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☆ Gold eases from May peak on profit taking
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: +2 min

A view of ingots of 99.99 percent pure gold, which are placed in a workroom, at Novosibirsk Refining Plant, Russia's leading gold refining and bar manufacturing plant, in Novosibirsk, Russia on Sept. 15, 2023. Spot gold fell 0.4% at $2,382.17 per ounce as of 0346 GMT, after rising to its highest level since May 22 on Friday. Traders are also pricing in a rising chance of a second rate cut in December. Elsewhere, top consumer China's central bank refrained from gold purchases to its reserves for a second consecutive month in June. "China may have paused their gold purchases, but it remains in demand overall.

Persons: We're, Kyle Rodda, CME's, Jerome Powell's, Powell, Matt Simpson, bullish, Simpson Organizations: Novosibirsk Refining Plant, Capital.com, Federal, Fed Locations: Novosibirsk, Russia, China

☆ Gold recoups from 2-week low as traders eye U.S. inflation data
▼ + stars: | 2024-05-27 | by ( ) www.cnbc.com time to read: +1 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on Sept. 15, 2023. Gold prices on Monday drifted higher from a two-week low hit in the previous session as traders gauged fading hopes of U.S. interest rate cuts ahead of a key inflation report due later this week. The core personal consumption expenditures price index, the preferred inflation measure for the U.S. Federal Reserve, is due on Friday. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. Minutes from the Federal Reserve's meeting published last week showed the central bank's path to 2% inflation could take longer than expected.

Persons: Matt Simpson, Bullion, Index's Simpson Organizations: Novosibirsk Refining Plant, Index, U.S . Federal, Traders Locations: Novosibirsk, Russia

☆ Safe-haven gold rises as Israeli attack on Iran raises concerns of wider conflict
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices rose on Friday as risk aversion swept across financial markets following media reports on explosions in Iran, prompting fears of a wider regional conflict and increasing bullion's safe-haven appeal. The news of Israel's attacks on Iran today "is driving gold price attention on the Middle East which has been the sole thing keeping the gold price moving higher for weeks now. "Gold is not a monetary policy trade at the moment, it's a geopolitics trade," Rodda said. Eventually, even if geopolitical risks subside, "Chinese gold reserve accumulation acts as the major catalyst.

Persons: Bullion, Kyle Rodda, Rodda, Ilya Spivak Organizations: Novosibirsk Refining Plant, Reserve Locations: Novosibirsk, Russia, Iran, Israel

☆ Gold prices at nearly two-week low as Fed rate-cut bets recede
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +2 min

A view of ingots of 99.99 percent pure gold, which are placed in a workroom, at Novosibirsk Refining Plant, Russia's leading gold refining and bar manufacturing plant, in Novosibirsk, Russia on September 15, 2023. Gold prices lingered near their lowest level in almost two weeks on Tuesday, pressured by a firmer dollar and elevated Treasury yields, as traders lowered expectations of aggressive interest rate cuts by the U.S. Federal Reserve this year. Data released on Monday showed that the U.S. services sector growth picked up in January after Friday's blowout U.S. jobs report that dashed prospects of early Fed rate cuts. Traders have repriced their bets to four quarter-point cuts for 2024, down from six last Monday, according to LSEG's interest rate probability app IRPR. Investors are awaiting remarks from at least eight Fed speakers this week for further clues on the timing of rate cuts.

Persons: Ajay Kedia Organizations: Novosibirsk Refining Plant, U.S . Federal Reserve, Fed, Kedia Commodities, Treasury, Traders Locations: Novosibirsk, Russia, U.S, Mumbai, China

☆ 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

☆ Goldman says 'shine is returning' for gold as investors ramp up bets on rate cuts
▼ + stars: | 2023-11-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices on Monday rose to a more than six-month high as the U.S. dollar weakened and investors firmed up bets that the Federal Reserve is done with interest rate hikes. Spot gold was up 0.52% at $2,012.39 per ounce at 1:47 p.m. London time, but reached a May 16 high of $2,017.82 earlier in the day, Reuters reported. Gold futures for December hit $2,018.9, the highest level since Oct. 27, according to CNBC calculations. A weaker dollar and lower interest rates are often flagged by market-watchers as boosting gold prices.

Persons: CME's Organizations: Novosibirsk Refining Plant, U.S, Federal, Reuters, CNBC Locations: Novosibirsk, Russia, London

☆ Gold drops below $2,000 as dollar gains, US yields pare losses
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell below the key $2,000 per ounce level on Wednesday as the U.S. dollar rebounded from lows and Treasury yields pared losses, while expectations that the Federal Reserve will pause rate hikes limited the slide in bullion. Lower interest rates typically boost gold prices as they reduce the opportunity cost of holding non-yielding assets. "The increase in the markets expectations for Fed cutting cycle to commence earlier in 2024 has been the prime force driving gold prices higher over the last week," said Daniel Ghali, commodity strategist at TD Securities. Fed officials agreed at their last policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered, minutes of the Oct. 31-Nov. 1 gathering showed. In other metals, spot silver fell 0.4% to $23.66 per ounce.

Persons: Jim Wyckoff, Daniel Ghali Organizations: Novosibirsk Refining Plant, U.S, Federal, Kitco Metals, Treasury, Reserve, TD Securities, Fed Locations: Novosibirsk, Russia, U.S

☆ Gold nudges up, heading for best week since March
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: +2 min

Gold firmed on Friday and was heading for its best week in seven months, amid tensions in the Middle East, and supported by expectations that U.S. interest rates may have peaked as markets assess latest inflation figures. U.S. Treasury yields and the dollar reversed course in Asia hours on Friday, having strengthened in the last session and weighed on gold after data showed U.S. consumer prices increased in September. Before the inflation data, gold had climbed to its highest in two weeks on Thursday, boosted by dovish policy stance by top policymakers who noted that the recent rise in U.S. Treasury yields might make further rate hikes less necessary. Investors also assessed the latest inflation data out of China, the biggest gold consumer, which showed consumer prices faltered and factory-gate prices shrank slightly faster than expected in September, with both indicators showing persistent deflationary pressures. Platinum was down 0.3% to $865.99 and palladium fell 0.3% to $1,140.83, both on path for weekly declines.

Persons: Ilya Spivak Organizations: Novosibirsk Refining Plant, Treasury, Hamas, Investors Locations: Novosibirsk, Russia, U.S, Asia, Israel, Palestinian, China

☆ Safe-haven gold soars as investors bolt for safety from Middle East clashes
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices climbed more than 1% on Monday as dramatic clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict and spurred a rush to safe haven investments like bullion. Spot gold jumped 1% to $1,849.51 per ounce by 0317 GMT, having hit its highest level in a week. "Gold has regained its safe-haven status following the geopolitical events over the weekend," City Index Senior Analyst Matt Simpson said. Higher U.S. rates raise the opportunity cost of holding gold, which yields no interest.

Persons: Matt Simpson Organizations: Novosibirsk Refining Plant, Hamas, Federal, Higher Locations: Novosibirsk, Russia, Israel, Gaza, Higher U.S

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