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☆ Gold recovers as debt-ceiling talks make little apparent progress
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rebounded from their earlier losses on Tuesday, as yields fell and the dollar retreated from its highs, while another round of U.S. debt ceiling talks ended without much progress. Spot gold was up 0.3% at $1,975.39 per ounce, after shedding as much as 0.8% earlier. Gold rose from session lows on reports of further negotiations over raising the debt ceiling, said Daniel Pavilonis, senior market strategist at RJO Futures. Wall Street's main indexes fell and the dollar index backed off from its session high, while benchmark 10-year yields fell from a two-month peak. Gold tends to lose appeal when rates rise and push up bond yields, increasing the opportunity cost of holding zero-yield bullion.

Persons: Daniel Pavilonis, Joe Biden, Pavilonis, Bullion, Ole Hansen, Neel Kashkari, Silver Organizations: Futures, Republicans, Saxo Bank ., Tuesday U.S, Investors, Federal

☆ Gold ticks up as traders navigate U.S. debt limit hitch, Fed cues
▼ + stars: | 2023-05-22 | 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 edged up on Monday as drawn-out discussions around the U.S. debt ceiling and Federal Reserve Chair Jerome Powell's less-hawkish comments added to the safe-haven bullion's appeal. Spot gold was up 0.1% at $1,978.06 per ounce as of 0347 GMT, while U.S. gold futures eased 0.1% to $1,979.40. Markets are now pricing in a 86.2% chance of the Fed standing pat on rates next month, the CME FedWatch tool showed. Spot silver fell 0.2% to $23.77 per ounce, platinum eased 0.1% to $1,061.68 and palladium dipped 0.3% to $1,508.54.

☆ Gold set for biggest weekly fall since Feb on U.S. debt deal hopes
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +1 min

Gold prices ticked up on Friday but were on course for their biggest weekly drop in 3-1/2 months as hopes of a resolution in the U.S. debt ceiling negotiations and fading expectations of a rate cut by year-end took some shine off bullion. Spot gold was up 0.3% to $1,963.39 per ounce by 0418 GMT, but on track for a 2.4% weekly drop — its biggest since early February. U.S. gold futures rose 0.2% to $1,964.60. Spot silver rose 0.6% to $23.64 per ounce, but was set for a second weekly fall. Investors are increasing their bullish bets in platinum with strong auto sales also boding well for platinum group metals, ANZ said in a note.

☆ Gold listless as U.S. debt talks dominate market mood
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Gold prices were little changed on Thursday as the dollar held firm and optimism over U.S. debt-ceiling talks chipped away at the metal's safe-haven appeal. The dollar index traded near a seven-week high reached in the previous session, making gold less affordable for overseas investors. U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The decline in silver so far this month "could be closer to some tentative stabilization," Wong added.

☆ Gold holds ground amid U.S. debt-ceiling jitters
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Wednesday, as investors fretted over prolonged U.S. debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold ticked up 0.1% to $1,991.35 per ounce by 0455 GMT. Rival safe-haven dollar, meanwhile, held firm on the day, making gold less appealing for overseas buyers. "Any inflation-fighting rhetoric from Fed officials between now and the June meeting would hinder the gold price," Waterer further said, adding, the prevailing dollar strength was capping gold's upside for the time being. Spot silver rose 0.1% to $23.76 per ounce after hitting a six weeks low in the previous session.

☆ Insurance tech company says it prefers palladium to platinum
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInsurance tech company says it prefers palladium to platinumJonathan Barratt of CelsiusPro explains why palladium offers "better value."

☆ Gold dips as markets assess Fed rate hike remarks, debt talks in focus
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: +1 min

Spot gold fell 0.2% to $2,016.72 per ounce by 0237 GMT, while U.S. gold futures were down 0.1% to $2,020.20. Gold hit $2,072.19 earlier this month, just shy of a record high of $2,072.49, after the Federal Reserve hinted that its marathon hiking cycle may be ending. However, U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness. While gold is considered a hedge against inflation, rising interest rates dull the non-yielding bullion's appeal. Elsewhere, spot silver fell 0.3% to $24.04 per ounce, platinum dipped 0.1% to $1,063.66, while palladium was little changed at $1,531.60.

☆ Platinum demand predicted to surge this year, leaving a near 1-million-ounce deficit
▼ + stars: | 2023-05-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The price of platinum has soared as high demand meets low supply. A previously anticipated platinum shortage will be worse than expected this year thanks to increased demand, particularly from the industrial sector, according to the World Platinum Investment Council. Global demand for platinum will see a 28% uptick this year compared to 2022, while supply will decrease 1% year-on-year, the organization said Monday. Industrial demand, particularly in chemical and glass production in China, is looking to be the strongest on record, the report estimates. Strong demand also continues in the auto sector as platinum becomes an increasingly common replacement for pricy palladium in catalytic converters, it said.

☆ Gold ticks higher as economic risks persist
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged higher on Monday as the U.S. debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal. Spot gold was up 0.2% at $2,014.44 per ounce by 0432 GMT, after falling for three sessions. Bullion tends to gain during times of economic or financial uncertainty, but higher interest rates dim non-yielding gold's appeal. Markets are pricing in an 83.4% chance of the U.S. central bank holding rates at the current level in June, according to the CME FedWatch tool. But taking some shine off gold, rival safe-haven dollar rose to a five-week high against major peers and made bullion less affordable for buyers holding other currencies.

☆ Gold falls for the week on stronger dollar
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell to a one-week low on Friday, and was lower for the week, weighed down by a stronger dollar and an uptick in U.S. bond yields. Spot gold was last 0.24% lower at $2,010.84 per ounce, after falling as much as 0.7% earlier in the session. U.S. gold futures fell 0.2% to $2,016.40. Spot silver fell 1.02% to $23.9257 per ounce, down about 7% for its worst week in seven months. Fawad Razaqzada, market analyst at City Index, attributed the drop to the dollar rebound and concerns over China's economic recovery.

Spot gold was unchanged at $2,032.86 per ounce, as of 0201 GMT. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Worries over the global economy and demand-supply outlook may also support the commodity in the near future," Hareesh added. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Gold holds steady ahead of U.S. inflation print
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +2 min

Gold bars are displayed at a bullion merchant's, Baird & Co., in London, U.K., on Friday, March 14, 2008. Gold prices were flat on Wednesday, as traders positioned themselves for key U.S inflation data due later in the day, which could impact the Federal Reserve's policy stance. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Gold holds ground as investors brace for U.S. inflation data
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve's policy path. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

Spot gold was little changed at $2,023.41 per ounce, as of 0232 GMT. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Bullion is considered an inflation hedge, but higher rates dent the non-yielding asset's appeal. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

☆ Gold flat as traders gear up for U.S. inflation data
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices were listless on Monday, as cautious investors awaited a key U.S. inflation data due this week that could influence the Federal Reserve's monetary policy stance. Bullion prices fell more than 2% on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Fed. Gold would be among the "prime beneficiaries" if there are further signs of weakness in the U.S. economy, if the stars align for gold, prices could move to $2,100 sooner rather than later, Waterer said. On the physical front, China held 66.76 million fine troy ounces of gold at the end of April, up from 66.50 million ounces at end-March.

SummarySummary Companies U.S. CPI due on WednesdayPlatinum regaining investors' attention - ANZMay 8 (Reuters) - Gold prices were listless on Monday, as cautious investors awaited a key U.S. inflation data due this week that could influence the Federal Reserve's monetary policy stance. Bullion prices fell more than 2% on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Fed. Gold would be among the "prime beneficiaries" if there are further signs of weakness in the U.S. economy, if the stars align for gold, prices could move to $2,100 sooner rather than later, Waterer said. On the physical front, China held 66.76 million fine troy ounces of gold at the end of April, up from 66.50 million ounces at end-March. "Platinum is regaining investors' attention as fundamentals improve," ANZ wrote in a note.

☆ Gold flat; set for weekly jump on hopes of Fed pause, banking woes
▼ + stars: | 2023-05-05 | 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 flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve's interest rate hike cycle and banking worries in the country bolstered the safe-haven metal's appeal. Spot gold was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. Mounting risks to the U.S. economy have also supported strong investor demand into gold as they sought haven assets, ANZ said in a note. The dollar index was set for a weekly drop, making gold more attractive for overseas buyers.

SummarySummary Companies US dollar down 0.2%Powell: Won't rule out mild recessionPlatinum, palladium up 1%May 4 (Reuters) - Gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle. Spot gold was up 0.1% at $2,040.46 per ounce by 0249 GMT. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020. U.S. gold futures rose 0.6% at $2,050.10. Spot silver rose 0.9% at $25.82 per ounce, platinum gained 1% to $1,060.16 while palladium edged 1.4% higher to $1,443.11.

☆ Gold hovers above $2,000 as Fed rate decision looms
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate decision due later in the day. The Fed's rate decision will be announced at 1800 GMT. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. On the physical front, Perth Mint's April gold product sales slipped more than 6% month-on-month, while silver sales hit a six-month peak. Analysts have cut their forecasts for palladium after a 60% price fall, but rising vehicle production should limit any sell-off, a Reuters poll showed.

SummarySummary Companies Fed rate decision due at 1800 GMTU.S. job openings drop in MarchMay 3 (Reuters) - Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate-hike verdict due later in the day. The market mostly expects the U.S. central bank to raise interest rates by 25 basis points. "If the Fed were to surprise with a pause, this would suggest a deepening banking crisis and would likely send gold higher," said Clifford Bennett, chief economist at ACY Securities. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices flat on caution ahead of Fed meeting
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +1 min

Gold prices were flat on Tuesday, as cautious market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve. The Fed, which meets on May 2-3, is widely expected to raise interest rates by 25 basis points. Gold prices could move towards $2,000 if the Fed highlights recession worries and hints at a pause in the rate hike cycle, said Ajay Kedia, director at Kedia Commodities in Mumbai. U.S. manufacturing contracted in April but there was a build-up of inflation pressures, supporting expectations of Fed rate hike, according to data released on Monday. In the previous session, gold prices briefly rose above $2,000 after JP Morgan's acquisition of First Republic Bank's assets.

SummarySummary Companies Dollar up 0.1%Fed likely to raise rate by 25 bps on WednesdayMay 1 (Reuters) - Gold prices dipped on Monday as the U.S. dollar held firm, with traders positioning themselves ahead of a much awaited Federal Reserve rate-hike decision due this week. The dollar index rose 0.1%, making greenback-priced bullion more expensive for overseas buyers. "If the Fed comes out unexpectedly hawkish, then it won't bode well for gold. Gold prices rose more than 1% in April as renewed concerns over the U.S. banking turmoil drove investors to the safe-haven asset. The European Central Bank is widely expected to raise rates for the seventh straight meeting on May 4.

SummarySummary Companies Silver, platinum, palladium set for monthly gainDollar eyes monthly fallApril 28 (Reuters) - Gold prices eased on Friday as the dollar firmed in the run up to U.S. inflation data, but economic jitters kept safe-haven bullion on course for a second consecutive monthly rise. Spot gold edged 0.2% lower to $1,983.01 per ounce by 0915 GMT, but was up 0.8% for the month. But "a sudden deterioration in the bank sector crisis could trigger a rush to safe-havens likely to see gold prices soar above previous records," Evangelista added. A weaker dollar makes bullion more affordable for overseas buyers. Silver fell 0.5% to $24.82, platinum shed 1% to $1,066.57, while palladium was flat at $1,495.13 -- all headed for monthly gain.

☆ 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.

☆ Gold rises on subdued dollar, US data in spotlight
▼ + stars: | 2023-04-27 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold rose 0.4% to $1,996.50 per ounce by 0230 GMT, while U.S. gold futures climbed 0.5% to $2,005.20. Making bullion less expensive for other currencies holders, the dollar index eased 0.1% on the day. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling. Therefore, given the "uneasy tone with the banking situation" and the "debt ceiling uncertainties, gold will probably be more sensitive to the upside than to the downside," Meir said. Elsewhere, spot silver rose 0.5% to $25.02 per ounce, platinum added 0.3% to $1,092.68, and palladium ticked 0.1% up to $1,513.81.

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