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Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Spot gold edged down 0.1% at $2,126.13 per ounce, as of 0458 GMT. Spot prices hit a record peak of $2141.59 per ounce overnight on Tuesday, rallying for a fifth straight session. Spot platinum rose 0.4% to $884.16 per ounce, and palladium rose over 1% to $958.20, while silver dropped 0.3% to $23.63.
Persons: Jerome Powell, Ajay Kedia, Kunal Shah Organizations: Federal, Kedia Commodities, Traders, U.S, Nirmal, Commodities Locations: Mumbai, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin ETFs will bring about a 'flood of liquidity' to the market, says Fred ThielFred Thiel of Bitcoin mining company Marathon Digital discusses why he thinks Bitcoin ETFs are a good thing for the cryptocurrency's market and says he expects it to behave in a similar manner to gold's as it matures.
Persons: Fred Thiel Fred Thiel Organizations: Marathon
Gold steady as Fed remarks counter safe-haven demand
  + stars: | 2024-02-08 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices steadied on Thursday as a pushback from U.S. Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand after Israel rejected a ceasefire offer from Hamas amid continuous talks to end the Gaza conflict. Gold prices steadied on Thursday as a pushback from U.S. Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand after Israel rejected a ceasefire offer from Hamas amid continuous talks to end the Gaza conflict. Spot gold held its ground at $2,033.56 per ounce, as of 0427 GMT. Fed officials want to hold off on cutting interest rates until they have more confidence that inflation is headed down to 2%. Gold, considered a safe-haven investment, tends to gain during times of political and economical uncertainty.
Persons: Tim Waterer, Moody's, Waterer Organizations: U.S . Federal, Israel, KCM, U.S, Community Bancorp Locations: U.S, Gaza, New, Germany, China
Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report. "We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC. He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG. Silver prices, like gold, tend to have an inverse relationship with interest rates. In contrast, gold prices usually rise during times of economic weakness or uncertainty.
Persons: Nicky Loh, Michael DiRienzo, Randy Smallwood Organizations: Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw Locations: Singapore, India, U.S
For Kevin Teng, CEO of Wrise Wealth Management Singapore, which serves ultra-high-net-worth individuals across Asia, the Middle East and Europe, three top stocks stand out as good plays right now. Of 52 analysts covering the stock, 48 give it a buy or overweight rating at an average price of $460.37, according to FactSet data. Barrick Gold Beyond tech and energy, Teng is also bullish on gold, naming Canadian miner Barrick Gold among his top picks. Spot gold prices are up around 7.5% over the last 12 months. Shares in Barrick Gold are down over 15% over the last 12 months.
Persons: Kevin Teng, Teng, Morgan Stanley, — CNBC's Jordan Novet, Fred Imbert Organizations: Big Tech, U.S . Federal, Wrise Wealth Management Singapore, Microsoft, Google, Apple, Nvidia, Tesla, CRM, CNBC Pro, ExxonMobil, Natural Resources, Exxon, Barrick, Barrick Gold Locations: Asia, East, Europe, West Texas, New Mexico, Guyana, Zambia, Pakistan
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
Farrer is better known as the Timepiece Gentleman, the flashiest online dealer in the $75 billion luxury watch trade. All he needed was the right name for his luxury watch business — something distinctive, something memorable. In his mind, he pictured what the ultimate luxury watch dealer would look like. To launch his career as the Timepiece Gentleman, Farrer boned up on the jargon of horology, from escape wheels and spring barrels to flinques and guilloches. Despite the staggering size of the luxury watch trade, nobody had thought to market its glamour and mystique.
Persons: Reddit, I've, Anthony Farrer, Farrer, Mark Wahlberg, Marky Mark, Patek Philippes, Sharf, Prada, he'd, Cameron, Travis Baker, chronograph, Richard Chance, He'd, timepieces, Farrer boned, they're, Kevin Hart, It's, Buyers, Darby McVay, McVay, Liz Guilliams, Guilliams, You've, Dallas —, Crimepiece, vouching, Santa Monica, , Darth Vader, y'all, reselling, Anthony, stiffing, Wesley Stokes, Stokes, Bob Schober, Joe Haden, Richard Mille, Schober, He's, Peter, Paul, didn't Organizations: YouTube, FBI, Timepiece Gentlemen, Watch, Buffalo Wild Wings, Business, Boston Consulting Group, Texans, Craigslist, Lamborghini, Malibu, Downtown, Hollywood, Cleveland Browns, TPG, Ducati, Venice Locations: Venice , California, Venice, backwoods Texas, Reddit, cowpoke, Sherman , Texas, Dallas, It's, Salt, Riding, Los Angeles, In Dallas, LA, Santa, Texas, Downtown Los Angeles, South Carolina, Scottsdale , Arizona, Stokes
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
Investors betting on another strong year for gold may want to look at an obscure part of the market: gold streaming and royalty companies. "The profitability of the gold companies wasn't keeping pace with the rise in the gold price." MacRury echoed this sentiment, pointing to historical context as a reason he believes gold prices could hurtle towards new highs. "Past easing cycles over the last 20+ years have corresponded with strong gold prices, and we expect to see gold set new record highs in 2024," he wrote. Shares of Royal Gold popped 7% in 2023, but are down more than 10% in the past 12 months.
Persons: Carey MacRury, Adam Rozencwajg, Canaccord's, Rozencwajg, it's, MacRury, Leigh Goehring, Osisko Organizations: Barrick, CNBC, Royal, Miners, Royal Gold, Barrick Gold, Federal Reserve, Franco, Wheaton Precious Metals Locations: Newmont, Franco, Nevada, Brazil, Russia, China, India, Panama, Wheaton, U.S
Gold slips as strong U.S. data dampens Fed rate cut bets
  + stars: | 2024-01-24 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Gold prices inched lower on Wednesday as strong U.S. economic data doused hopes for early interest rate cuts by the Federal Reserve, while investors awaited a slew of economic reports this week. "Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold's appeal," said IG market strategist Yeap Jun Rong. Traders are pricing in five quarter-point Fed rate cuts in 2024, down from six cuts two weeks ago.
Persons: Yeap Jun Rong, Rong Organizations: Federal Reserve, Treasury, Traders, Fed Locations: Birmingham, England, Ukraine, Israel, dovish, 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
Cramer's Lightning Round: Micron is a buy
  + stars: | 2024-01-18 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Marathon Digital's year-to-date stock performance. Stock Chart Icon Stock chart icon Barrick Gold's year-to-date stock performance. Stock Chart Icon Stock chart icon Caterpillar's year-to-date stock performance. Stock Chart Icon Stock chart icon U-Haul's year-to-date stock performance. Stock Chart Icon Stock chart icon Micron's year-to-date stock performance.
Persons: Electric's, Larry Culp, Genie Energy's Organizations: Barrick, Caterpillar, General, Genie Energy Locations: MARA, bitcoin, China
Morning Bid: Buoyant markets hold near year's highs
  + stars: | 2023-12-04 | by ( ) www.reuters.com   time to read: +5 min
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Fed futures markets think a first cut may come as soon as March - with a quarter-point easing by then already two-thirds priced. Two-year Treasury yields hit their lowest since June on Friday and 10-year yields their lowest in three months, although they edged higher on Monday. U.S. crude hit its lowest in two weeks and is tracking year-on-year losses of almost 10%. But that is widening into yearend as peak rate hopes encourage some rotation to smaller cap stocks.
Persons: Carlo Allegri, Mike Dolan, Jerome Powell, Powell, Goldman Sachs, Jan, Fitch, Bitcoin, Christine Lagarde, Joann, Kirsten Donovan Organizations: New York Stock, REUTERS, Federal Reserve, Spelman College, Fed, Tech, HK, Central Bank, Treasury, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Europe, Gaza, China, Hong Kong, WuXi, Evergrande, RGC Resources
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 holds ground ahead of U.S. inflation test
  + stars: | 2023-11-30 | 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 consolidated in a tight range on Thursday, hovering close to a near seven-month high, as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected. Spot gold was down 0.1% at $2,041.76 per ounce by 0543 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.2% to $2,042.40 per ounce. Spot silver fell 0.2% to $24.95 per ounce.
Persons: Bullion, Yeap Jun Rong, Jerome Powell Organizations: Primera Gold's, U.S, Federal, Traders Locations: Bukavu, South Kivu Province, Democratic Republic of Congo, U.S
A woman picks a gold earring at a jewellery shop in the old quarters of Delhi, India, May 24, 2023. While India's gold demand has been solid so far in 2023, matching strength in the domestic economy, it appears that some momentum may be coming out of the market. The high price of gold for consumers in China may further crimp demand in the fourth quarter, after the World Gold Council reported a decline in third. The recent price rally is likely to trim demand growth in India in the current quarter. But countering the positive drivers are signs that high prices are undermining demand growth in the key markets of China and India.
Persons: Anushree, they're, Hong Kong, Sonali Paul Organizations: REUTERS, Rights, U.S . Federal Reserve, Hong, Hong Kong Census, Statistics Department, Gold, Reuters, Thomson Locations: Delhi, India, Rights LAUNCESTON, Australia, China, Hong Kong, Hong, Central
Cramer's Lightning Round: 'I remain a buyer' of SoFi
  + stars: | 2023-11-27 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Barrick Gold's year-to-date stock performance. Stock Chart Icon Stock chart icon Generac's year-to-date stock performance. Stock Chart Icon Stock chart icon Golden Ocean's year-to-date stock performance. Stock Chart Icon Stock chart icon Guardant Health's year-to-date stock performance. Stock Chart Icon Stock chart icon Walgreens' year-to-date stock performance.
Persons: Guardant Organizations: Barrick, Guardant, Walgreens
Hamas has said that dozens of the around 240 hostages have been killed during Israel's Gaza counter-offensive. Some of the hostages are held by Palestinian groups other than Hamas, though it governs Gaza. But I think - and it's a very tough decision - but I think the children and women must be (first). The 50 recovered hostages would represent around half of women and children held. As part of the hostage deal, Israel agreed to allow more humanitarian aid, and some fuel, into the besieged Gaza Strip.
Persons: Avihai Brodutch, Gilad Korngold, Konrad, Korngold's, Tal, Adi, Nave, Yahel, Shoshan, Sharon, Noam, Korngold, Dan Williams, Alexandra Hudson Organizations: Hamas, Academy of, Palestinian, Alexandra Hudson Our, Thomson Locations: Palestinian, Israel, Gaza
Gold loses footing as focus turns to Fed minutes
  + stars: | 2023-11-20 | 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 declined on Monday weighed down by an uptick in U.S. Treasury yields, with investors awaiting minutes of the Federal Reserve's last meeting for cues on the central bank's interest rate path. Spot gold was down 0.1% to $1,978.23 per ounce, recouping the day's earlier losses. Spot gold rose as high as $1,993.29 on Friday. Lower interest rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion.
Persons: Bart Melek Organizations: Aurum, Treasury, TD Securities, Fed, U.S, Kitco Metals, Holdings, SPDR, Trust Locations: U.S
Read previewA third "Deadpool" film is in the works, starring Ryan Reynolds as the titular Marvel mercenary and anti-hero. This time around, Reynolds will be joined by his longtime friend Hugh Jackman, who's reprising his role as Logan/Wolverine. According to Jackman, 'Deadpool 3' will take place before 'Logan'Hugh Jackman as Logan/Wolverine in "Logan." "And the fact that he's going to be on our 'Deadpool' set each and every day is nerve-wracking for me. 'Deadpool 3' is currently set for release on July 26, 2024Ryan Reynolds and Hugh Jackman in "Deadpool 3."
Persons: , Ryan Reynolds, Reynolds, Hugh Jackman, who's, Logan, Shawn Levy, Jackman, Wolverine, James Mangold's, Deadpool, Hugh, Wade, he's, Emma Corrin, Jordan Strauss, It's, Matthew Macfayden, Matthew Macfadyen, Jae C, Tom Wambsgans, Morena, Morena Baccarin, Vanessa, Baccarin, Michael Rosenbaum, everybody's, Karan Soni, Leslie Uggams, Al, Stefan Kapicic, Rob Delaney, Peter, Brianna Hildebrand, Shioli Kutsuna, Yukio, Jennifer Garner, Elektra Jennifer Garner, Elektra, Fox Garner, Ben Affleck, Garner, AFTRA, @ShawnLevyDirect, @VancityReynolds Organizations: Service, Marvel, Business, Collider, Disney, Fox, Canada, Twitter, Hollywood, Etalk, Hollywood Reporter, Marvel Studios, British, SAG Locations: Logan
Investors should take a long position on key commodities with substantial returns expected in 2024, according to Goldman Sachs. OPEC is also expected to keep its crude production cuts in place through most of 2024, according to Goldman. Gold and energy also are potential hedges against supply shocks from geopolitical risks and other developments, according to Goldman. The investment bank views an interruption of trade through the Strait of Hormuz as unlikely, but if such an event did occur the rally would sizable and immediate. It is also gold's time to shine, the investment bank said, with prices rising 5% since the Israel-Hamas war started.
Persons: Goldman Sachs, Goldman, Brent, — CNBC's Michael Bloom Organizations: Goldman, Federal Reserve Locations: Hormuz, Israel
Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Persons: Jerome Powell, Powell, Fawad, Bullion, Jim Wyckoff, Ashitha Shivaprasad, Anushree Mukherjee, Tasim Zahid, Shilpi Majumdar Organizations: Federal, Index, Reuters Graphics U.S, Federal Reserve, Treasury, Kitco Metals, Thomson Locations: East, India, Bengaluru
Chart analysts are optimistic on the price of gold as the metal tests a ceiling that has previously capped gains. Spot gold has traded around the closely-watched $2,000 level in recent days for the first time since May. And, if previous highs can be surpassed, "we do think it's got some room to run here." That's based on analysis of previous movement in the gold chart to estimate how high the metal could go in the near term. Cappelleri, meanwhile, is first watching $2,180 after previous highs, based on a technical analysis of measured moves.
Persons: Thomas DiFazio, it's, Katie Stockton, Frank Cappelleri, Cappelleri, DiFazio, Mark Newton, Newton, It's Organizations: Bank of Japan Locations: Israel
Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in Focus
  + stars: | 2023-10-26 | by ( ) www.wsj.com   time to read: +1 min
The Nasdaq Composite closed down 1.8% on Thursday, after dropping the day before. Alphabet was the culprit Wednesday: It got slammed after its own earnings, which helped drag the tech-heavy Nasdaq into a correction. The 10-year yield dipped. The yield on the benchmark 10-year note settled at 4.843%, pulling back after nearing Monday’s 5% level earlier in the session. Coming up:Intel and Ford Motor are also on the earnings docket for after markets close.
Persons: Sam Bankman, Dow industrials Organizations: Nasdaq, Facebook, United Parcel Service, Spirit Airlines, Comcast, Intel, Ford
TOKYO (AP) — Shares mostly rose Tuesday in Asia after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after creeping above 5%. Political Cartoons View All 1215 ImagesHong Kong's Hang Seng dropped 0.8% to 17,033.00, while the Shanghai Composite advanced 0.8% to 2,963.70. Lower bond yields tend to most help stocks of companies promising big growth far in the future or those seen as the most expensive. Treasury yields help dictate how much investors pay for everything from stocks to corporate bonds to cryptocurrencies. While worries about higher Treasury yields and the war in Gaza are weighing on markets, strong corporate profits and the resilient U.S. economy have helped to offset such pressures.
Persons: Sydney's, Korea's Kospi, Hang Seng, Taiex, Brent, it's, Hess Organizations: TOKYO, , Wall, Treasury, Nikkei, Shanghai, Dow Jones, Nasdaq, Nvidia, Microsoft, Federal Reserve, New York Mercantile Exchange, Energy, Chevron, Exxon Mobil, Natural Resources, Apple, Technology, General Motors, U.S . Locations: Asia, Tokyo, Sydney, Seoul, Shanghai, Taiwan, Hong Kong, Israel, U.S, Gaza, Iran
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