DIRS.INFO The most relevant business & tech news

☆ Gold set for weekly dip with resilient U.S. economy in focus
▼ + stars: | 2023-09-08 | 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 firmed on Friday as the dollar retreated from highs but the bullion was still en route to a weekly fall as traders looked beyond a widely expected pause by the Federal Reserve this month to focus on persistently resilient U.S. data. Spot gold was up 0.3% to $1,924.98 per ounce by 0345 GMT, but set for a 0.7% weekly fall. U.S. gold futures rose 0.3% to $1,949.00. Higher interest rates boost returns on competing safe-haven Treasury bonds, which are set for their first weekly rise in three, making non-interest-bearing gold less attractive.

Persons: Gold, Brian Lan Organizations: Aurum, Federal Reserve, GoldSilver Central, Treasury Locations: Brian Lan of Singapore, U.S

☆ Gold slides to 1-week low on elevated US dollar, yields
▼ + stars: | 2023-09-06 | 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. Gold prices extended losses to hit their lowest level in a week on Wednesday as U.S. Treasury yields and the dollar strengthened on expectations that interest rates are likely to remain high. The U.S. dollar hovered near six-month highs hit on Tuesday, while 10-year bond yields were at over one-week highs as markets weighed cues on interest rates. Federal Reserve Governor Christopher Waller said the latest round of economic data was giving the U.S. central bank space to see if it needs to raise interest rates again. Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold, which does not earn any interest.

Persons: Christopher Waller, Jun Rong Organizations: Aurum, Treasury, U.S, Federal, CPI, Higher, Trust Locations: .

☆ Gold retreats as growth risks drive safe-haven bids to US dollar
▼ + stars: | 2023-09-05 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% to $1,927.69 per ounce by 12:49 p.m. EDT (1649 GMT). Jitters about global growth, particularly in China and the euro zone, caused the safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.5% to $23.60 per ounce, logging its biggest daily drop in a month. Reporting by Harshit Verma in Bengaluru; Editing by Shinjini Ganguli and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, Christopher Waller, Harshit Verma, Shinjini Ganguli, Paul Simao Organizations: Waller, Data, U.S, Reuters, Federal Reserve, Fed, CNBC, Thomson Locations: China, Bengaluru

☆ Gold retreats as growth risks drive safe-haven bids to U.S. dollar
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6% to $1,926.49 per ounce. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.1% to $23.70 per ounce, logging its biggest daily drop in a month.

Persons: Gold, Edward Moya, Christopher Waller, Otunuga Organizations: U.S, Federal Reserve, Fed Locations: China

☆ Gold prices climb towards 1-month peak on Fed pause bets
▼ + stars: | 2023-09-04 | by ( ) www.cnbc.com time to read: +1 min

Gold bars and gold coins in different sizes are lying in a safe on a table at the precious metal dealer Pro Aurum. Gold prices climbed on Monday towards a one-month peak scaled in the previous session, supported by a slight pullback in the dollar and prospects that the U.S. Federal Reserve would take a pause from interest rate hikes this year. Spot gold gained 0.3% to $1,945.40 per ounce by 0334 GMT, after climbing to as high as $1,952.79 on Friday. As gold yields no interest of its own, it tends to lose its attraction when interest rates rise. Data on Friday showed U.S. job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, strengthening the case of an interest rate pause this month.

Persons: Tim Waterer Organizations: Aurum, U.S . Federal, KCM Trade, Trust

☆ 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 near 3-week high as markets cut back U.S. rate hike bets
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices hovered near three-week highs on Wednesday, as investors pared back bets of further U.S. interest rate hikes in response to soft economic readings, with more data eyed this week to analyze the outlook. Spot gold was flat at $1,936.17 per ounce by 0328 GMT, about $2 below its highest levels since Aug. 7 hit on Tuesday. Gold may extend gains to $1,948 per ounce, as it has cleared a resistance at $1,936, said Reuters technical analyst Wang Tao. Platinum eased 0.1% to $975.07, having climbed to its highest level since July 19 in the previous session.

Persons: Matt Simpson, Wang Tao Organizations: South Korea's, Nikko, Treasury, U.S ., Commerce, Federal Locations: Seoul, ., U.S

☆ Sibanye brings in Chinese partner for Mopani Copper Mines bid
▼ + stars: | 2023-08-29 | by ( Felix Njini | ) www.reuters.com time to read: +3 min

The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the Zambian government. The Chinese company has a presence in copper mining and would be joining Sibanye as an investment partner, Froneman said. The Chinese investor could help derisk the investment at Mopani, Froneman said. "They are an investment partner but technically they understand the copper business and smelting, so it's managing risk," he said. The Mopani assets require significant investment but spending would be spread over a number of years, Froneman said.

Persons: Neal Froneman, we've, Froneman, Felix Njini, Tannur Anders, Sharon Singleton, David Holmes Organizations: Mines, Reuters, China's Zijin Mining, U.S, Rothschild & Co, Thomson Locations: NAIROBI, Stillwater, Johannesburg, Zambian, Southern Africa, Europe, U.S, Mopani, Switzerland, ZCCM

☆ Gold gains as U.S. dollar, yields lose steam ahead of data
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +2 min

Gold prices gained on Tuesday as a recent rally in the U.S. dollar and Treasury yields showed signs of fatigue ahead of crucial inflation and jobs data this week that could define the outlook for interest rates. Gold prices are seeing short-covering by speculators as a minor key resistance at $1,907 that coincided with the 200-day moving average has been surpassed, said Kelvin Wong, a senior market analyst, Asia Pacific, OANDA. Helping gold further, the dollar dipped against a basket of major currencies, while benchmark U.S. 10-year Treasury yields moved further away from their highest levels since 2007 hit last week. A weaker dollar tends to make gold, which yields no interest, less expensive for other currency holders. With elevated rates, consumer spending is likely to slow and a recession becomes almost inevitable, which would result in falling bond yields and a weaker dollar, and gold prices could rebound, Heraeus analysts wrote in a note.

Persons: Kelvin Wong, Jerome Powell's, Wong Organizations: Heraeus, Solar, U.S ., Treasury, Federal, Trust, Palladium Locations: Budapest, Hungary, ., Asia Pacific

☆ Queer History Was Made in ’90s Clubs. These Fliers Captured It.
▼ + stars: | 2023-08-28 | by ( Erik Piepenburg | ) www.nytimes.com time to read: +1 min

In the new book “Getting In,” the journalist David Kennerley takes an electric visual stroll through New York’s 1990s gay club scene. “People threw the fliers on the ground,” Kennerley, 63, said in a recent interview at a Midtown cafe. A self-described “bit of a hoarder,” Kennerley considers the book an act of queer music history preservation. “We weren’t all snapping pictures at clubs back then, so we don’t have much of a visual record,” he said. “These provide some sort of visual evidence of what went on.”

Persons: ”, David Kennerley, hither hunks, Frankie Knuckles, Junior Vasquez, Jackie, Kennerley, ” Kennerley Locations: Midtown

☆ Gold holds ground as markets gauge U.S. rate outlook
▼ + stars: | 2023-08-28 | 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 prices firmed on Monday despite U.S. Federal Reserve Chair Jerome Powell's hawkish stance on interest rates as markets sought direction from economic data this week for confirmation on the rate trajectory. Spot gold was up 0.1% at $1,916.19 per ounce by 0354 GMT, U.S. gold futures gained 0.2% to $1,943.90. "However, much still awaits on a sustained recovery in gold prices for now, given that concerns of re-accelerating inflation on U.S. economic resilience are translating into mounting bets of a November rate hike." A series of economic data this week, with the U.S. non-farm payroll report on Friday will likely to provide a sharper focus on the economy's strength.

Persons: Jerome Powell's, Powell, Jun Rong, Cleveland Federal Reserve Bank Loretta Mester Organizations: Aurum, U.S, Federal, IG, Cleveland Federal Reserve Bank, U.S . Locations: Jackson Hole , Wyoming

☆ Gold eases as U.S. dollar jumps, spotlight on Powell's speech
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +1 min

Spot gold eased 0.2% to $1,913.90 per ounce by 0323 GMT, while U.S. gold futures shed 0.3% to $1,942. "The stronger U.S. dollar is clearly acting as a headwind for gold." The U.S. dollar raced for its sixth straight weekly gain, making bullion more expensive for overseas buyers. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell further on Thursday and were at their lowest since January 2020. Palladium was set for a second straight weekly decline.

Persons: Jerome Powell, Powell, Christine Lagarde's, Matt Simpson Organizations: U.S ., Federal, Treasury, European Central Bank, Trust Locations: U.S, Jackson Hole , Wyoming

Here are some details of the impact:* DEATHThe war has caused death on a level not seen in Europe since World War Two. The war has left nearly 500,000 troops either dead or injured, according to the New York Times. Russian Defence Minister Sergei Shoigu said on Sept. 21 that 5,937 Russian soldiers had been killed since the start of the war. When added to Crimea, which Russia annexed from Ukraine in 2014, Russia now controls about 17.5% of Ukraine, an area of about 41,000 square miles (106,000 square km). Shortly after Russia's invasion of Ukraine, international oil prices spiked to their highest levels since the records of 2008.

Persons: Chasiv Yar, Violeta Santos Moura, Sergei Shoigu, Julie Kozack, William Burns, Putin, Guy Faulconbridge, Philippa Fletcher Organizations: REUTERS, United Nations, Human Rights, New York Times, Russian, Reuters, Belfer, Harvard Kennedy School, International Monetary Fund, CIA, European Union, Kiel Institute, Thomson Locations: Chasiv, Ukraine, Donetsk, Europe, United States, Ukraine's, Russia, Crimea, Russian, UNHCR, UKRAINE Russia, Massachusetts , New Hampshire, Connecticut, wastelands, RUSSIA, Moscow, China, Saudi Arabia, Britain, Germany, Japan

☆ Gold extends gains as Treasury yields rally comes to a halt
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: +2 min

At the precious metals dealer Pro Aurum, two gold and two silver bars are placed in a locker in a vault. Spot gold firmed 0.3% to $1,902.63 per ounce by 0519 GMT, drifting further away from the five-month lows hit last week. The dollar index was below the two-month highs, while a rally that took U.S. Treasury yields to nearly 16-year highs took a pause, giving some respite to the non-yielding gold. "If he does hint about a higher target, that could mean interest rates may not need to move any higher from here." Recent robust U.S. economic data has raised bets the Fed will keep rates higher for longer, reducing appetite for gold as reflected in holdings of bullion-backed exchange traded funds, or ETF.

Persons: Jackson, Jerome Powell's, Harshal Barot, Thomas Barkin Organizations: Pro Aurum, Treasury, Federal, Metals, Richmond Fed, Trust Locations: U.S, Wyoming

☆ Gold struggles for direction ahead of Fed's Jackson Hole meet
▼ + stars: | 2023-08-22 | 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. Spot gold held its ground at $1,895.70 per ounce by 0520 GMT, hovering above a five-month low of $1,883.70 hit last week. Following a week of back-to-back losses, gold on Monday settled 0.3% higher to post its best day in more than two weeks. Any correction in the U.S. dollar from recent highs could immediately ignite a strong gold market rally, he said. For an outlook on interest rates, comments from Fed Chair Jerome Powell on Friday will be monitored at a meeting of central bankers at Jackson Hole, Wyoming.

Persons: Clifford Bennett, Jerome Powell, Bennett Organizations: U.S, Treasury, ACY Securities, Federal Reserve, Trust Locations: Moscow, Russia, Jackson, , Wyoming, U.S

☆ Gold rebounds from 5-month lows as U.S. dollar, yields retreat
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: +2 min

Gold edged up from 5-month lows on Friday as the U.S. dollar and bond yields slightly retreated from highs, but bullion was set for its fourth consecutive weekly decline on concerns the Federal Reserve would keep interest rates higher for longer. Spot gold gained 0.2% to $1,892.02 per ounce by 0358 GMT, after touching its lowest since mid-March on Thursday. "The U.S. dollar has eased from recent highs and this has allowed gold to make a modest move higher. "The dollar will need to take a bearish turn at some point for gold to rediscover its mojo. Just how long gold will spend trading at sub $1,900 levels will depend on how long the dollar remains bolstered by high bond yields," Waterer added.

Persons: Tim Waterer, Waterer, Jerome Powell Organizations: U.S ., Federal Reserve, U.S, Treasury, Investors, SPDR, Trust, Metals, ANZ Locations: Moscow, Russia, Jackson Hole , Wyoming

☆ Gold at 5-month low as rallying U.S. yields bolster dollar
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,893 an ounce, as of 0335 GMT, having dropped to its weakest level since March 15 at $1,888.30. Benchmark 10-year U.S. Treasury yields hit a 10-month high, boosting the dollar to its highest level since mid-June and drawing investors away from non-interest-bearing gold. "Whilst the FOMC minutes saw the U.S. dollar and yields strengthen further to weigh on gold, there are tentative signs of stability for spot gold prices today," said Matt Simpson, a senior analyst at City Index. Reuters technical analyst Wang Tao says spot gold may fall to $1,879 per ounce, as it has broken two key supports. Upside to gold prices will likely need delivery of rate cuts expected in 2024, they added.

Persons: Matt Simpson, Wang Tao Organizations: Aurum, U.S ., Treasury, Federal Reserve, Reuters, NAB Commodities Research, Palladium

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | 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. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

☆ Gold under pressure from elevated U.S. dollar, bond yields
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Tuesday as the dollar benefited from elevated bond yields and China's economic concerns, with markets now looking ahead to U.S. retail sales data that could shed light on the impact of higher rates on consumer spending. Gold prices fell as the U.S. dollar and Treasury yields were pushed higher, with investors assessing potential policy actions from Chinese regulators to address mounting financial and property risk, according to NAB Commodities Research. U.S. 10-year Treasury yields were near their highest levels since November. Attention is now turning to U.S. retail sales data due later in the day and the Federal Reserve's July policy meeting minutes on Wednesday. Sabrin Chowdhury, head of commodities at BMI, expects a boost in gold prices, lately under pressure from a strong U.S. dollar, only towards the last quarter of 2023.

Persons: Sabrin Chowdhury, Janet Yellen, Joe Biden's Organizations: U.S ., Treasury, NAB Commodities Research, U.S, BMI Locations: China's, U.S

[1/3] Charles McGonigal, a former FBI official who has been charged with working for sanctioned Russian oligarch Oleg Deripaska, arrives at Federal Court in New York City, U.S., August 15, 2023. At the time, McGonigal pleaded not guilty to four criminal counts including sanctions violations and money laundering. McGonigal told the court he was "deeply remorseful" for his actions. U.S. District Judge Jennifer Rearden is scheduled to sentence McGonigal on Dec. 14. U.S. prosecutors charged McGonigal as they ramped up efforts to enforce sanctions on Russian officials and police their suspected enablers following the Russian invasion of Ukraine in February 2022.

Persons: Charles McGonigal, Oleg Deripaska, Brendan McDermid, McGonigal, Vladimir Potanin, Seth DuCharme, Jennifer Rearden, Matthew Olsen, Washington, Jody Godoy, Grant McCool Organizations: FBI, Court, REUTERS, Prosecutors, Deripaska, U.S . Department of Justice's National Security Division, Kremlin, Thomson Locations: Russian, New York City, U.S, New York, Manhattan, Russia, Cyprus, New Jersey, Ukraine, Nornickel

☆ Gold hits 5-week low as U.S. dollar, yields stay elevated
▼ + stars: | 2023-08-14 | 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. Spot gold was down 0.1% at $1,912.13 per ounce, as of 0356 GMT, hitting its lowest level since July 7. Higher interest rates and Treasury bond yields raise the opportunity cost of holding non-interest-bearing gold, which is priced in dollars. Reflecting investor interest in gold, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell to the lowest level since late-January 2020. Among other precious metals, spot silver fell 0.4% to $22.59 an ounce, having matched a low last seen on July 6.

Persons: Clifford Bennett, Fed's, Bennett Organizations: Aurum, U.S, U.S . Federal, ACY Securities, Trust Locations: U.S .

☆ Gold stays near 1-month lows as U.S. dollar, yields hold ground
▼ + stars: | 2023-08-11 | 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 prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.

Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Gold set for worst week in six as U.S. yields surge before jobs data
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: +2 min

Gold prices looked set to post their worst week in six on Friday as investors braced for a closely watched U.S. jobs report after a string of solid economic data this week drove Treasury yields to nine-month highs. Spot gold was little changed at $1,935.07 per ounce by 0412 GMT, while U.S. gold futures rose 0.1% to $1,970.30. Gold prices have declined more than 1% so far this week, having slipped to their lowest level since July 11 in the last session. U.S. long-term Treasury yields climbed to their highest since November on Thursday after employment and other economic data pointed to easing inflation. Non-farm payrolls, or NFP, data due at 1230 GMT will be the next focus for further clues about the U.S. economy's strength.

Persons: Tim Waterer, it's, Kelvin Wong Organizations: Aurum, KCM, of England, European Central Bank Locations: Asia Pacific

☆ Gold near 3-week lows as U.S. data points to more Fed tightening
▼ + stars: | 2023-08-03 | 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 prices held near three-week lows on Thursday after a larger-than-expected increase in U.S. private payrolls in July fueled bets on more monetary policy tightening and boosted the dollar and bond yields. Spot gold was up 0.2% at $1,937.39 by 0400 GMT, trading near its lowest level since July 12 hit in the previous session. The U.S. dollar index rose to a four-week peak on Wednesday and benchmark 10-year Treasury yields were at their highest since November after data showed U.S. private payrolls rose by 324,000 jobs last month. Non-yielding gold is often sought as a safe investment during times of economic uncertainty but tends to lose its sheen when rates rise.

Persons: Clifford Bennett Organizations: Aurum, ACY Securities, U.S, Reuters, U.S ., Federal, Bank of England Locations: U.S

☆ Gold gets a safety boost as Fitch U.S. downgrade shakes markets
▼ + stars: | 2023-08-02 | 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. Spot gold was up 0.2% at $1,946.97 per ounce by 0312 GMT, while U.S. gold futures rose 0.3% to $1,984. Gold, which is priced in dollars, is a favored safe-haven investment in times of stress and economic uncertainty. Higher interest rates raise the cost of holding gold, which yields nothing and needs money to store and insure. In other metals, spot silver eased 0.2% to $24.29, platinum dropped 0.5% to $926.18, and palladium was down 0.1% at $1,238.59.

Persons: Gold, Fitch, Edward Meir Organizations: U.S ., United States, AAA, AA, Marex, U.S Locations: Moscow, Russia, U.S

Search resuls for: "Palladium"

25 mentions found