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☆ Safe-haven gold breaks $2,700 per ounce level as uncertainty looms
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: +2 min

Spot gold firmed 0.5% to $2,706.76 per ounce by 0220 GMT, adding nearly 2% so far in the week. U.S. gold futures rose 0.5% to $2,722.00. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader. Spot silver rose 0.5% to $31.92 per ounce and was headed for a weekly gain. Elsewhere, data showed that top metals consumer China's economy expanded 4.6% in the third quarter from a year earlier, slightly beating analysts' expectations.

Persons: Tai Wong, Yahya Sinwar, Kamala Harris, Donald Trump Organizations: U.S ., Treasury, Federal, European Central Bank, Democratic, Republican Locations: New York, U.S, Israel

☆ Gold at near 2-week high as soft U.S. data lifts Fed rate-cut bets
▼ + stars: | 2024-07-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve's last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates. Gold prices rose more than 1% to a near two-week high on Wednesday, driven by increased bets for a September interest rate cut by the Federal Reserve after recent U.S. data suggested that the labor market was softening. "Bulls are trying to get ahead of what many believe will finally be a weak payrolls report on Friday," he added. [USD/The market now sees a 68% chance of the Fed cutting interest rates in September as well as another cut in December. Elsewhere, spot silver rose 3.4% to $30.52 per ounce, platinum gained 1.8% to $1,008.50 and palladium climbed 2.7% to $1,049.

Persons: Tai Wong Organizations: Federal Reserve, Bulls Locations: U.S, New York

☆ 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 slides on brewing concerns of U.S. rate cuts still far off
▼ + stars: | 2024-01-11 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Spot gold was down 0.1% at $2,024.99 per ounce, after rising as much as 0.8% before the data. The dollar index extended gains after data showed U.S. consumer prices rose more than expected in December, which could delay a much anticipated U.S. rate cut in March. Traders see a 67% probability of a rate cut in March, according to the CME FedWatch tool, compared with about a 71% chance seen before the report. Higher rates dim the appeal of gold, which pays no interest.

Persons: Gold, hawkish, Loretta Mester, Tom Barkin, Phillip Streible, Streible, Tai Wong, Silver Organizations: Aurum, Federal Reserve, Cleveland Fed, Richmond Fed, Blue, Traders Locations: Chicago, New York

☆ 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

Spot gold was up 0.6% at $1,831.09 per ounce by 1:41 p.m. EDT (1741 GMT) but on track for its second straight weekly loss, down 0.9% so far. Reuters GraphicsBenchmark Treasury yields headed for a weekly increase, denting the appeal of gold. The bounce in gold prices despite the strong jobs data indicates that selling pressure has been exhausted and there is covering of short positions, said Tai Wong, a New York-based independent metals trader. Spot silver gained 3.1% to $21.54 an ounce, platinum rose 2.6% to $876.73 and palladium firmed 1.8% to $1,161.72. All were on track for weekly losses.

Persons: サマリー, Tai Wong, Ole Hansen, Hansen, Ashitha Shivaprasad, Brijesh Patel, Rod Nickel, Kirsten Donovan 私たち Organizations: Graphics, U.S . Labor, Traders, Saxo Bank Locations: U.S, New York, Bengaluru

Reuters Graphics"There is a reckoning that interest rates are going to be higher for much longer, which has been the bearish element in the precious market. Gold prices could go below $1,800 in the near-term," said Jim Wyckoff, senior analyst at Kitco Metals. The appreciation of the U.S. dollar may not end anytime soon, pressuring the gold market." Traders are pricing in a 55% chance that the Federal Reserve will leave interest rates at the current range of 5.25%-5.50% this year, according to CME's FedWatch tool. Since powering above the key $2,000-per-ounce level in early May, gold prices have fallen more than 11%, or $230, pressured by a sharp rise in benchmark U.S. Treasury yields, which makes the non-yielding gold less attractive.

Persons: Silver, Fed's Bowman, Jim Wyckoff, Michelle Bowman, Tai Wong, Jerome Powell's, Ashitha, Nick Macfie, Christina Fincher Organizations: Reuters, Kitco Metals, U.S, U.S ., Federal Reserve, Treasury, Thomson Locations: New York, Bengaluru

SP Angel analyst John Meyer said that with global EV sales expected to reach around 15 million vehicles this year, sales of palladium, chiefly used to neutralise harmful car emissions, could be impaired by 1.5 million-2.25 million ounces. While there are still few battery-powered vehicles in the heavy-duty market, exhaust-free electric vehicles are eating into the palladium-focused light vehicle market, Johnson Matthey said. Palladium prices could fall to the $1,250 level, Edward Moya, senior market analyst at OANDA, said. "The reason why people are more pessimistic about palladium than platinum is due to adoption of EVs," he said. "There's a lack of interest in the palladium market.

Persons: John Meyer, Johnson, Wilma Swarts, PGMs, Johnson Matthey, Edward Moya, palladium's bearishness, Tai Wong, Bart Melek, Ashitha, Seher Dareen, Arundhati Sarkar, Brijesh Patel, Arpan Varghese, Jan Harvey Organizations: Palladium, SP, Metals, TD Securities, Thomson Locations: Ukraine, New York, China, Bengaluru

☆ Gold wobbles as sticky inflation drives up US rate hike bets
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +1 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold hit a two-month low of $1,936.59 during Asian trading hours, and is set to lose 1.7% for the week. But short-term players expect a deal to be done and "have been selling behind inflation data that suggests a June hike is possible," Wong added. Traders are now betting the Fed will deliver an 11th straight rate hike in June, which would erode the attraction of zero-interest-bearing gold. Benchmark 10-year Treasury yields and the dollar index hovered near their highest levels since mid-March, both on track for their third straight weekly gains

Persons: Gold, Tai Wong, Wong, Phillip Streible Organizations: D.C, Federal, Blue, Traders Locations: Moscow, Russia, New York, Chicago

☆ Gold posts second monthly rise on U.S. banking turmoil
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold bounced back on Friday on a dip in yields and renewed concerns over the U.S. banking turmoil, putting the safe haven on course for its second monthly rise even as steady U.S. inflation reinforced bets for an interest rate hike next week. U.S. gold futures settled up flat at 1,999.1 on Friday and 0.43% for the week. But the data also indicated that the underlying price pressures remained strong, prompting traders to add to bets for a rate hike next week. Gold had scaled a one-year peak of $2,048.71 in mid-April as the banking crisis unfolded.

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