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☆ Gold hits record peak as rate cut bets burnish appeal, silver jumps
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hit an all-time high on Monday as a slowing U.S. inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak. Spot gold was up 0.9% at $2,436.76 per ounce, as of 0340 GMT after hitting a record high of $2440.49 earlier in the session. Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September. "Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Spot silver rose 2.5% to $32.28 after hitting an over 11-year high.

Persons: Kyle Rodda, Bullion, Matt Simpson, Wang Tao Organizations: Fort, Federal Reserve, Index, Palladium Locations: Fort Knox Alaska, Kinross, Tetlin , Alaska, U.S, China's, China

☆ Gold prices inch higher on U.S. rate-cut bets, Middle East woes
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices edged higher on Tuesday, steered by bets that the U.S. Federal Reserve would cut interest rates later this year and safe-haven demand for bullion as Gaza ceasefire remains uncertain. Spot gold was up 0.1% at $2,324.75 per ounce, as of 0148 GMT after rising more than 1% in the previous session. Fed Bank of New York President John Williams said on Monday that at some undefined point the U.S. central bank will lower its interest rate target. Lower rates increase the appeal of holding non-interest bearing gold.

Persons: that's, Matt Simpson, John Williams, Simpson, Israel, Heraeus Organizations: Co, U.S . Federal, Index, Fed Bank of New York, Investors, Hamas Locations: Bangkok, Thailand, Gaza, U.S, Palestinian, Rafah

☆ Gold set for second weekly fall; U.S. payrolls on investors' radar
▼ + stars: | 2024-05-03 | 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 poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the U.S. non-farm payrolls data that could provide cues on the Federal Reserve's rate cut timeline. Spot gold held its ground at $2,306.84 per ounce by 0457 GMT but lost more than 1% this week. Softer U.S. payrolls print could provide support for gold but a better report may weigh on prices, Wong added. The non-farm payrolls report is due at 1230 GMT.

Persons: Christopher Wong, Wong, Wang Tao, Fawad Organizations: Co, U.S ., Fed, City Index Locations: Bangkok, Thailand, Egypt, Israel

☆ Gold prices flutter higher as Fed holds rates steady
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

The Fed left interest rates unchanged on Wednesday as expected. Its latest policy statement kept key elements of its economic assessment and policy guidance intact, framing its discussion of interest rates around the conditions under which borrowing costs can be lowered. Traders were relieved that Powell slammed the door shut for further hikes, helping gold prices climb back above $2,300, City Index senior analyst Matt Simpson said. Lower interest rates increase the appeal of holding non-yielding bullion. The U.S. non-farm payrolls report is due on Friday.

Persons: Jerome Powell, Powell, Matt Simpson, Simpson Organizations: Federal Reserve, U.S ., Traders, City Index, U.S, Palladium, MKS PAMP

☆ US home prices rose in February at the fastest pace in more than a year
▼ + stars: | 2024-04-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —US home-price growth accelerated in February at the fastest annual pace since November 2022, a sign that America’s housing market remains tough amid elevated mortgage rates. Of the 20 cities, San Diego saw the biggest increase in home prices in February, a steep 11.4% rise, followed by Chicago and Detroit. America’s housing market began to recover in the beginning the year as home sales surged from decades-lows in the fall and homebuilders began to feel to more upbeat about the economy. Mortgage rates have followed suit, since they track the 10-year yield. Economists don’t expect mortgage rates to drop meaningfully this year, and they could continue to climb if inflation remains stuck.

Persons: homebuilders, Freddie Mac Organizations: Washington CNN, Federal Reserve, National Association of Realtors, Treasury Locations: San Diego, Chicago, Detroit, Portland , Oregon

☆ Here are the top 10 smartest cities in the world — and none are in the U.S.
▼ + stars: | 2024-04-22 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +4 min

These are the ten smartest cities in the world, according to IMD. This year's index was produced by the IMD World Competitiveness Center's Smart City Observatory in collaboration with the World Smart Sustainable Cities Organization (WeGO) that's based in Seoul, South Korea. Smart cities in Europe and Asia are gaining ground globally while North American cities have fallen down the ranks, according to the 2024 Smart City Index released April. Here are the top 10 smart cities, according to the 2024 Smart City Index. While European cities dominated the list, Asian cities are gaining ground too.

Persons: Bruno Lanvin, Lanvin Organizations: IMD, Smart, Smart Sustainable Cities Organization, United Arab Emirates, Washington DC, San, U.S, Boston, CNBC Locations: Seoul, South Korea, Europe, Smart, Asia, Zurich, Switzerland Oslo, Norway Canberra, Australia Geneva, Switzerland Singapore Copenhagen, Denmark Lausanne, Switzerland London, England Helsinki, Finland Abu Dhabi, Denver, Los Angeles, San Francisco, New York City, Chicago, Singapore, Beijing, Taipei City, Shanghai

☆ Gold near record high on growing geopolitical concerns
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked up, hovering near record-high levels, as fears of escalating tensions in the Middle East drove investors towards the safe-haven metal. Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal. Spot gold was up 0.2% at $2,387.11 per ounce, as of 0355 GMT, after hitting an all-time high of $2,431.29 on Friday. Gold rose 1.6% in the previous session despite data showing U.S. retail sales increased more than expected in March. Citi projected gold prices to trade at $3,000 per ounce over the next 6-18 months.

Persons: Matt Simpson Organizations: East, City Index, U.S ., Citi Locations: Iran, Israel, U.S, India, China

☆ Dollar firms after hot retail sales, yen languishes; China data awaited
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. In the U.S., retail sales rose 0.7% last month, compared with the 0.3% rise that economists polled by Reuters had forecast. The Japanese yen languished under the dollar's continued strength and large interest rate differential between the two countries, breaching 154 to hit a fresh 34-year low against the dollar on Monday. The offshore Chinese yuan was mostly unchanged at 7.2620 per dollar ahead of the key economic data releases out of China.

Persons: Matt Simpson, Shunichi Suzuki, Index's Simpson, bitcoin Organizations: Reuters, Federal Reserve, U.S ., U.S, Traders, Japanese Finance, European Central Bank Locations: China, U.S, Middle

☆ Dollar steady ahead of jobs data; yen hits two-week high
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +3 min

The yen, while still close to the 152 range, hit a two-week high against the greenback as safe-haven bids and fresh warnings from Japanese authorities buoyed the currency. The dollar has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of bringing interest rates down. The dollar index , which measures the greenback against a basket of major currencies, was last largely unchanged at 104.18. Japanese Finance Minister Shunichi Suzuki on Friday reiterated the government's resolve to take appropriate action against sharp yen falls. The yen strengthened 0.29% versus the greenback to a two-week high of 150.92.

Persons: payrolls, Neel Kashkari, Jerome Powell, Charu Chanana, Joe Biden, Matt Simpson, Shunichi Suzuki, Kazuo Ueda, bitcoin Organizations: U.S, The U.S, greenback, Minneapolis Federal, Saxo, Biden, Finance, Bank of Japan, Asahi Locations: The, Minneapolis, Gaza, Iran

☆ Gold smashes record again as U.S. inflation worries loom
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Spot gold was up 0.3% at $2,286.24 per ounce, as of 0406 GMT, and hit a record high of $2,288.09 earlier in the session. Data this week showed U.S. manufacturing unexpectedly rebounded, with the rise in raw materials prices triggering fears that inflation could resurge. "With commodity prices rising in general, it brings the risks of another round of inflation - so perhaps investors are hedging for inflation," Simpson said.

Persons: Bullion, Matt Simpson, Simpson, Edward Meir said Organizations: Index, Federal Locations: U.S, Ukraine, Asia

☆ Gold subdued as dollar firms, investors seek more Fed cues
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady on Tuesday despite a stronger dollar and elevated Treasury yields, as investors awaited the minutes of the last U.S. Federal Reserve policy meeting for more clues on its interest rate cut timing. Gold prices edged lower on Wednesday due to an uptick in the dollar, although bullion traded in a narrow range as investors stayed on the sidelines awaiting more cues on the U.S. Federal Reserve policy. Spot gold was down 0.1% at $2,176.80 per ounce, as of 0533 GMT. The dollar index strengthened 0.1% against its rivals, making gold more expensive for other currency holders. "It's difficult to construct an overly bearish case for gold prices with the current backdrop of geopolitics and potential central easing," City Index senior analyst Matt Simpson said.

Persons: Matt Simpson, Austan Goolsbee, JP Morgan Organizations: Federal Reserve, U.S . Federal, Index, Chicago Fed, Fed Locations: U.S

☆ Dollar steadies as traders weigh hotter-than-expected inflation
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar held steady against a handful of rival currencies on Wednesday, as traders weighed what impact hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting. The U.S. dollar held steady against a handful of rival currencies on Wednesday, as traders weighed what impact hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting. The U.S. consumer price index, or CPI, increased solidly in February, beating forecasts and suggesting some stickiness in inflation. That has left analysts wondering whether the Fed will have sufficient data to justify more than a couple of rate cuts all year. The dollar index , which measures the greenback against a basket of peer currencies, was little changed at 102.91.

Persons: Powell, Matt Simpson, Kazuo Ueda's, bitcoin Organizations: U.S, Federal, Fund, U.S ., CPI, Bank of Japan, Traders, European Central Bank Locations: U.S

☆ Gold rally hits pause ahead of U.S. inflation data
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices took a breather from a record-breaking rally on Monday, which was fueled by a cooling U.S. labor market and remarks from the Federal Reserve, with traders awaiting a U.S. inflation report for fresh clues on the timing of rate cuts. Gold set a record peak of $2,194.99 for the fourth straight day on Friday after data signaled a cooling U.S. labor market. COMEX gold speculators raised their net long positions by 63,018 contracts to 131,060 in the week ended March 5, data showed on Friday. A cooler reading on the CPI print could help the case for an early rate cut, supporting gold prices.

Persons: Matt Simpson, Simpson, Powell Organizations: Co, Federal, Index, Traders Locations: Bangkok, Thailand

☆ Gold hovers near one-month peak on slowing U.S. inflation
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hovered near a month high on Friday after data suggested easing U.S. price pressures, while traders awaited remarks from several Federal Reserve officials. Gold prices hovered near a month high on Friday after data suggested easing U.S. price pressures, while traders awaited remarks from several Federal Reserve officials. Gold traders rejoiced the fact that core-PCE slowed annually," City Index senior analyst Matt Simpson said. Money market pricing shows traders are pricing in three quarter-point U.S. rate cuts for 2024. "Whilst negative ETF flows are capping gold prices, China's central bank is a key reason that gold prices remain supported, as they were the second highest purchaser of gold reserves in the fourth quarter," Simpson said.

Persons: Matt Simpson, Simpson Organizations: Federal Reserve, PCE, Index, U.S

☆ Stocks hate this one weird trick from the calendar
▼ + stars: | 2024-02-29 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Leap Day might seem like fun and games — until you consider Wall Street. To account for that gap, Julius Caesar in 45 BC decreed that an extra day be added every four years, leading to the Julian calendar. Pope Gregory XIII in 1582 AD created the Gregorian calendar, coined the term “leap year” and established February 29 as the official leap day. He adds that a leap day can also help marginally raise corporate earnings, since companies get an extra day in a fiscal quarter to operate. History shows that stocks tend to perform worse when an additional day is added to the calendar.

Persons: Julius Caesar, Pope Gregory XIII, Matt Weller, Weller, Dow, ”, “ Barbie ”, “ Oppenheimer, ’, Samantha Delouya, It’s, Read, Sam’s, Sam, Matt Egan, Banks Organizations: CNN Business, Bell, New York CNN, Dow Jones, Bulls, Research, AMC Entertainment, AMC, Treasury Department, CNN, Treasury Locations: New York, FOREX.com

☆ Dollar on defensive after pullback from nearly 3-month peak
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +2 min

The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. U.S. Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the dollar. The U.S. dollar index , which measures the currency against six major peers, including the euro, was flat at 104.14, following Tuesday's 0.29% slide. The currency pair tends to be extremely sensitive to moves in Treasury yields.

Persons: Jerome Powell scuppered, Matt Simpson, James Kniveton Organizations: Federal, Treasury, U.S, CPI, Federal Reserve Locations: U.S, Asia

☆ Gold slides as US jobs data dampens bets of early rate cut
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell on Monday, as the U.S. dollar and Treasury yields surged after a robust jobs report crushed expectations of near-term interest rate cuts from the Federal Reserve. Spot gold was down 0.5% at $2,029.03 per ounce by 0556 GMT. Traders are betting on four quarter-point Fed rate cuts for 2024, down from six last Monday, according to LSEG's interest rate probability app IRPR. Investors are awaiting remarks from a host of Fed speakers this week for further clues on rate cuts. Spot silver fell 0.5% to $22.56 per ounce, palladium dropped 0.8% to $939.26, while platinum rose 0.5% to $894.99.

Persons: Jerome Powell, Matt Simpson, Simpson Organizations: U.S ., Treasury, Federal Reserve, Index, Traders, U.S . Labor, Reuters, Fed Locations: Singapore

☆ Gold set for monthly dip on rate caution; Fed in focus
▼ + stars: | 2024-01-31 | 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. Spot gold edged 0.1% lower to $2,033.88 per ounce by 0513 GMT, after touching a two-week high of $2048.12 in the previous session. The chances of a March rate cut have dropped to 44% from about 90% a month ago. "With renewed hopes of a truce in Gaza, today's FOMC meeting runs the risk of disappointing doves and weighing on gold," said Simpson. Spot silver dropped 0.5% to $23.05 per ounce, platinum slipped 0.2% to $918.79, and palladium rose 0.2% to $977.67.

Persons: it's, Matt Simpson, Simpson, Jerome Powell Organizations: Co, Federal Reserve, Fed, Index, Traders, Treasury Locations: Bangkok, Thailand, U.S, Gaza

☆ Dollar keeps tight ranges ahead of Fed, jobs data
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +3 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The dollar was steady in the Asian morning, with market participants moving cautiously ahead of the two-day FOMC meeting that kicks off on Tuesday. "I suspect that the FOMC meeting will not be as dovish as current market pricing suggests," said Matt Simpson, senior market analyst at City Index. The data will give another indication of whether the world's largest economy remains strong after the Fed's aggressive hiking campaign. Sterling was last trading at $1.2716, holding firm ahead of the Bank of England's monetary policy meeting this week.

Persons: Jerome Powell, Matt Simpson, hasn't, Sterling, Wei Liang Chang Organizations: U.S . Department of Labor, U.S ., Central Bank, Bank, DBS, Fed Locations: U.S

☆ Gold holds steady as traders anticipate US economic data
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Spot gold edged 0.1% lower to $2,026.39 per ounce by 0348 GMT. U.S. gold futures fell 0.1% to $2,028.00. The odds of a Fed rate cut in March have dropped to 49% from about 71% two weeks ago, according to LSEG's interest-rate probability app IRPR. The U.S. dollar index fell 0.1%, while yields on benchmark U.S. 10-year Treasury notes slipped from a more than a month high to 4.1111%. Spot silver fell 0.2% to $22.55 per ounce, platinum was steady at $898.95, and palladium fell 0.1% to $945.88.

Persons: Matt Simpson Organizations: Federal, U.S, PMI Locations: Singapore, U.S

☆ Gold frail as dollar, yields strength dim shine
▼ + stars: | 2024-01-16 | 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 were subdued on Tuesday as the dollar and Treasury yields rose, while traders waited to hear from a slew of U.S. Federal Reserve speakers this week for more clarity on the central bank's rate cut prospects. The dollar index touched a 10-day high, making bullion less attractive for other currency holders, while yields on benchmark U.S. 10-year Treasury notes rose above 4%. Elsewhere, European Central Bank officials pushed back against market expectations for rapid rate cuts this year. According to Reuters technical analyst Wang Tao, spot gold may retrace to $2,042 per ounce, after its repeated failures to break resistance at $2,060.

Persons: Christopher Waller's, Matt Simpson, Christopher Waller, Waller, Simpson, Wang Tao Organizations: Co, . Federal Reserve, Index, Fed, Brookings Institution, Traders, Central Bank Locations: Bangkok, Thailand

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold set for 3rd weekly gain as cooler data cements Fed cut bets
▼ + stars: | 2023-12-01 | 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 were set to mark a third straight weekly rise on Friday, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve's Chair Powell later in the day. Spot gold rose 0.2% at $2,039.42 per ounce by 0427 GMT, after marking an over $60 rise in November — its second straight monthly rise. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favor gains for gold between November and December," City Index's Simpson added.

Persons: Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal Organizations: Aurum, Traders, U.S Locations: U.S, InProved

☆ Gold hits 6-month peak on dollar dip, bets of Fed's rate hike pause
▼ + stars: | 2023-11-28 | 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 steadied after touching a six-month peak on Tuesday, as expectations of an end to the U.S. Federal Reserve's interest rate hike cycle kept the dollar and bond yields under check. Spot gold was little changed at $2,014.12 per ounce by 0412 GMT, after hitting its highest since May 16. The dollar index touched its lowest since late August against its rivals, making gold less expensive for other currency holders. Spot silver fell 0.3% to $24.55 per ounce, platinum was down 0.5% to $913.90.

Persons: Gold, Matt Simpson, Simpson, CME's Organizations: Aurum, U.S, Index, Fed, Traders Locations: Munich, U.S . Federal, U.S, China, Hong Kong

☆ Gold slips below $2,000 level as dollar halts slide
▼ + stars: | 2023-11-22 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $1,996.33 per ounce, as of 0335 GMT. However, "the move lower in the U.S. dollar looks overextended ... And with an effective 4-day weekend looming in the U.S., gold currently lacks the legs to commit fully above $2,000." A weaker dollar makes gold less expensive for other currency holders. Data on Tuesday showed U.S. existing home sales dropped to the lowest level in more than 13 years in October. Swiss gold exports in October rose to their highest level since May as deliveries to India surged to meet demand during the country's festive season, customs data showed.

Persons: Alexander Manzyuk, Matt Simpson, CME's, Brijesh Patel, Sherry Jacob, Phillips Organizations: REUTERS, U.S . Federal Reserve, Index, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Swiss, India, Bengaluru

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