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☆ Gold scales 2-week high as Fed nods to likely Sept rate cut
  + stars: | 2024-08-01 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September. Gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17. "Gold bulls couldn't resist the urge to buy more gold after the Fed effectively signaled the beginning of its rate-cut cycle. "If the data comes in much hotter than expected, that could dent gold as we head towards the weekend," Simpson added.
Persons: Jerome Powell, Matt Simpson, Simpson, Ismail Haniyeh, Nicky Shiels Organizations: Federal, Index, MKS PAMP SA Locations: U.S, Tehran, Israel, Gaza
☆ Why gold weakness might be an opportunity for investors
  + stars: | 2024-04-22 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy gold weakness might be an opportunity for investorsNicky Shiels, MKS PAMP SA head of metal strategy, joins 'Fast Money' to talk the recent drop in gold prices.
Persons: Nicky Shiels Organizations: MKS PAMP SA
☆ Gold gains as traders gear up for U.S. inflation data
  + stars: | 2023-04-12 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." Philadelphia Fed Bank President Patrick Harker on Tuesday said he feels the Fed may soon be done raising rates, while New York Fed President John Williams said the Fed's policy path will depend on incoming data. A "weaker U.S. dollar and returning investment flows have been holding (gold) prices," ANZ said in a note.
☆ Gold gains as traders gear up for US inflation data
  + stars: | 2023-04-12 | by ( Kavya Guduru | ) www.reuters.com   time to read: +2 min
SummarySummary Companies All eyes on CPI data due at 1230 GMTA soft inflation print could send gold above $2,032 - analystApril 12 (Reuters) - Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." A "weaker U.S. dollar and returning investment flows have been holding (gold) prices, ANZ said in a note.
☆ 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 slides 1% after US jobs data raises rate hike bets
  + stars: | 2023-04-10 | by ( Kavya Guduru | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Gold slips below $2,000/ozMarch U.S. payrolls rise by 236,00066% chance seen of Fed rate hike in May- CME Fedwatch ToolApril 10 (Reuters) - Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour 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 is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.
☆ Gold retreats as waning banking crisis dampens demand
  + stars: | 2023-03-29 | by ( Kavya Guduru | ) www.reuters.com   time to read: +2 min
Spot gold was trading 0.7% lower at $1,960.91 per ounce, as of 0619 GMT, after rising 1% on Tuesday. "We've seen a natural retracement ... gold is pulling back after a failed 'bid' to break above $1,975," said Matt Simpson, senior market analyst at City Index. But some investors "still seem to be holding onto gold 'just in case' there's another skeleton or two lurking in the closet," Simpson said. The opportunity cost of holding non-yielding gold rises when interest rates are increased. Silver fell 0.8% to $23.08 per ounce, platinum lost 0.7% at $956.76 and palladium edged down 0.2% to $1,416.93.
☆ Gold gains as Fed hints at pause in rate hikes
  + stars: | 2023-03-23 | 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 advanced on Thursday after the U.S. Federal Reserve hinted it was nearing a pause in its rate-hike cycle, making the safe-haven asset a more attractive bet in a future low interest environment. Spot gold was up 0.4% at $1,976.98 per ounce, as of 0406 GMT. Traditionally considered a hedge against inflation and economic uncertainties, gold prices jumped 2% on Wednesday after the Fed raised interest rates by an expected 25 basis points, and indicated it might pause further increases after the recent collapse of two U.S. banks. Spot silver slipped 0.4% to $22.94 per ounce, platinum added 1.1% at $988.61, while palladium lost 0.5% to $1,443.57.
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