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☆ Gold subdued on dollar strength as markets await economic data
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +2 min

A technician cleans impurities from melted gold bars at Primera Gold's laboratory in Bukavu, South Kivu Province, eastern Democratic Republic of Congo, May 12, 2023. Gold prices edged lower on Tuesday as the U.S. dollar climbed, while investors looked forward to key economic data this week for signs on how long the interest rates could keep rising to quell sticky inflation. Spot gold was down 0.1% at $1,961.49 per ounce by 0343 GMT, while U.S. gold futures dropped 0.5% to $1,961.10 per ounce. Gold prices ended July 2.3% higher, the biggest monthly rise in four months on expectations that an end to the rate-hiking cycle by global central banks was nearing. This is why the central banks are sticking with the data-dependent mantra," said Tim Waterer, chief market analyst at KCM Trade.

Persons: Jerome Powell, Nicholas Frappell, Austan Goolsbee, Tim Waterer, Waterer Organizations: Primera Gold's, U.S, ABC Refinery, Chicago Federal, KCM Trade Locations: Bukavu, South Kivu Province, Democratic Republic of Congo, Chicago

☆ Gold heads for monthly gain on hopes for an end to rate-hike cycle
▼ + stars: | 2023-07-31 | 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 prices were bound for their biggest monthly gain in four on Monday as expectations grew that major global central banks may be nearing the end of current monetary policy tightening cycles. Spot gold was down 0.2% at $1,954.79 per ounce by 0431 GMT, while U.S. gold futures slipped 0.4% to $1,953.80 per ounce. Gold prices were set to end the month about 1.8% higher, the most since March, as expectations that U.S. interest rates could be nearing their peak put the dollar on track for its second straight monthly decline. Other precious metals also looked set to post monthly rises, with spot silver leading at 6.5%, but down 0.5% on the day at $24.22 an ounce.

Persons: Matt Simpson, Simpson, Baden Moore Organizations: Federal Reserve, Central Bank, National Australia Bank Locations: Moscow, Russia, China

☆ Gold prices brace for biggest weekly decline in five
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +2 min

At Agosi AG in Pforzheim, freshly cast gold granules are on display that have a fine gold content of 99.99 percent. Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23. "Any confirmation of an adjustment at the upcoming meeting will bring about upside risks to global bond yields and weigh on the non-yielding yellow metal further." Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold.

Persons: Bullion, Yeap Jun Rong Organizations: Agosi AG, Bank of Japan, IG, U.S, Fed, Higher Locations: Pforzheim, Baden, Württemberg, U.S

☆ Gold hits 1-week high on softer dollar after Powell's comment
▼ + stars: | 2023-07-27 | 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 rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike. The Fed raised interest rates by a quarter-of-a-percentage point on Wednesday, highlighting that another 25 basis-point hike could be in September based on a wide range of data. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. The dollar index was lower, supporting bullion as a weaker dollar makes gold cheaper for holders of other currencies.

Persons: Jerome Powell, Brian Lan, Powell Organizations: Aurum, U.S . Federal, GoldSilver Locations: U.S, Brian Lan of Singapore, United States, China

☆ Gold listless as traders avoid big bets ahead of Fed decision
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +2 min

Gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve's policy decision later in the day. Spot gold held steady at $1,963.99 per ounce by 0546 GMT, while U.S. gold futures were up 0.1% to $1,965.20. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. Along with policy guidance from the European Central Bank, traders also await second-quarter U.S. GDP data due on Thursday. As per the International Monetary Fund, the bank should start preparing for future monetary tightening.

Persons: Gold, Jun Rong, Yeap Organizations: U.S, IG, Treasury, European Central Bank, PCE, Bank of Japan's, Monetary Fund Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, U.S, Asia, Japan

☆ 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 near 9-week high on weaker dollar, hopes of Fed rate pause
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices climbed on Thursday to a near nine-week peak, amid a weaker dollar and bets that the U.S. Federal Reserve might soon pause its interest rate hiking cycle. Spot gold rose 0.4% to $1,984.29 per ounce by 0521 GMT, close to its highest since mid-May. Gold has been supported by the dollar weakening and inflation prints coming in lower, said Brian Lan of Singapore dealer GoldSilver Central. The dollar index was 0.2% lower, close to an over one-year low, making gold cheaper for holders of other currencies. Spot silver rose 0.2% to $25.21 per ounce, platinum was down 0.1% to $971.87 while palladium slipped 0.6% to $1,300.21.

Persons: Brian Lan, We've, Lan, Baden Moore Organizations: U.S . Federal, GoldSilver Central, Investors, National Australia Bank Locations: Brian Lan of Singapore, Asia

☆ Gold retreats on dollar uptick, traders bet on Fed pause
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

On display at Agosi AG in Pforzheim is a gold bar that weighs 12.5 kilograms (400 ounces), has a fine gold content of 99.99 percent and lies on gold granules. Gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly stronger dollar, even as investors bet that recent U.S. economic readings make the case for a pause in the Federal Reserve's rate-hike stance. Spot gold fell 0.1% to $1,976.05 per ounce by 0350 GMT, after hitting its highest since May 24 at $1,984.19 on Tuesday. The dollar index edged higher from a more than one-year low hit on Tuesday, making gold more expensive for holders of other currencies. "Gold prices may have to reclaim the key psychological level of $2,000 to potentially provide more conviction for buyers," said Yeap.

Persons: Jun Rong, Wang Tao Organizations: Agosi AG, Reuters, Palladium Locations: Pforzheim, ., U.S, China

☆ Gold prices tick up as traders await Fed cues
▼ + stars: | 2023-07-18 | 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 rose 0.3% to $1,959.54 per ounce by 0359 GMT. While the upcoming Fed meeting might temporarily dim the appeal of gold, "the Fed is closer to end of tightening cycle," said OCBC Executive Director and FX Strategist Christopher Wong. "We also favor long gold as a risk-off hedge (safe haven proxy) against slowing global growth or any risk-off market event," Wong added. Investors will also watch for U.S. retail sales data for June later in the day while weak Chinese economic data released the previous day continued to weigh on sentiment.

Persons: Christopher Wong, Wong, Janet Yellen Organizations: Aurum, U.S, U.S . Federal, Bloomberg TV, European Central Bank, Bank of England, Reserve Bank of Australia's Locations: United States, U.S ., U.S

☆ Gold edges lower on slight dollar uptick
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower on Monday as the dollar inched up, although investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes. Spot gold fell 0.1% to $1,952.74 per ounce by 0307 GMT, around $11 lower from the three-month high hit on Friday. "Whilst inflation remains high, markets are responding to the relative change over the absolute level of interest rates going forward. And if peak cycles are close, it is another supportive feature for gold, alongside central bank buying," Simpson added. Lower interest rates decrease the opportunity cost of holding non-yielding bullion.

Persons: Matt Simpson, Simpson, Talim Organizations: Agosi AG, U.S . Federal Reserve, Index, Fed, European Central Bank, Hong, Japan's Nikkei Locations: Pforzheim, U.S, Europe, Hong Kong

☆ Gold set for best week since April on dollar drop
▼ + stars: | 2023-07-14 | 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 little changed at $1,959.81 per ounce by 0504 GMT, and up 1.9% for the week. Making gold less expensive for overseas investors, the dollar index touched its lowest level since April 2022. However, if the Fed does indicate more rate increases, "that could provide some nervousness (among gold investors)" Simpson added. Spot silver fell 0.2% to $24.8091 per ounce, but was set for its biggest weekly gain since March.

Persons: Gold's, Matt Simpson, Christopher Waller, Simpson, Tim Waterer Organizations: Aurum, City, Federal, KCM

☆ Gold near one-month high on hopes of Fed nearing end of rate hikes
▼ + stars: | 2023-07-13 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% to $1,959.79 per ounce by 0241 GMT, hitting its highest since June 16. Therefore, a lot of focus remains on the central bank's next rate-setting meeting, which could dictate near-term gold prices, said Brian Lan of Singapore dealer GoldSilver Central. Recent hawkish comments from policymakers have weighed on gold, with bullion down more than $100 since its May highs. Among other precious metals, spot silver rose 0.3% to $24.2163 per ounce and palladium advanced 0.7% to $1,292.19. Reporting by Arundhati Sarkar in Bengaluru; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Silver, Brian Lan, Lan, Price, Arundhati Sarkar, Rashmi Aich, Sohini Organizations: Federal Reserve, GoldSilver, Thomson Locations: Brian Lan of Singapore, Bengaluru

☆ Gold scales 1-month peak as dollar, yields drop on rate-hike pause hopes
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hovered near 1-month highs on Thursday as the dollar and Treasury yields fell on expectations the U.S. Federal Reserve could end its rate-hike cycle soon. Spot gold was up 0.1% at $1,958.16 per ounce by 11:50 a.m. EDT (1550 GMT), after hitting its highest since June 16. U.S. gold futures rose 0.2% to $1,964.60. "After yesterday's data, we saw a strong rally in the gold market. This comes a day after data showed that U.S. consumer prices rose modestly in June, registering their smallest annual increase in more than two years.

Persons: Phillip Streible, Commerzbank Organizations: Aurum, Treasury, . Federal, Blue, Federal, Market Locations: Chicago

SummaryCompanies Dollar down 0.3%, at lowest since May 11Inflation data expected at 1230 GMTJuly 12 (Reuters) - Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Making gold cheaper for holders of other currencies, the dollar index (.DXY) fell 0.3% to its lowest level since May 11. "There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures," said Yeap Jun Rong, market strategist at IG. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot, Seher, Sherry Jacob, Phillips, Sohini Organizations: Treasury, CPI, IG, Reuters, Metals, Thomson Locations: Bengaluru

☆ Gold rises on softer dollar, yields ahead of U.S. inflation data
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Spot gold rose 0.4% to $1,939.43 per ounce by 0518 GMT, its highest since June 20. U.S. gold futures rose 0.4% to $1,944.90. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot Organizations: Pro Aurum, Treasury, CPI, IG, Reuters, Metals Focus, greenback

☆ China gallium curbs raise chip questions for future EV models
▼ + stars: | 2023-07-11 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. Transphorm uses ultra thin layers of gallium nitride that are a micron, or one thousandth of a millimetre thick, on its semiconductors. "If you are already banking on gallium nitride and designing it into your platform, then you're in trouble," he said. A source at a Japanese automotive supplier told Reuters the company was weighing up whether to use gallium nitride or silicon carbide for future power semiconductors. "People have to look for other options, but gallium nitride is hard to replace, said the CMI's Neill.

Persons: Umesh Mishra, Mishra, Transphorm, Alastair Neill, Transphorm's Mishra, Neill, Nick Carey, Daniel Leussink, Christina Amann, Zoey Zhang, Matt Scuffham, David Evans Organizations: Alliance, micron, Critical Minerals Institute, Reuters, Infineon, Canada's GaN Systems, Thomson Locations: China, Goleta , California, Tokyo, Berlin, Shanghai

Spot gold held its ground at $1,926.19 per ounce by 0231 GMT. The dollar (.DXY) was near a two-month low on prospects of lower rates, while benchmark U.S. yields hovered near Monday's lows at 4.0018%. A weaker dollar makes gold cheaper for holders of foreign currencies. "As we've become accustomed to inflation decelerating, an upside surprise would spark the most volatile reaction and weigh on gold. Gold bulls need inflation to behave to justify a bullish breakout," Simpson added.

Persons: Matt Simpson, we've, Simpson, Seher, Sherry Jacob, Phillips Organizations: Index, U.S, Investors, U.S . CPI, Consumer, Thomson Locations: Wednesday's U.S, China, Bengaluru

☆ Gold flat on doubts over U.S. rate hike trajectory
▼ + stars: | 2023-07-10 | 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 were little changed on Monday after U.S. jobs data last week cast doubts over the labor market's strength, prompting investors to be more skeptical of the Federal Reserve's rate hike trajectory. Spot gold was steady at $1,923.62 per ounce by 0347 GMT. Data on Friday showed COMEX gold speculators raised their net long position by 12,733 contracts to 99,205 in the week ended July 3. In other precious metals, spot silver was steady at $23.05 per ounce, platinum fell 0.1% to $907.34 and palladium eased 0.4% to $1,238.86.

Persons: Nicholas Frappell Organizations: Aurum, Labor, ABC Refinery, U.S, West, Trust Locations: Munich, U.S, U.S . Federal, Russia

☆ Gold firms as US jobs data raises doubts on aggressive rate hikes
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

FUNDAMENTALS* Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. * An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% on Friday. * Data on Friday showed COMEX gold speculators raised net long position by 12,733 contracts to 99,205 in week ended July 3. * In other precious metals, spot silver gained 0.1% to $23.09, platinum added 0.4% to $911.40, and palladium climbed 0.2% to $1,246.86.

Persons: Janet Yellen, Swati Verma, Sherry Jacob, Phillips Organizations: Labor, . Treasury, West, Trust, Thomson Locations: U.S, Beijing, Russia

☆ ‘Virtuous Bankers’ Review: Accounting for a Nation
▼ + stars: | 2023-07-07 | by ( Adam Rowe | ) www.wsj.com time to read: 1 min

Interior view of the Bank of England by Joseph Michael Gandy. Photo: Sir John Soane's Museum/Bridgeman ImagesDuring the 18th century, the British Empire rose to global dominance by developing a new model of organized government, one that proved especially effective at converting the wealth of a free society into the power of a fiscal-military state. At the heart of this system was the Bank of England, “the grand Palladium of Public Credit,” as the Bank’s inspectors described it in 1784.

Persons: Joseph Michael Gandy, Sir John Soane's Organizations: Bank of England, Sir John Soane's Museum, Public Credit, ” Locations: British

☆ Gold heads for fourth weekly loss on calls for more rate hikes
▼ + stars: | 2023-07-07 | 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 on Friday were on track for a fourth consecutive weekly loss as recent U.S. jobs data and hawkish comments from Federal Reserve policymakers strengthened bets for higher-for-longer interest rates, weighing on non-yielding bullion. Spot gold was flat at $1,910.20 per ounce by 0240 GMT, but down 0.5% for the week. "A resilient and tight U.S. jobs market effectively strengthens the case for the Fed to keep pushing the benchmark interest rate higher. Right now, it's all about interest rates and a guessing game about where the terminal rate setting will land," said Tim Waterer, chief market analyst at KCM Trade.

Persons: Tim Waterer, Waterer, Lorie Logan, Janet Yellen's Organizations: Aurum, Federal Reserve, Fed, KCM, Fed Bank of Dallas, Treasury, Palladium Locations: Janet Yellen's Beijing

☆ Gold flat as investors await U.S. data for rate cues
▼ + stars: | 2023-07-06 | 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 flat on Thursday as investors awaited a raft of U.S. economic data that could influence the Federal Reserve's policy trajectory, after minutes of its June meeting reaffirmed expectations that interest rates could remain higher for longer. Spot gold held its ground at $1,917.46 per ounce by 0459 GMT, while U.S. gold futures fell 0.2% to $1,924.10. Therefore, a series of labor market data will be on watch, but much will still revolve around a continued moderation in wage pressures, he added. Rising U.S. interest rates increase the opportunity cost of holding non-yielding bullion.

Persons: Gold, Jun Rong, Wang Tao, Janet Yellen's Organizations: Aurum, IG, Traders, Investors, U.S . Labor, Labor, Survey, Treasury Locations: U.S, Janet Yellen's Beijing

☆ Gold trades in narrow range as markets wait for Fed minutes
▼ + stars: | 2023-07-05 | 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 stuck to a narrow range on Wednesday as investors awaited the release of the U.S. Federal Reserve's latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices. Spot gold was little changed at $1,923.66 per ounce by 0243 GMT, while U.S. gold futures rose 0.1% to $1,931.20. "Fed minutes are likely to reveal a lively debate where still more rate hikes are to come. High interest rates discourage investing in non-yielding gold, which is otherwise seen as a safe investment amid economic uncertainties.

Persons: Gold, Clifford Bennett, Bennett Organizations: Aurum, U.S, U.S . Federal, ACY Securities Locations: U.S ., United States, China

☆ Gold listless as investors wait for Fed's June meeting minutes
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at Krastsvetmet, one of the world's largest producers of precious metals, in Moscow, January 31, 2023. Spot gold was little changed at $1,921.39 per ounce by 0241 GMT, while U.S. gold futures were flat at $1,929.10. High interest rates discourage investment in non-yielding gold. Markets will also watch for minutes of the June 13 to14 FOMC meeting being released on Wednesday. While gold prices could recover to $1,940 before a potential drop lower, "the rates background remains a significant drag," Frappell added.

Persons: Nicholas Frappell, Frappell, Masato Kanda Organizations: U.S, ABC Refinery, Investors, Reserve Bank of Locations: Moscow, U.S, U.S . Federal

☆ Gold steadies near three-month lows; focus shifts to Powell
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: +2 min

Gold held near three-month lows on Wednesday after strong U.S. economic readings offset the bullion's traditional safe-haven status, while traders positioned for Federal Reserve Chair Jerome Powell's speech and more data for clues on rate hikes. Spot gold rose 0.1% to $1,915.45 per ounce by 0524 GMT, hovering close to its lowest level since March 16 at $1,910. Data on Tuesday indicating that the economy remained on solid footing could lead to more Fed rate hikes to bring down inflation. Powell will speak at a policy panel on Wednesday before the European Central Bank Forum on Central Banking in Sintra along with other central bank members. Spot silver rose 0.2% to $22.93 per ounce, platinum fell 0.9% to $916.83 while palladium dropped 1.1% to $1,281.48.

Persons: Gold, Jerome Powell's, Matt Simpson, Simpson, Powell, Tim Waterer Organizations: Federal, City, Open, Committee, European Central Bank, Central Banking, KCM Locations: U.S, Sintra

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