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☆ Gold hits fresh high in record-setting rally amid global uncertainties
▼ + stars: | 2024-10-21 | by ( ) www.cnbc.com time to read: +2 min

Gold rose to a fresh high on Monday, extending its blazing rally amid uncertainties surrounding the U.S. election, simmering Middle East tensions and rate cuts by major central banks, while silver scaled a near 12-year peak. Gold rose to a fresh high on Monday, extending its blazing rally amid uncertainties surrounding the U.S. election, simmering Middle East tensions and rate cuts by major central banks, while silver scaled a near 12-year peak. Helped by bullion's rally, spot silver rose 1.3% to $34.08 per ounce, its highest since late 2012. Elsewhere, traders are pricing in a 99% chance of a U.S. Federal Reserve interest rate cut in November. The European Central Bank cut interest rates by a quarter point last week.

Persons: Tim Waterer, Donald Trump, Kamala Harris, Waterer Organizations: bullion's, KCM Trade, Investors, U.S, Federal, European Central Bank, Palladium Locations: China, Beirut, Israel

☆ 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, silver head for weekly gains on U.S. rate-cut momentum
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance. Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance. Silver prices surged due to bullion's strong performance and China's stimulus measures, though some analysts warn that the rally may fade due to concerns over industrial demand. The Federal Reserve's larger-than-usual half-percentage-point reduction last week ignited a rally in gold, which hit consecutive record highs and has gained about 1.8% so far this week. Gold prices are currently supported by anticipated U.S. Fed interest rate cuts and China's stimulus measures, both of them are weakening the dollar, said Kyle Rodda, financial market analyst at Capital.com.

Persons: Kyle Rodda Organizations: FedWatch, U.S, BMI Locations: U.S

☆ Gold dips as investors book profits, U.S. inflation data in focus
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: +2 min

Prices rose more than 1% in the previous session. "Prices will benefit if the U.S. inflation data comes in on the softer side of the ledger, which would reignite hopes of an aggressive rate cut from the Fed in September." The CPI data is expected to show that headline and core prices rose 0.2% month-on-month. Markets see about 50% chance of a 50 basis point rate cut in September, according to the CME FedWatch Tool. "If markets become more optimistic of a 50 bp cut coming to fruition, this could propel the gold price to make a run at the $2,500 level," Waterer said.

Persons: Alexander Manzyuk Gold, Tim Waterer, Waterer, Benjamin Netanyahu Organizations: REUTERS, Federal, KCM, Fed, Traders Locations: Siberian, Krasnoyarsk, Russia, U.S, Gaza

☆ Gold subdued as investors focus on U.S. inflation data
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: +1 min

Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the U.S. central bank's next policy move. Spot gold eased 0.13% to $2,427.86 per ounce by 0352 GMT, trading in a narrow $10 price range. The U.S. consumer price index data, due on Wednesday, is expected to show that headline and core prices rose 0.2% month-on-month. "Further inflation progress reflected in the upcoming CPI data could see gold eye for a retest of its all-time high once more," said IG market strategist Yeap Jun Rong. Among other metals, spot silver fell 0.3% to $27.36 per ounce, platinum shed 0.47% to $917.83 and palladium fell 0.2% to $903.48.

Persons: Ilya Spivak, Yeap Jun Rong, Michelle Bowman Organizations: Metals, U.S, Federal, Hamas Locations: Krasnoyarsk, Russia, bank's, U.S, Gaza

☆ Gold firms ahead of U.S. inflation data, but set for weekly loss
▼ + stars: | 2024-07-26 | 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. Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates. "Last week, prices scaled record highs on bets of a September U.S. rate cut. The U.S. personal consumption expenditure data for June — the Federal Reserve's favored measure of inflation — is due at 1230 GMT. Meanwhile, India's demand for gold is likely to rise while moving into the fourth quarter, which is traditionally a robust seasonal period for gold demand," ANZ's Kumari said.

Persons: Gold, Soni Kumari, Sugandha Sachdeva, ANZ's Kumari Organizations: Aurum, Federal Reserve, ANZ, SS, U.S ., Hong Kong Locations: U.S, New Delhi, China, Hong

☆ Gold skids on profit-taking, with U.S. economic data on radar
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +1 min

Gold prices fell more than 1% on Thursday as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much. Spot gold fell 1.2% to $2,369.20 per ounce by 0533 GMT. So, it looks like we are seeing some profit-taking and from a technical perspective, prices could move lower," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific. Traders are expecting that the Fed will deliver a long-awaited rate cut in September. If PCE data shows that inflation is slowing and the Fed can cut rates in September, then we will see a resurgence in gold prices, Wong said.

Persons: Kelvin Wong, OANDA's, Wong Organizations: Asia Pacific, Federal, Gold Locations: U.S

☆ Gold eases, investors seek more cues on Fed's rate path
▼ + stars: | 2024-07-15 | by ( ) www.cnbc.com time to read: +2 min

A selection of gold bars and one-ounce gold coins at Gold Investments Ltd. bullion dealers in London, UK, on Tuesday, May 21, 2024. Gold prices dipped on Monday as the dollar held firm, while investors awaited comments from Federal Reserve officials and economic data for further cues on U.S. interest rate trajectory. The dollar rose on safety bids after an attempted assassination of former U.S. President Donald Trump, which raised his odds of winning. Data sets due this week include U.S. retail sales, industrial output for June and weekly jobless claims. "If we get another big miss on retail sales, it will reinforce there is a sense of urgency to cut rates, which could help gold.

Persons: Donald Trump, I'm, Trump, Matt Simpson, Jerome Powell, Ilya Spivak Organizations: Gold Investments, Federal Reserve, Trump, Index Locations: London, Beijing

☆ Gold rangebound with spotlight on U.S. inflation reading
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Spot gold rose 0.2% to $2,367.79 per ounce by 0229 GMT. Non-yielding bullion's appeal tends to shine when interest rates are lower. That may weigh on gold, which could see prices fall back towards the $2,300 level of support," Yeap said.

Persons: Gold, Jerome Powell, Powell, Yeap Jun Rong, Yeap Organizations: Traders, Global, Gold Locations: U.S, Europe, Asia

☆ Gold treads water ahead of U.S. inflation test, Fed decision
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were flat on Wednesday as investors awaited the U.S. Federal Reserve's policy announcement for insights into how soon it will cut interest rates this year and the May inflation report due later in the day. "Gold prices have been treading lightly amid the waiting game for greater cues on the Fed's policy path. Any lean towards two rate cuts could be perceived as a more dovish take, which may see gold prices head higher," said IG market strategist Yeap Jun Rong. Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials said.

Persons: Yeap Jun Rong, Jerome Powell's, Tim Waterer Organizations: Co, U.S, Investors, Fed, Strong U.S, People's Bank of, U.S ., KCM Locations: Bangkok, Thailand, U.S . Federal, China, People's Bank of China, Asia

☆ Gold prices drop as strong U.S. dollar, yields dim bullion's shine
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S

☆ Gold rises on Fed rate cut hopes, Middle East tensions
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal. "Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. "Weaker U.S. data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong. Markets are pricing in a 67% chance of a U.S. rate cut in September, as per CME's FedWatch Tool. Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.

Persons: Kelvin Wong, Benjamin Netanyahu, Yeap Jun Rong, John Williams, Austan Goolsbee Organizations: Co, Federal Reserve, Asia Pacific, New York Fed Bank, Chicago Fed, Perth Locations: Bangkok, Thailand, OANDA, Gaza, U.S

☆ Gold retreats as Middle East tensions ebb
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices dipped on Monday, as easing fears of a wider Middle East conflict lowered bullion's safe-haven appeal, while market participants awaited a key U.S. inflation reading due later this week for interest rate cues. Spot gold fell 0.9% to $2,369.97 per ounce, as of 0451 GMT. Asian stocks recovered some losses and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets. Among other precious metals, spot silver fell 2.3% to $27.99 per ounce, spot platinum rose 0.3% to $934.03, and palladium fell 0.3% to $1,023.17.

Persons: Kelvin Wong, Wong, Austan Goolsbee Organizations: Aurum, Asia Pacific, Treasury, Chicago Federal Locations: Munich, U.S, Tehran, Iran, OANDA, Israel, Hamas

☆ 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 shines as geopolitical tensions offset easing U.S. rate-cut bets
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: +2 min

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion's safe-haven appeal, overshadowing pressures from higher-for-longer U.S. interest rates. Spot gold was up 0.6% at $2,374.97 per ounce, as of 0429 GMT, after hitting an all-time high of $2,431.29 last Friday. Although, "U.S. interest rates remaining higher for a longer may be adding some pressure to the ongoing boost for gold ... Higher interest rates reduce the appeal of holding non-yielding bullion.

Persons: Kelvin Wong, Benjamin Netanyahu, Wong, Jerome Powell, Mario Centeno Organizations: Co, Asia Pacific Locations: Bangkok, Thailand, OANDA, Israel, Iran

☆ Gold drifts higher as geopolitical tensions lift safe-haven appeal
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, recouping losses from the previous session, as geopolitical tensions bolstered demand for the safe-haven metal. Spot gold was up 0.6% at $2,345.56 per ounce, as of 0317 GMT. Strong central bank buying, safe-haven inflows amid continued geopolitical risks, and demand from momentum-following funds have fueled bullion's 14% gain so far this year. Spot silver edged 0.2% higher to $28.03 per ounce, after hitting its highest levels since June 2021 on Wednesday.

Persons: Yeap Jun Rong, Jun Rong Organizations: Co Locations: Bangkok, Thailand, U.S

☆ Gold near record high as inflation risk lifts safe-haven appeal
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices held steady on Wednesday near a record peak hit in the previous session, as a favourable mix of emerging inflationary risks and ongoing geopolitical tensions underpinned the safe-haven metal. Spot gold was little changed at $2,351.94 per ounce, as of 0339 GMT, after hitting a record high of $2,365.09 on Tuesday. Strong central bank buying, safe-haven inflows amid elevated geopolitical risks, and demand from momentum-following funds have fuelled bullion's 14% gain so far this year. Spot silver was little changed at $28.15 per ounce, after hitting its highest levels since June 2021 on Tuesday.

Persons: Soni Kumari, ANZ Kumari Organizations: Co, ANZ, Federal, Fed Locations: Bangkok, Thailand, ., U.S

☆ Gold hovers below record peak as U.S. dollar, yields firm after upbeat data
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

Gold prices on Tuesday hovered below record highs hit in the previous session, as the U.S. dollar and Treasury yields held firm after strong U.S. data flagged doubts on whether the Federal Reserve would deliver three interest rate cuts this year. Spot gold was unchanged at $2,250.79 per ounce, as of 0415 GMT, holding below an all-time high of $2,265.49 hit on Monday. "Gold notched up a new record price, though with that high watermark also came some overbought conditions, which has resulted in a mild pullback. Traders pared bets of a June interest rate cut to 63% after the data, according to the CME Group's FedWatch Tool. Gold tends to gain when interest rates are cut as it reduces the opportunity cost of holding bullion.

Persons: Tim Waterer, Jerome Powell, Waterer Organizations: U.S ., Treasury, Federal Reserve, KCM Trade, U.S Locations: .

☆ Gold rises on hopes for Fed rate cut in June, softer dollar
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices rose on Monday as renewed bets that the U.S. Federal Reserve would begin cutting interest rates in June and a softer dollar lifted bullion's appeal. The dollar was down 0.1% against its rivals, making gold less expensive for other currency holders. Looks like June is being the most probable time when they are sort of expected to pull the trigger on that first rate cut." Lower interest rates reduce the opportunity cost of holding bullion.

Persons: Tim Waterer Organizations: Co, U.S . Federal Reserve, KCM, Traders, Fed Locations: Bangkok, Thailand

☆ Gold off two-week highs as U.S. dollar ticks higher
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched lower on Monday pressured by a gaining U.S. dollar, but bullion's losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session's over two-week highs. Gold prices inched lower on Monday pressured by a gaining U.S. dollar, but bullion's losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session's over two-week highs. "Gold has exhibited some mild easing to kick-off the new week mostly due to the dollar ticking higher. Last week, Fed Governor Christopher Waller said he was in "no rush" to cut rates, firming investor bets against U.S. interest rate cuts before June. Markets are currently pricing in a 68% chance of a Fed rate cut in June, according to the CME Fed Watch Tool.

Persons: Tim Waterer, Waterer, Christopher Waller, Silver Organizations: U.S, East, KCM, CME Locations: U.S

☆ Gold set for weekly gain as weak dollar, Middle East woes lift appeal
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week. Tension mounted in the Middle East as Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones. Meanwhile, the dollar index was heading for its first weekly dip in nearly two months, making the greenback-priced bullion less expensive to overseas buyers.

Persons: Edward Meir, Houthis, Christopher Waller Organizations: Federal Reserve, CME Locations: Iran, Eilat

☆ Gold at one-week high as soft dollar, Middle East turmoil lift demand
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13. U.S. gold futures rose 0.4% to $2,031.50 per ounce. Spot platinum dipped 0.3% to $903.04, palladium rose 0.7% to $956.66, while silver fell 1.2% to $23.12 per ounce.

Persons: Yeap Jun Rong, Wang Tao, Jun Rong, Raphael Bostic Organizations: U.S ., Maritime Trade Operations, Market, Fed Bank of Atlanta, CME Locations: Mandab, Yemen, China

☆ Gold steady as Fed remarks counter safe-haven demand
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as a pushback from U.S. Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand after Israel rejected a ceasefire offer from Hamas amid continuous talks to end the Gaza conflict. Gold prices steadied on Thursday as a pushback from U.S. Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand after Israel rejected a ceasefire offer from Hamas amid continuous talks to end the Gaza conflict. Spot gold held its ground at $2,033.56 per ounce, as of 0427 GMT. Fed officials want to hold off on cutting interest rates until they have more confidence that inflation is headed down to 2%. Gold, considered a safe-haven investment, tends to gain during times of political and economical uncertainty.

Persons: Tim Waterer, Moody's, Waterer Organizations: U.S . Federal, Israel, KCM, U.S, Community Bancorp Locations: U.S, Gaza, New, Germany, 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

☆ Safe-haven gold gains as Middle East worries mount
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices rose on Monday as escalating tensions in the Middle East lifted bullion's safe-haven appeal, while moves were limited as traders awaited the U.S. Federal Reserve chair Jerome Powell's remarks this week for cues on interest rate trajectory. There is enough instability still in the Middle East to keep investors interested in gold as part of a safe-haven play, said Tim Waterer, chief market analyst at KCM Trade. Traders are betting on six quarter-point rate cuts for 2024 in the U.S., up from five cuts a week ago, according to LSEG's interest rate probability app IRPR. Lower interest rates decrease the opportunity cost of holding bullion.

Persons: Jerome Powell's, Tim Waterer, Evergrande, Waterer, Powell Organizations: Korea Gold Exchange, U.S . Federal, KCM Trade, Investors, U.S, Fed, Traders Locations: Seoul, South Korea, U.S, Jordan, Syrian

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