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☆ Gold continues record rally after Fed comments; U.S. data in focus
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rallied to a record high on Thursday as Federal Reserve officials reiterated expectations of interest rate cuts in 2024, even if their timing was unclear, while traders await key U.S. jobs data. Spot gold was steady at $2,299.28 per ounce, as of 0343 GMT, and hit a record high of $2,304.09 earlier in the session. Bullion has hit record highs in each session since last week's Thursday. The U.S. jobs report for March is due to be released on Friday, with new inflation data coming next week. Lower interest rates reduce the opportunity cost of holding bullion.

Persons: Bullion, Michael Langford, Jerome Powell, Langford Organizations: Federal, U.S, Scorpion Minerals Locations: U.S

☆ Gold subdued as U.S. inflation surprise casts doubt on mid-year rate cut
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were flat on Wednesday, after falling the most in a month in the previous session, as sticky U.S. inflation raised concerns an interest rate cut by the Federal Reserve may be delayed beyond June. Gold's latest price drop comes as everything falls back to the inflation data, that feeds through into U.S. Fed's decision making, Michael Langford, chief investment officer at Scorpion Minerals Ltd said. Langford expects a healthy correction of up to about 10% in gold prices from here. Bullion fell 1.1% on Tuesday, after data showed U.S. consumer prices increased solidly in February, above forecasts and suggesting some stickiness in inflation. This was gold's worst single-day decline since Feb. 13, when data showed consumer prices also increased more than expected in January.

Persons: Michael Langford, Langford Organizations: Co, Federal, Scorpion Minerals Ltd, Traders, Treasury Locations: Bangkok, Thailand, U.S, Ukraine

☆ Gold extends slide as dollar firms on hawkish Fedspeak
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices extended losses on Wednesday as the U.S. dollar strengthened after hawkish comments from a Federal Reserve official dampened expectations for a March interest rate cut, while traders awaited comments from more Fed speakers this week. Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since Dec. 4, 2023. Flow of funds to the U.S. dollar have been a key driver impacting the gold price, said Michael Langford, chief investment officer at Scorpion Minerals Ltd, forecasting bullion to trade around $2,000/Oz in the near term. With geopolitical tensions escalating, safe-haven flows could provide a floor for the gold price. However, "the short-term fate of the gold price is likely in the hands of the bond market," Tim Waterer, chief market analyst at KCM Trade, wrote in a note.

Persons: Michael Langford, Christopher Waller, Tim Waterer Organizations: U.S ., Federal Reserve, Scorpion Minerals Ltd, Treasury, KCM, U.S Locations: U.S

☆ Gold firms near one-month high with US inflation data on tap
▼ + stars: | 2023-08-31 | by ( ) www.cnbc.com time to read: +2 min

Gold bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices firmed near one-month highs on Thursday as a fresh set of soft U.S. data added to expectations that the Federal Reserve will pause rake hikes this year, although inflation readings due later in the day could amend this outlook. U.S. gold futures steadied at $1,972.40. Among other metals, spot silver eased 0.3% to $24.59 per ounce, having climbed to a more than one-month high on Wednesday. Platinum steadied at $974.13 as it heads for its second consecutive monthly gain.

Persons: Michael Langford, Langford Organizations: Aurum, Federal, U.S, Treasury, Traders, Scorpion Minerals, Boston Fed Locations: U.S, China

☆ 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 flat as markets await Powell's testimony for rate cues
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: +2 min

Gold prices moved in a tight range on Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of U.S. Federal Reserve Chairman Jerome Powell's congressional testimony. Spot gold held its ground at $1,936.03 per ounce by 0504 GMT. In this light, Chairman Powell's testimony could have a major short-term impact on the market," said Clifford Bennett, chief economist at ACY Securities. "For the moment gold is under the great interest rate threat hammer, but the very real on-going strong jewelry and manufacturing demand should eventually win the day," Bennett added. Among other precious metals, spot silver fell 0.4% to $23.0973 per ounce, platinum shed 0.6% to $957.16, and palladium lost 0.3% to $1,375.37.

Persons: Jerome, Powell's, Clifford Bennett, Powell, Bennett, Michael Langford Organizations: U.S . Federal, ACY Securities, U.S . House Financial, Federal Reserve, Traders, U.S ., Scorpion Minerals Locations: U.S, Washington, Asia

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