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☆ Gold gains 1% as dollar rally stalls
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Spot gold firmed 1% to $2,587.49 per ounce by 0150 GMT, after falling to its worst week in more than three years on Friday. "Gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar," said IG market strategist Yeap Jun Rong. This has not been fully priced in by markets yet, so any need for recalibration may still pose an obstacle for gold."

Persons: Yeap Jun Rong, Joe Biden's Organizations: Federal Reserve, Fed, Strong U.S Locations: U.S, Ukraine, Russia

☆ Gold extends decline; investors await U.S. data, Fed comments
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell for a second straight session on Monday, while investors prepared for U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of U.S. interest rates. Gold prices fell for a second straight session on Monday, while investors prepared for U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of U.S. interest rates. "We may expect the Fed to be more cautious in its easing process ahead, which could cap gold prices," Yeap said. Several Federal Reserve officials, including Chair Jerome Powell, are scheduled to speak this week. Additionally, U.S. consumer and producer price index data, weekly jobless claims and retail sales figures are due this week.

Persons: Yeap Jun Rong, Donald Trump's, Yeap, Bullion, Jerome Powell Organizations: Federal Reserve, Traders Locations: Beijing

☆ Oil falls more than 1% on higher US crude stocks as market watches Middle East
▼ + stars: | 2024-10-23 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures dropped $1.08, or 1.42%, to close at $74.96 a barrel. U.S. West Texas Intermediate crude futures shed 97 cents, or 1.35%, to settle at $70.77 a barrel. "The large crude oil inventory build this week is offsetting the drop last week. Also pressuring oil prices, the dollar index rose on Wednesday to its highest since late July. The impact of the crude stocks build on prices was countered somewhat by persistent concerns over potential oil supply risk from conflict in the Middle East.

Persons: paring, Andrew Lipow, Antony Blinken's, Blinken, Yeap Jun Rong Organizations: Brent, . West Texas, Energy Information Administration, Lipow Oil Associates, ING Locations: East, Israel, Gaza, Lebanon, Middle, U.S, Milton, Lebanese

☆ Gold hovers near record high on safe-haven demand
▼ + stars: | 2024-10-22 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Tuesday and hovered near a record high hit in the previous session amid uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts. Gold prices rose on Tuesday and hovered near a record high hit in the previous session amid uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts. Spot gold rose 0.4% to $2,729.91 per ounce by 0303 GMT. Gold hit its all-time high of $2,740.37 on Monday and has gained about 32% so far this year. Benchmark 10-year Treasury yields rose to a 12-week high in the last session, while the U.S. dollar clung to a two-and-half-month high on Tuesday.

Persons: Yeap Jun Rong, Donald Trump, Kamala Harris Organizations: U.S, Fed, Citi Research Locations: tailwinds, Israel, Lebanon, Gaza

☆ Gold prices flat as investors await fresh impetus
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. "Gold prices have been surprisingly resilient, refusing to succumb to a stronger U.S. dollar and higher Treasury yields," IG market strategist Yeap Jun Rong said. Fed Governor Christopher Waller called for "more caution" on interest rate cuts ahead. While, Fed Bank of Minneapolis President Neel Kashkari said more rate reductions likely lie ahead for the U.S. central bank as the 2% inflation target looms into sight.

Persons: Yeap Jun Rong, Christopher Waller, Neel Kashkari Organizations: Fed, Fed Bank of Minneapolis, U.S, London Locations: China

☆ The markets saw right through China's latest economic support hype
▼ + stars: | 2024-10-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's stock markets slumped after a 10-day rally that was driven by Beijing's stimulus announcement in September. Retail investors dominate China's markets, influencing sentiment and market movements. AdvertisementChina's top leadership has a problem with its economic stimulus: its own investors at home saw right through the hype this week. China's domestic stock markets slumped on Wednesday after a 10-day blitz culminated in a two-year high. China's domestic stock markets are dominated by over 200 million mom-and-pop retail investors, who account for about 70% of the trading volume.

Persons: —, weren't, Jun Rong, that's, Vishnu, Li Qiang, Hele Qiao, Qiao Organizations: Investors, Service, People's Bank of China, Reform Commission, BofA Global Locations: Shanghai, Shenzhen, China, Hong Kong, Beijing, Asia, Japan, Xinhua, Greater China, China's

☆ China markets surge on reopening as pent-up investors return from vacation
▼ + stars: | 2024-10-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's stock markets surged post-National Day break, driven by pent-up investor demand. Investors are assessing further economic stimulus measures from Beijing. AdvertisementChina's stock markets surged on Tuesday on pent-up demand from a weeklong trading break. Even before Tuesday's opening, China's social media was abuzz with what the stock markets may hold following the weeklong public holiday break. On Tuesday, hashtags about mainland China's stock market rushed to the top of Weibo's trending list.

Persons: —, Jun Rong, Yeap Organizations: Service, Beijing's, CSI, National Development, Reform Locations: Beijing, Shanghai, Shenzhen, China, hashtags

☆ Gold holds ground on dovish Fed-speak, Mideast concerns
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East. Bullion hit a record high of $2,635.29 on Monday. "Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. "Tensions in the region will likely be kept high for longer, which could see gold prices retain its bullish bias."

Persons: Yeap Jun Rong, Austan Goolsbee, Neel Kashkari Organizations: U.S . Federal Reserve, Chicago Fed Bank, Hezbollah Locations: U.S, ., Israel, Lebanon

☆ Gold hovers near record high ahead of Fed rate verdict
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in SingaporeGold prices hovered near a record high on Tuesday, ahead of the anticipated start of the U.S. interest rate reduction cycle, which could see policymakers deliver an outsized cut. Spot gold was steady at $2,581.68 per ounce as of 0254 GMT. Bullion rose to a record high of $2,589.59 on Monday. Goldman Sachs reiterated its optimistic outlook on gold prices. "We find that ETF holdings backed by physical gold continue to rise gradually as the Fed policy rate comes down," it said in a note on Monday.

Persons: Yeap Jun Rong, there's, Nicholas Frappell, Goldman Sachs Organizations: U.S, U.S . Federal, ABC Refinery, Palladium Locations: Singapore, ., U.S .

☆ China economy: Young people in China aren’t spending on romance. That’s a problem
▼ + stars: | 2024-08-13 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +7 min

“The Qixi Festival is not as robust as previous years. Couples attend a kissing contest during the traditional Qixi festival in Shenyang, northeast China's Liaoning province, on August 13, 2013. “The only part of the world where consumer confidence remains very low is China,” L’Oreal CEO Nicolas Hieronimus told analysts on an earnings call late last month. Lower-than-expected growth in the global beauty sector this year is largely a consequence of low consumer confidence in China, he added. People take photos at a bus stop decorated with flowers during Qixi Festival, or Chinese Valentine's Day, on August 22, 2023 in Chongqing, China.

Persons: China’s, Louis Vuitton, ”, forlornly, Huang Jinkun, Alfred Wu, Lee, “, Yeap Jun Rong, Xi Jinping, Peng Liyuan, Stringer, De Beers, That’s, Niulang, Nicolas Hieronimus, Joanne Wilson, didn’t, ” Mercedes, Ola Kaellenius Organizations: Hong Kong CNN, Weibo, CNN, Qixi, Lee Kuan Yew, of Public, National University of Singapore, Volkswagen, Ministry of Civil Affairs, Getty, Diamond, State Administration of Foreign Exchange, Global, WPP, China News Service, Mercedes, ” Mercedes Benz Locations: China, Hong Kong, Shenyang, Liaoning province, Beijing, China's Liaoning province, AFP, Chongqing

☆ Gold subdued as investors focus on U.S. inflation data
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: +1 min

Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the U.S. central bank's next policy move. Spot gold eased 0.13% to $2,427.86 per ounce by 0352 GMT, trading in a narrow $10 price range. The U.S. consumer price index data, due on Wednesday, is expected to show that headline and core prices rose 0.2% month-on-month. "Further inflation progress reflected in the upcoming CPI data could see gold eye for a retest of its all-time high once more," said IG market strategist Yeap Jun Rong. Among other metals, spot silver fell 0.3% to $27.36 per ounce, platinum shed 0.47% to $917.83 and palladium fell 0.2% to $903.48.

Persons: Ilya Spivak, Yeap Jun Rong, Michelle Bowman Organizations: Metals, U.S, Federal, Hamas Locations: Krasnoyarsk, Russia, bank's, U.S, Gaza

☆ Gold drifts higher as U.S. rate cut optimism boosts appeal
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues. Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Rong. Investors were awaiting U.S. retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.

Persons: Jerome Powell, Powell, Yeap Jun Rong, Christopher Waller, Adriana Kugler, Yeap Organizations: Argor Hebaeus SA, Federal, Investors, Reuters Locations: Swiss, Budapest, Hungary

☆ Chinese consumers aren't buying enough stuff, and it's taking a toll on the economy
▼ + stars: | 2024-07-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewChina's belt-tightening consumers are dragging on the country's economy even as external demand supports exports, official data released on Monday shows. The fresh data shows China's economy continues to be bogged down by its real-estate crisis , stock-market volatility, geopolitical headwinds, and demographic challenges. AdvertisementPeople are just not spending enoughEven though disposable income grew in the second quarter of this year, consumers in China are reluctant to spend. Economic outlook for the second half of the yearChina's economic outlook isn't that rosy for the second half of this year either. However, they added that headwinds remain in the second half of the year, including the "tapering of post-COVID pent-up consumer demand."

Persons: —, Nomura, China's, Donald Trump's, Yeap, Rong Organizations: Service, National Bureau, Statistics —, Reuters, Business, Bureau of Statistics, Nomura Locations: China, Beijing

☆ Oil rises on cooling U.S. inflation but heads for weekly dip
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.

Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S

☆ Gold rangebound with spotlight on U.S. inflation reading
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Spot gold rose 0.2% to $2,367.79 per ounce by 0229 GMT. Non-yielding bullion's appeal tends to shine when interest rates are lower. That may weigh on gold, which could see prices fall back towards the $2,300 level of support," Yeap said.

Persons: Gold, Jerome Powell, Powell, Yeap Jun Rong, Yeap Organizations: Traders, Global, Gold Locations: U.S, Europe, Asia

☆ Gold holds ground as slowing inflation boosts Fed rate-cut bets
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Data showed on Friday that the personal consumption expenditures index, increased 2.6% after advancing 2.7% in April. But, "any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next". Spot silver dipped 0.2% to $29.06, platinum fell 0.7% to $986.08 and palladium held steady at $972.74.

Persons: Yeap Jun Rong, Jerome Powell Organizations: Federal Reserve, ANZ

☆ Gold prices muted with U.S. inflation data in focus
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Gold prices were subdued on Wednesday ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve's first interest rate cut this year. Meanwhile, Fed Governor Lisa Cook said "at some point" it will be time to cut interest rates. "Dips in the gold price remain relatively shallow courtesy of buyers stepping in from the sidelines on price retreats," Tim Waterer, chief market analyst at KCM Trade, said in a note. Waterer added that the $2,368 level would need to be breached for gold to surpass the highs from last week.

Persons: Christopher Waller, Yeap Jun Rong, Michelle Bowman, Lisa Cook, IG's, Rong, Tim Waterer, Waterer Organizations: Federal Reserve, Federal, Fed, U.S, KCM Locations: U.S

☆ Oil steady amid US stock build but jitters abound
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories. U.S. West Texas Intermediate crude was down 20 cents to $81.37 per barrel. U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said on Tuesday, citing American Petroleum Institute figures. However, gasoline inventories fell by 1.077 million barrels, while distillates rose by 538,000 barrels, the sources said, speaking on condition of anonymity. China data this week showed May industrial output lagged expectations, but retail sales, a gauge of consumption, marked their quickest growth since February.

Persons: Ricardo Evangelista, Israel Katz, Jun Rong Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S . Energy, Administration, Hezbollah, U.S, IG Locations: Ukrainian, Russian, East, Israel, Iran, China, Singapore

☆ Gold ticks up as Fed rate cut bets burnish appeal
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

old prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Gold prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Data released on Tuesday showed U.S. retail sales barely rose in May, suggesting that economic activity remained lackluster in the second quarter. Further economic weakness may offer a lift for gold prices." Gold prices have entered a consolidation phase after hitting a record high of $2,449.89 on May 20.

Persons: Yeap Jun Rong, Tim Waterer Organizations: Federal Reserve, U.S, Federal, KCM

☆ Gold treads water ahead of U.S. inflation test, Fed decision
▼ + stars: | 2024-06-12 | 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 were flat on Wednesday as investors awaited the U.S. Federal Reserve's policy announcement for insights into how soon it will cut interest rates this year and the May inflation report due later in the day. "Gold prices have been treading lightly amid the waiting game for greater cues on the Fed's policy path. Any lean towards two rate cuts could be perceived as a more dovish take, which may see gold prices head higher," said IG market strategist Yeap Jun Rong. Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials said.

Persons: Yeap Jun Rong, Jerome Powell's, Tim Waterer Organizations: Co, U.S, Investors, Fed, Strong U.S, People's Bank of, U.S ., KCM Locations: Bangkok, Thailand, U.S . Federal, China, People's Bank of China, Asia

☆ Gold flat ahead of U.S. data, but set for 4th straight monthly gain
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were set for a fourth straight monthly gain, even as the market struggled for momentum on Friday ahead of a key U.S. inflation reading that could provide more indications on how the Federal Reserve might proceed with rate cuts later this year. Bullion prices are up 0.3% so far this week and 2.5% so far in the month. Spot silver fell 0.8% to $30.95 per ounce, but was set for its biggest monthly gain since July 2020. Platinum was down 0.2% at $1,021.94 and palladium lost 0.2% to $945.56.

Persons: Kyle Rodda, Yeap Jun Rong Organizations: Co, Federal Reserve Locations: Bangkok, Thailand, U.S

☆ Gold prices set for second weekly gain on Fed rate-cut optimism
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates this year. The dollar index was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders. "The upward bias for gold prices may remain, with the recent run in U.S. economic data offering room for the Fed to consider earlier rate cuts in 2024 while geopolitical tensions rock on. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. "Gold prices may correct lower as markets look to re‑establish the historical relationship between gold and the U.S. dollar.

Persons: Yeap Jun Rong, haven't, Bullion Organizations: Co, Federal, Fed, U.S . Federal Reserve, U.S ., Commonwealth Bank of Australia Locations: Bangkok, Thailand

☆ Gold rises on Fed rate cut hopes, Middle East tensions
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal. "Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. "Weaker U.S. data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong. Markets are pricing in a 67% chance of a U.S. rate cut in September, as per CME's FedWatch Tool. Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.

Persons: Kelvin Wong, Benjamin Netanyahu, Yeap Jun Rong, John Williams, Austan Goolsbee Organizations: Co, Federal Reserve, Asia Pacific, New York Fed Bank, Chicago Fed, Perth Locations: Bangkok, Thailand, OANDA, Gaza, U.S

☆ Gold on track for first weekly dip in six; focus on U.S. inflation data
▼ + stars: | 2024-04-26 | 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 was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis. Focus now turns to March's core Personal Consumption Expenditures, or PCE, index data due later on Friday — the Fed's preferred measure of inflation — for further clues on the U.S. rate outlook. The dollar index was headed for its biggest weekly dip since early March, making the greenback-priced bullion less expensive for other currency holders. Spot silver rose 0.2% to $27.49 per ounce, spot platinum rose 0.8% to $921.45 and palladium gained 1.4% to $988.22.

Persons: Gold, Yeap Jun Rong, Jun Rong Organizations: Co, Federal Locations: Bangkok, Thailand, U.S

☆ Gold drifts higher as geopolitical tensions lift safe-haven appeal
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, recouping losses from the previous session, as geopolitical tensions bolstered demand for the safe-haven metal. Spot gold was up 0.6% at $2,345.56 per ounce, as of 0317 GMT. Strong central bank buying, safe-haven inflows amid continued geopolitical risks, and demand from momentum-following funds have fueled bullion's 14% gain so far this year. Spot silver edged 0.2% higher to $28.03 per ounce, after hitting its highest levels since June 2021 on Wednesday.

Persons: Yeap Jun Rong, Jun Rong Organizations: Co Locations: Bangkok, Thailand, U.S

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