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☆ Gold eases after hitting fresh record
▼ + stars: | 2024-07-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) 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 extended their rise to a fresh all-time high on Wednesday, as growing optimism for an interest-rate cut from the U.S. Federal Reserve in September and a weaker dollar boosted demand. Spot gold eased about 0.2% to $2,462.85 per ounce, driven by profit-taking, after the bullion hit a high of $2,482.29 earlier in the session. Markets now see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

Persons: David Meger, Christopher Waller Organizations: Co, U.S . Federal Reserve, High, Fed Locations: Bangkok, Thailand, U.S

☆ Gold marches higher as U.S. jobs data boosts bets of early rate cut
▼ + stars: | 2024-03-08 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were poised for their biggest weekly jump in five months on Friday, hovering near a historic high, as Federal Reserve Chair Jerome Powell's remarks cemented mid-year rate cut bets, ahead of a key jobs report later in the day. Gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon. Low interest rates are supportive for gold prices as they reduce the opportunity cost of holding bullion. Gold prices will continue to trend higher overall, though a short consolidation may be necessary," said Tai Wong, a New York-based independent metals trader. Meanwhile, London's gold price benchmark hit another record high of $2171.30 per troy ounce at an afternoon auction on Friday, the London Bullion Market Association (LBMA) said.

Persons: Jerome Powell's, Bullion, Gold, David Meger, Tai Wong Organizations: U.S . Federal Reserve, High, Treasury, Traders, London Bullion Market Association Locations: U.S, New York

☆ Gold posts weekly decline as dollar, yields climb
▼ + stars: | 2024-01-05 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.1% to $2,044.21 per ounce after falling and then rising by about 1% earlier in the session. "First, the nonfarm payrolls data came in stronger than expected, due to which we saw some pressure applied to gold ... Both the U.S. dollar and 10-year Treasury yields hit their highest levels in three weeks, heading for their best weeks since July and October, respectively. On the physical front, gold buying in major consumer India rose this week, as domestic prices fell back from record highs. Palladium fell 0.9% to a three-week low of $1,027.11 in its ninth consecutive session of declines and was down 6.4% on the week.

Persons: David Meger, Saxo, Ole Hansen Organizations: Singapore Gold, Institute for Supply Management, High, U.S ., U.S . Federal Locations: Singapore, India

☆ Gold eases as firm dollar counters bets on peak US rates
▼ + stars: | 2023-11-15 | by ( Anushree Ashish Mukherjee | ) www.reuters.com time to read: +2 min

U.S. gold futures fell 0.2% to $1,961.10 . Denting bullion's appeal, the dollar index (.DXY) was up 0.4%, while benchmark 10-year U.S. Treasury yields rebounded after a revision of retail sales data showed strong gains in September. Bullion gained over 1% in the previous session after data showed that U.S. consumer prices were unchanged in October. U.S. producer prices fell by the most in 3-1/2 years in October, the latest indication of subsiding inflation pressures. While gold is considered an inflation hedge, rising interest rates dull non-yielding bullion's appeal.

Persons: Bullion, David Meger, Tai Wong, Anushree Mhukerjee, Emelia Sithole Organizations: Companies, U.S . Federal, Treasury, CPI, PPI, High, Investors, Thomson Locations: U.S, New York, Bengaluru

SummaryCompanies Markets await US PCE price index, Q3 GDP data this weekPalladium up 3%Oct 23 (Reuters) - Safe-haven gold eased on Monday, hitting pause after jumping to within striking distance of the key $2,000 level in the last session, as traders positioned for further developments on the Middle East conflict and U.S. economic data. Spot gold fell 0.3% to $1,976.19 per ounce by 1:41 p.m. Reuters Graphics"Safe-haven demand will continue to drive gold higher after a slight period of consolidation. Focus is also on the U.S. PCE price index on Friday— the Federal Reserve's favoured inflation gauge — and U.S. GDP figures for the third quarter on Thursday. Silver slipped 1.3% to $23.05 per ounce, platinum rose 0.3% to $897.58 and palladium gained 3% to $1,131.03.

Persons: David Meger, Bullion, Craig Erlam, Meger, Silver, BEV, Ashitha Shivaprasad, Sherin Elizabeth Varghese, Andrea Ricci, Aurora Ellis, Shailesh Organizations: Reuters, High, U.S, Thomson Locations: U.S, Israel, Bengaluru

SummaryCompanies Gold gains 5.2% so far this weekIsraeli military says troops make first ground raids into GazaPalladium set for weekly lossOct 13 (Reuters) - Gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets. Reuters GraphicsInvestors kept a tab on developments in the Middle East conflict, which has unnerved markets since the start of the week. "Investors are fleeing to safe havens as the risks of Middle East tensions grow," said Edward Moya, senior market analyst at OANDA. "If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. Platinum rose 1.4% to $880.42, while palladium dropped 0.3% to $1,141.24 and was set for a weekly decline.

Persons: Israel, Edward Moya, David Meger, Ashitha, Alexander Smith, Sherry Jacob, Phillips Organizations: Gaza, East, Reuters Graphics, High, Futures, Traders, Thomson Locations: Gaza, Israel, Bengaluru

☆ Gold retreats as dollar gains upper hand
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: +1 min

Spot gold was last down 0.75% to $2,014.3021 per ounce, while U.S. gold futures settled down 0.8% to $2,020.50. Gold popped up after data showed a jump in weekly jobless claims and the smallest annual increase in producer prices last month in over two years. However, the metal soon gave up those gains as the dollar rose, making bullion more expensive for overseas buyers. While this weighs on sentiment for gold "to a certain extent, the precious metal remains in its uptrend channel established in November," said Alexander Zumpfe, a precious metals dealer at Heraeus. Gold is traditionally considered a hedge against inflation, but elevated interest rates dim appeal for zero-yield bullion.

☆ Gold flirts with all-time highs as banking concerns deepen
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold made another run toward record highs on Thursday as U.S. banking concerns accelerated a flight to the safe-haven asset and sustained its stellar rally driven by bets for a pause in U.S. rate hikes. Spot gold was up 0.3% at $2,045.79 per ounce after climbing earlier to $2,072.19, shy of a record high of $2,072.49. The Fed Funds target rate stands in the 5%-5.25% range, with markets expecting rate cuts in the second half of the year. In physical markets, lofty prices have tarnished gold demand in top Asian retail hubs.

☆ Gold prices fall from multi-month highs
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

A display of gold ornaments at a gold shop in Chinatown, Bangkok, Thailand, 10 March 2022. Gold prices on Tuesday fell from a more than eight-month peak hit in the previous session on hopes that the U.S. Federal Reserve would adopt a less aggressive approach to rate hikes going forward. Spot gold fell 0.7% to $1,904.87 per ounce after hitting its highest since the end of April on Monday. With lower rates translating into lesser returns on interest-bearing assets such as government bonds, investors may prefer zero-yield gold. "We expect gold prices to trend around $1,950/oz in 2023," Goldman Sachs said in a note dated Friday.

☆ Gold dips after Federal Reserve rate decision
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: +1 min

Gold jewelry at a store ahead of the festival of Diwali in New Delhi, India on Sunday, Oct. 23, 2022. Gold prices dropped on Wednesday U.S. Federal Reserve's decision to hike interest rates by 50 basis points. Lower rates tend to boost gold prices because they cut the opportunity cost of holding non-yielding bullion. That continues to be the main focus of many of these asset classes, including gold," High Ridge Futures' Meger said. Elsewhere, silver rose 0.86% to $23.9321 per ounce, platinum fell 0.45% to $1,029.6387 and palladium lost 0.81% at $1,914.18.

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