safe-haven flows, with financial markets in a risk-averse mindset to start the week," said Tim Waterer, chief market analyst at KCM Trade. Share markets tumbled and bonds rallied in Asia as U.S. recession fears sent investors rushing from risk assets.

Persons: Tim Waterer, Thomas Barkin Organizations: Heraeus, Solar, Federal Reserve, KCM, Richmond Fed, P Global, Pentagon Locations: Budapest, Hungary, United States, Asia, U.S, Iran

☆ Gold lacks momentum as Fed meeting looms
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +2 min

Gold struggled for momentum on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week's policy meeting and data releases. Gold struggled for momentum on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week's policy meeting and data releases. Spot gold was down 0.1% at $2,380.31 per ounce, as of 0156 GMT. "Any moves lower in the dollar would likely provide a boon to gold, which could again see levels north of $2,400." Lower interest rates reduce the opportunity cost of holding the non-yielding bullion.

Persons: Gold, Tim Waterer, KCM, Heraeus Organizations: Federal, Fed, Bank of England, Bank of Japan Locations: U.S

☆ Gold set for third quarterly gain; traders await US inflation data
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Friday, but were set for a third straight quarterly rise, while investors looked forward to U.S. inflation data due later in the day for more clarity on the Federal Reserve's interest rate-cut timeline. After adding to its gold reserves for 18 consecutive months, official data from the People's Bank of China (PBOC) showed its holdings were flat in May. A survey by the World Gold Council, however, found that more central banks may increase gold reserves within 12 months. Gold rose more than 1% in the previous session after data showed a continued, though moderate, slowdown in U.S. economic activity. A soft set of PCE figures is required to keep hopes of Fed easing alive and further support gold, City Index senior analyst Matt Simpson said.

Persons: Ilya Spivak, Michelle Bowman, Matt Simpson Organizations: Heraeus, Solar, People's Bank of China, World Gold Council, City Index Locations: Budapest, Hungary, U.S, China

☆ Gold prices ease as dollar firms ahead of Fed policy meet
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. Gold prices were set for a third straight monthly gain, even as bullion prices eased on Tuesday as the dollar firmed ahead of the Federal Reserve's policy meeting starting later in the day. Spot gold was down 0.2% at $2,329.69 per ounce, as of 0355 GMT. This week's important market events are the Federal Reserve's policy meeting from April 30-May 1 and the non-farm payrolls data due on Friday. The U.S. Fed is expected to hold its benchmark interest rate steady at 5.25%-5.5% at this meeting.

Persons: Kyle Rodda, Capital.com, Bullion, Capital.com's Rodda, Jerome Powell Organizations: Heraeus SA, Solar, Federal, U.S, Fed Locations: Budapest, Hungary

☆ Gold pauses record rally ahead of U.S. jobs data
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.5% at $2,278.50 per ounce, as of 0328 GMT, after hitting a record high of $2,305.04 on Thursday. "Gold will continue to rally with normal pull-backs," Luca Santos, an analyst at ACY Securities said. Bullion was on track for a third straight weekly gain, up 2.3% so far, also driven by strong central bank buying and demand from momentum-following funds. Traders are currently pricing in about 65% chance that the Fed will cut rates in June, according to the CME FedWatch tool.

Persons: Luca Santos, Santos, Bullion, Hugo Pascal, Pascal, Jerome Powell Organizations: Heraeus, Solar, U.S ., Federal, ACY Securities, NFP, Palladium Locations: Budapest, Hungary, U.S

☆ Gold subdued as traders gear up for US inflation print
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold was down 0.3% at $2,023.48 per ounce. U.S. consumer inflation data is due on Thursday. Economists polled by Reuters see year-on-year inflation at 3.2% in December, but think core inflation likely fell to 3.8%, its lowest since mid-2021. "Still, bullion bulls would have no qualms restoring spot gold back above that psychologically important mark once markets get a firmer grasp on the Fed's policy pivot."

Persons: Bob Haberkorn, Michelle Bowman, denting, Han Tan Organizations: Heraeus SA, Solar, Reuters, New York Federal Reserve, Treasury, Exinity Locations: Budapest, Hungary, U.S

☆ Gold gains as weaker U.S. dollar, yields lift demand
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. arranged in Budapest, HungaryGold prices rose on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker U.S. dollar and lower Treasury yields buoyed demand for bullion. The dollar was down 0.1% against its rivals after gains in the last two sessions, making gold less expensive for other currency holders. The benchmark U.S. 10-year Treasury yields fell to a two-month low on Wednesday. Lower interest rates decrease the opportunity cost of holding gold.

Persons: Kelvin Wong, CME's Organizations: Heraeus SA, Solar, U.S, U.S ., Asia Pacific, . U.S, U.S . Federal Reserve, Fed Locations: Budapest, Hungary, ., OANDA

☆ Gold skids, but holds above $1,900 as Israel-Hamas war rages
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold fell 0.7% to $1,919.21 per ounce by 0423 GMT and U.S. gold futures dropped 0.5% to $1,932.70. Given the surge in prices, gold will likely remain in focus for traders seeking to buy dips, which makes $1,920 and $1,900 of area of interest. But if tensions in the Middle East continue to escalate, shorting gold may not end too well for bears over the near-term. Data on Friday showed that COMEX gold speculators increased net short position by 11,784 contracts to 14,788 in week ended Oct. 10.

Persons: Hungary Gold, Matt Simpson, Wang Tao, Joe Biden, Jerome Powell's Organizations: Heraeus SA, Solar, Hamas, Investors, Federal Locations: Budapest, Hungary, Israel

☆ Gold prices dip as Fed ratchets up tightening bias
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Bullion on Wednesday hit its highest since Sept. 1 before the U.S. Fed revised its economic projections with higher-for-longer rate warnings. "In the aftermath of the FOMC event, there have been some market jitters given the interest rate outlook. "The precious metal will probably need to rely on some slowing momentum in Treasury yields in order to post gains of any significance to the upside." Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars.

Persons: Tim Waterer Organizations: Heraeus SA, Solar, U.S ., Federal Reserve, U.S, Fed, KCM Trade, NAB Commodities Research, Bank of Locations: Budapest, Hungary

☆ Gold gains as U.S. dollar, yields lose steam ahead of data
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +2 min

Gold prices gained on Tuesday as a recent rally in the U.S. dollar and Treasury yields showed signs of fatigue ahead of crucial inflation and jobs data this week that could define the outlook for interest rates. Gold prices are seeing short-covering by speculators as a minor key resistance at $1,907 that coincided with the 200-day moving average has been surpassed, said Kelvin Wong, a senior market analyst, Asia Pacific, OANDA. Helping gold further, the dollar dipped against a basket of major currencies, while benchmark U.S. 10-year Treasury yields moved further away from their highest levels since 2007 hit last week. A weaker dollar tends to make gold, which yields no interest, less expensive for other currency holders. With elevated rates, consumer spending is likely to slow and a recession becomes almost inevitable, which would result in falling bond yields and a weaker dollar, and gold prices could rebound, Heraeus analysts wrote in a note.

Persons: Kelvin Wong, Jerome Powell's, Wong Organizations: Heraeus, Solar, U.S ., Treasury, Federal, Trust, Palladium Locations: Budapest, Hungary, ., Asia Pacific

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

☆ Gold prices range-bound as traders focus on central bank decisions
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. arranged in Budapest, HungaryGold prices held steady on Monday as investors awaited a U.S. Federal Reserve meeting this week where the central bank could signal a pause in interest rate hikes from July. Spot gold was little changed at $1,960.01 per ounce by 0536 GMT, while U.S. gold futures fell 0.2% to $1,961.80. With a Fed rate hike in the July meeting nearly certain, "a positive outlook for gold revolves around central bank buying to drive long-term gold prices," said Michael Langford, chief investment officer at Scorpion Minerals. Along with the Fed, the European Central Bank, or ECB, and the Bank of Japan are also meeting this week.

Persons: Michael Langford, Jerome Powell, Christine Lagarde, Tim Waterer Organizations: Heraeus SA, Solar, Federal Reserve, Scorpion Minerals, Fed, European Central Bank, Bank of Japan, KCM Trade, UBS Locations: Budapest, Hungary, U.S

☆ Gold slides 1% after U.S. jobs data raises rate hike bets
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labor market and raised expectations of another rate hike by the Federal Reserve in May. Friday's data from the U.S. Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month. The report raised bets that the U.S. central bank would increase rates next month, with markets pricing in a 66% chance of a 25 basis-point (bps) rate hike, according to the CME FedWatch tool.

☆ Gold lackluster as Credit Suisse-UBS deal spurs risk-on mood
▼ + stars: | 2023-03-20 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Gold prices dropped on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to stabilize global financial markets. Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. On Sunday, UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Bullion is considered a hedge against economic uncertainties, although higher rates increase the opportunity cost of holding non-yielding gold.

☆ Gold holds above $1,900 as SVB collapse fuels Fed slowdown hopes
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.3% at $1,906.75 per ounce, as of 0321 GMT, after rising more than 2% on Monday to hit its highest since Feb. 3. Markets are now pricing in a 29.4% chance of a pause in rate hikes at next week's Fed policy meeting. Considered a hedge against economic uncertainties, zero-yield gold also becomes a more attractive bet in a low interest rate environment. Spot silver fell 0.5% to $21.70 per ounce, platinum lost 0.5% at $991.19 and palladium shed 1% at $1,459.20.

☆ Gold rises for third day on softer dollar; rate-hike fears linger
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +2 min

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. Gold edged up for a third session on Wednesday as the dollar pulled back, although fears of more U.S. interest rate hikes on the back of stubbornly high inflation kept a lid on prices. Spot gold was up 0.1% at $1,829.37 per ounce, as of 0315 GMT. "Next stop for gold could be the $1,850-$1,860 area, at which point we'll be on the lookout for another top." The dollar index ticked 0.1% lower, making bullion more affordable for buyers holding other currencies.

☆ Gold claws back some ground as dollar eases
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Gold prices regained some ground on Thursday as the U.S. dollar pulled back, although prospects of more interest rate hikes by the Federal Reserve kept investors on edge. U.S. gold futures rose 0.3% to $1,850.20. Higher interest rates discourage investment in non-yielding gold, although it is considered a hedge against soaring prices. The dollar index was down 0.3% after hitting a near six-week peak on Wednesday, making greenback-priced gold less expensive for overseas buyers.

☆ Silver prices could touch a 9-year high in 2023 — with a bigger upside than gold
▼ + stars: | 2023-01-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Akos Stiller | Bloomberg | Getty ImagesPrices of silver could hit a nine-year high of $30 per ounce this year — possibly outpacing gold prices. No silver lining for silver supplies"We hit peak silver supply back about five, six years ago. The supply of silver, which is largely produced as a byproduct of lead-zinc, copper and gold mines, does not generally respond as quickly to demand. Andrey Rudakov | Bloomberg | Getty Images"When silver prices go up, it's not like the silver mines can increase production, because the silver mines only supply about 25% of the silver," Smallwood said, adding that the market often relies on the lead-zinc mines to satisfy the higher demand. "I'm very bullish on gold, but I'm even more bullish on silver," Smallwood said.

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