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☆ Gold set for monthly drop as US debt agreement saps appeal
▼ + stars: | 2023-05-31 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold set for first monthly fall in threeSilver, platinum, palladium face monthly lossGold defended support confluence zone at $1,940 level - analystMay 31 (Reuters) - Gold prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion's safe-haven status. Spot gold fell 0.2% to $1,955.28 per ounce by 0243 GMT, and lost 1.7% so far this month. Gold prices have come off their recent near-record highs reached early in May. Higher interest rates dull the appeal for zero-yield bullion. A hawkish build in rate expectations has translated to some resilience in place, and until that reverses, upside for gold prices may continue to remain capped, Jun Rong added.

Persons: Gold, Joe Biden, Kevin McCarthy, Yeap Jun Rong, Jun Rong, Arundhati Sarkar, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Federal Reserve, U.S, IG, Thomson Locations: U.S, Bengaluru

☆ Asian shares rise as investors cheer US debt ceiling agreement
▼ + stars: | 2023-05-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asian stocks mostly rose on Monday as investors cheered an agreement in principle between the White House and House Republicans to raise the US debt ceiling that could avert a cataclysmic default. The index has rallied more than 20% this year, outpacing global benchmark indexes including the S&P 500 and the Stoxx 600. WTI crude, a US benchmark, rose 0.9% to $73.32 a barrel. The agreement seems to mark “a significant progress in the US debt ceiling situation,” said Jun Rong Yeap, an analyst at IG. China and Japan are the largest foreign holders of American debt, owning a combined $2 trillion in US Treasuries.

☆ Oil rebounds on fading risk of US debt default
▼ + stars: | 2023-05-19 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil rebounds on fading risk of U.S. debt default
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. The potential for additional rate hikes increases concerns about demand weakness in the United States, said analysts from National Australia Bank. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ 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.

☆ Oil prices climb on positive US fuel demand data
▼ + stars: | 2023-05-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

May 11 (Reuters) - Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world's top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09. A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019.

☆ Oil ticks up, but set for third week of losses over demand concerns
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in Asian morning trade on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. For the week, Brent was set to close down 8.5%, while WTI was set to close 10.3% lower. "It has been a double whammy for oil prices," said Jun Rong Yeap, a market strategist at IG in Singapore. In China, factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector. Service activity in China grew through April, though the rate of this expansion has slowed, data showed on Friday.

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.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell 1.9 million barrels last week, while distillate inventories rose by 1.7 million barrels, the sources said the API reported.

☆ Gold prices subdued as caution sets in ahead of cenbank meetings
▼ + stars: | 2023-04-24 | by ( ) www.cnbc.com time to read: +2 min

Gold headed for its second decline in three sessions as strength in the dollar and equities diminished demand for the metal as an alternative asset. Gold is highly sensitive to rising interest rates, which raise the opportunity cost of holding non-interest bearing bullion. "Some firming in U.S. Treasury yields following last Friday's flash PMI data are keeping the downward pressure on gold prices," said Yeap Jun Rong, a market analyst at IG. Gold prices dropped by more than 1% on Friday after the release of surveys that showed the U.S. and euro zone business activity gathered pace in April. Moreover, the European Central Bank is expected to hike rates by a quarter percentage point on May 4, with some likelihood for a half-point hike.

☆ Gold slips on firmer dollar, Fed rate outlook
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell on Wednesday as the U.S. dollar regained some ground, while investors assessed the chances of the Federal Reserve raising interest rates just once more in May before pausing. Higher interest rates dim non-yielding bullion's appeal. The Fed should continue raising rates on the back of recent data showing inflation remains persistent, St. Louis Fed President James Bullard said on Tuesday. But Atlanta Fed President Raphael Bostic said one more hike "should be enough" before taking a step back to "see how our policy is flowing through the economy." Markets see a 95% chance of the Bank of England raising interest rates next month.

☆ Gold drifts lower on firmer dollar, Fed rate outlook
▼ + stars: | 2023-04-19 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies US dollar up 0.1%Markets pricing in 25 bps rate hike by Fed in MayApril 19 (Reuters) - Gold prices edged lower on Wednesday as the U.S. dollar regained some ground, while traders assessed chances of the U.S. Federal Reserve raising interest rates just once more in May before pausing. Spot gold was down 0.1% at $2,003.03 per ounce, as of 0337 GMT. The dollar index was up 0.1%, making gold expensive for buyers holding other currencies. "While that may provide an anchor for gold prices, given the recent rally and overextended technical conditions, the possibility of some unwinding (in prices) upon validation of the Fed's rate outlook may still remain on the table." Gold is considered a hedge against inflation, but higher interest rates dim the non-yielding asset's appeal.

☆ Oil falls as investors cautious about U.S. recession risk
▼ + stars: | 2023-04-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday. Still, the oil market was jolted higher two weeks ago after the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia agreed to curtail output. As a result, the global oil market could see tightness in the second half of 2023, which would push prices higher, said Fatih Birol, executive director of the International Energy Agency.

☆ Gold ticks up as US inflation data fuels bets for rate-hike pause
▼ + stars: | 2023-04-13 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold advances for third consecutive sessionMarkets pricing in 25-bp rate hike in MayApril 13 (Reuters) - Gold prices inched higher for a third consecutive session on Thursday, as cooler-than-expected U.S. inflation data spurred bets that the Federal Reserve might raise rates once more next month before pausing hikes. Spot gold was up 0.1% at $2,016.99 per ounce, as of 0332 GMT. Gold prices rose more than 1% on Wednesday after data showed the U.S. Consumer Price Index (CPI) rose 0.1% last month, compared with expectations for a 0.2% increase, after advancing 0.4% in February. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Recession concerns are "allowing gold prices to ride on its safe-haven status... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap added.

☆ Gold ticks up as U.S. inflation data fuels bets for rate hike pause
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched higher for a third consecutive session on Thursday, as milder-than-expected U.S. inflation data prompted bets that the Federal Reserve might raise rates just once more before pausing. U.S. gold futures rose 0.3% to $2,031.40. Gold prices rose over 1% on Wednesday after data showed the U.S. Consumer Price Index rose 0.1% last month, compared with expectations of a 0.2% increase, after advancing 0.4% in February. Recession concerns are "allowing gold prices to ride on its safe-haven status ... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap said. Spot silver fell 0.3% to $25.39 per ounce, platinum lost 0.3% to $1,011.86 and palladium dipped 0.5% to $1,452.08.

☆ Oil edges up as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ INDIA RUPEE Rupee to inch up ahead of key US inflation data
▼ + stars: | 2023-04-12 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

The non-deliverable forwards indicate the rupee will open at around 82.06-82.10 to the U.S. dollar compared with 82.12 in the previous session. Heading into the data, investors are pricing in a 70% chance that the Fed will raise rates by 25 bps points at the May meeting. The India inflation data is due a few hours before the U.S. number. India's consumer inflation rate likely softened in March to 5.80%, dipping below the Reserve Bank of India's upper tolerance limit of 6% for the first time this year, according to a Reuters poll. "India inflation is way less important (than U.S.) for how the rupee will open tomorrow," the spot trader said.

☆ Oil dips after Fed comments, U.S. crude stock build
▼ + stars: | 2023-03-23 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in promoting some resilience in oil prices, Yeap said, adding that there was still some upside room left in oil prices. Goldman Sachs said on Thursday that Chinese demand continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Gross U.S. exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in aiding to drive some resilience in oil prices, with some room left for upside in oil prices amid dip-buying seen at the start of this week, Yeap added. Meanwhile, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, the highest since May 2021. Gross exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

☆ Gold lacklustre as Credit Suisse-UBS deal spurs risk-on mood
▼ + stars: | 2023-03-20 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. On Sunday, UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Credit Suisse was caught up in a widening crisis triggered by the collapse of U.S.-based Silicon Valley Bank earlier this month, following which gold rallied over 8% or by $160 on safe-haven demand. Therefore, it may take much more for gold to reverse its current bullish trend," IG's Yeap said. Bullion is considered a hedge against economic uncertainties, although higher rates increase the opportunity cost of holding non-yielding gold.

☆ Gold lackluster as Credit Suisse-UBS deal spurs risk-on mood
▼ + stars: | 2023-03-20 | 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. Gold prices dropped on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to stabilize global financial markets. Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. On Sunday, UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Bullion is considered a hedge against economic uncertainties, although higher rates increase the opportunity cost of holding non-yielding gold.

☆ Asian markets rebound after First Republic Bank gets rescued by US lenders
▼ + stars: | 2023-03-17 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Asian markets rebounded Friday after First Republic Bank was rescued by a group of major US lenders, which eased worries about the current banking turmoil. First Republic Bank (FRC) is set to receive a $30 billion lifeline from a group of America’s largest banks, including JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (CBEAX), Citigroup (C) and Truist (TFC). “Following the recent global financial instabilities, First Republic Bank was expected to be the next domino to fall,” said Yeap Jun Rong, a market analyst at IG. Worries deepened on Wednesday after shares of Credit Suisse plummeted in Europe. Regulators on both sides of the Atlantic have taken emergency measures to shore up confidence, including protecting deposits at Silicon Valley Bank and Signature Bank and giving a $54 billion lifeline to Credit Suisse.

☆ Gold holds above $1,900 as SVB collapse fuels Fed slowdown hopes
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: +2 min

Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.3% at $1,906.75 per ounce, as of 0321 GMT, after rising more than 2% on Monday to hit its highest since Feb. 3. Markets are now pricing in a 29.4% chance of a pause in rate hikes at next week's Fed policy meeting. Considered a hedge against economic uncertainties, zero-yield gold also becomes a more attractive bet in a low interest rate environment. Spot silver fell 0.5% to $21.70 per ounce, platinum lost 0.5% at $991.19 and palladium shed 1% at $1,459.20.

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