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☆ Gold firms on Middle East conflict, spotlight on Powell speech
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices hovered near a 2-1/2-month high on Thursday as escalating Middle East turmoil buoyed demand for the safe-haven asset, while investors awaited U.S. Federal Reserve Chair Jerome Powell's speech due later in the day. Spot gold was steady at $1,947.45 per ounce by 0318 GMT after hitting its highest since Aug. 1 on Tuesday. Market focus will be on Powell's speech to the Economic Club of New York for more cues on the interest rate path after recent dovish comments from several Fed officials. I don't think there's a whole lot to reprice there and doubt the Fed Chair is going to fight that sentiment," Spivak said.

Persons: Jerome Powell's, Ilya Spivak, Joe Biden, Spivak Organizations: Korea Gold Exchange, Federal, Gaza, Economic, of New Locations: Seoul, South Korea, ., Israel, of New York

☆ The bitcoin safe haven trade is back on, says Bernstein
▼ + stars: | 2023-10-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

With recession fears swelling again, investors seeking a safe place to put their assets should be interested in bitcoin , says Bernstein. The cryptocurrency, which has grown in popularity among institutions for its "digital gold" qualities, has an "enviable return record" versus physical gold, Bernstein analyst Gautam Chhugani said in a note Monday. "Bitcoin's hard money properties makes it an attractive 'safe haven' asset. "The early stages of bitcoin adoption, naturally, makes it more attractive [than] gold, with bitcoin market cap at less than 5% of Gold's market value (of above ground reserves)." Jefferies also recently said bitcoin is a "critical hedge" against currency debasement and the return of inflation.

Persons: Bernstein, Gautam Chhugani, bitcoin, Bitcoin, Chhugani, Paul Tudor Jones, Jefferies, CNBC's Michael Bloom Organizations: CNBC Locations: U.S

☆ Gold listless as investors await U.S. data for Fed policy guidance
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices settled into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening. Spot gold was flat at $1,921.25 per ounce, as of 0510 GMT, while U.S. gold futures eased 0.2% to $1,944.30. Demand for non-interest-bearing gold could take a hit if the Fed further raises U.S. interest rates to quell inflation. Although, a sustained push higher in gold prices likely needs to be catalyzed by an eventual turn towards a Fed cutting cycle, they added. Elsewhere, spot silver rose 0.2% to $23.12 per ounce, platinum climbed 0.2% to $899.90 per ounce and palladium added 0.2% to $1,220.64 per ounce.

Persons: Nicholas Frappell, J.P, Morgan Organizations: Federal Reserve, U.S . Consumer, Fed, ABC Refinery, New York Fed, U.S Locations: U.S

☆ Gold retreats as growth risks drive safe-haven bids to U.S. dollar
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6% to $1,926.49 per ounce. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.1% to $23.70 per ounce, logging its biggest daily drop in a month.

Persons: Gold, Edward Moya, Christopher Waller, Otunuga Organizations: U.S, Federal Reserve, Fed Locations: China

☆ Gold retreats as growth risks drive safe-haven bids to US dollar
▼ + stars: | 2023-09-05 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% to $1,927.69 per ounce by 12:49 p.m. EDT (1649 GMT). Jitters about global growth, particularly in China and the euro zone, caused the safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.5% to $23.60 per ounce, logging its biggest daily drop in a month. Reporting by Harshit Verma in Bengaluru; Editing by Shinjini Ganguli and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, Christopher Waller, Harshit Verma, Shinjini Ganguli, Paul Simao Organizations: Waller, Data, U.S, Reuters, Federal Reserve, Fed, CNBC, Thomson Locations: China, Bengaluru

☆ Cramer's Lightning Round: Marathon Oil is a buy
▼ + stars: | 2023-08-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Marathon Oil's year-to-date stock performance. Stock Chart Icon Stock chart icon Enphase's year-to-date stock performance. Stock Chart Icon Stock chart icon Coherent's year-to-date stock performance. Stock Chart Icon Stock chart icon Icahn Enterprises' year-to-date stock performance. Stock Chart Icon Stock chart icon Barrick Gold's year-to-date stock performance.

Persons: they're, we're Organizations: Icahn Enterprises, Barrick

☆ Robust equities erode gold's safe-haven allure as ETF holdings fall
▼ + stars: | 2023-08-21 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +2 min

(Reuters) -Receding fears of a U.S. slowdown, surging bond yields and the robust performance of equities have gradually eroded the appeal of exchange-traded funds (ETF) backed by traditional safe-haven gold this year, despite sticky inflation. The biggest ETF, SPDR Gold Trust, saw holdings dwindle to pre-pandemic levels. [GOL/ETF]Investors typically buy gold during times of financial and economic uncertainty and rising inflation. [GOL/]“Gold has fallen into disfavour as a hedge against economic uncertainty for many institutional investors,” said Ross Norman, chief executive of Metals Daily. Equities have outperformed gold despite higher interest rates, while rival safe-haven Treasury bonds have attracted investors away from gold, which doesn’t earn any interest or dividends.

Persons: Ilya Naymushin, ”, Ross Norman, Carsten Menke, Julius Baer, Gold, Philip Newman, Newman, hasn’t Organizations: Reuters, REUTERS, World Gold Council, Investors, U.S, Metals Daily, U.S . Federal, Treasury, Metals Locations: U.S, Siberian, Krasnoyarsk, Russia, disfavour, “

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | 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. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

☆ Gold stays near 1-month lows as U.S. dollar, yields hold ground
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.

Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ 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

☆ Cramer's Lightning Round: Pass on Spirit Airlines
▼ + stars: | 2023-07-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Spirit Airlines' year-to-date stock performance. Stock Chart Icon Stock chart icon Chargepoint's year-to-date stock performance. Stock Chart Icon Stock chart icon IONQ's year-to-date stock performance. Stock Chart Icon Stock chart icon Cleveland-Cliffs' year-to-date stock performance. Stock Chart Icon Stock chart icon Coursera's year-to-date stock performance.

Persons: Mark Bristow's, It's, you've, I've, Nucor, I'm Organizations: Airlines, Spirit Airlines, Barrick, Marvell, Cliffs Locations: Cleveland

☆ Why substituting cryptocurrency for gold exposure may be a costly mistake
▼ + stars: | 2023-07-29 | by ( Lina Hassen | ) www.cnbc.com time to read: +2 min

State Street Global Advisors' George Milling-Stanley, whose firm runs the world's largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. Milling-Stanley's firm is behind SPDR Gold Shares , the world's largest physically backed gold ETF. Milling-Stanley believes gold's 6,000-year history as a monetary asset serves as a significant sample basis to understand the benefits of investing in gold. But Milling-Stanley believes the economic backdrop bodes well for gold — recession or not. It's known as the world's largest consumer of gold jewelry behind India, according to the World Gold Council.

Persons: George Milling, Stanley, cryptocurrency, CNBC's, gold's, It's, Gold Organizations: Street Global Advisors, World Gold, it's Locations: China, India, It's Vietnam, it's Indonesia, it's Thailand, Korea

☆ 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 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 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

☆ First Quantum shuns Barrick Gold's informal takeover offer, Bloomberg reports
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Canadian miner First Quantum Minerals (FM.TO) has rejected an informal takeover offer from Barrick Gold (ABX.TO), Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of copper miner First Quantum rose 12% following the news, while Barrick fell 2.7%. First Quantum did not immediately respond to a Reuters request for comment, while Barrick said the company does not comment on market speculation. Barrick Gold CEO Mark Bristow's had expressed his interest in copper giant Freeport-McMoran (FCX.N) in 2020, but a deal between the companies did not pan out. Reporting by Sourasis Bose in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Barrick, Mark Bristow's, Sourasis Bose, Devika Organizations: Minerals, Barrick Gold, Bloomberg, Barrick, Newmont Corp, Thomson Locations: Freeport, McMoran, Bengaluru

☆ Gold prices slip on U.S. debt limit deal, Fed rate-hike bets
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1% at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. Gold, which offers no yield of its own, tends to fall out of favor among investors when interest rates rise. Asian shares and U.S. stock futures rose as the deal to suspend the U.S. government's debt ceiling ended a protracted stalemate. Spot silver fell 0.2% to $23.26 per ounce, platinum edged 0.1% higher to $1,023.83, and palladium rose 0.3% to $1,428.07.

☆ 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.

☆ 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.

☆ 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 retreats to weekly loss on hawkish Fed
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +2 min

Gold fell sharply on Friday and was headed for its worst week in eight as hawkish remarks by U.S. Federal Reserve officials through the week bolstered bets for at least one more interest rate hike and buoyed the dollar. Spot gold dropped 1.4% to $1,976.27 per ounce by 12:18 p.m. U.S. gold futures fell 1.5% to $1,987.10. Bullion has shed about 1.2% so far this week, pressured by the dollar's gains overall, which made bullion more expensive for overseas buyers. Markets now see an 89% chance of a 25-basis point rate hike at the Fed's May 2-3 meeting.

☆ Gold prices ease with cenbank rate moves in focus
▼ + stars: | 2023-04-20 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. "Despite gold's break below $1,980 yesterday, investors were quick to snap up the quick discount and drive spot prices back above this key support level... New York Fed President John Williams said on Wednesday that inflation is still at problematic levels and the Fed will act to lower it. Rate hikes reduce non-interest bearing gold's appeal as it raises the metal's opportunity cost. Spot silver lost 0.5% at $25.12 per ounce, platinum fell 0.4% to $1,085.81 and palladium dipped 0.5% to $1,607.49.

☆ Gold prices ease with central bank rate moves in focus
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched down on Thursday, after hitting a more than two-week low in the previous session, as investors grappled with the likelihood of more interest rate hikes by central banks to contain inflationary pressures. Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. "Despite gold's break below $1,980 yesterday, investors were quick to snap up the quick discount and drive spot prices back above this key support level ... Rate hikes reduce non-interest bearing gold's appeal as it raises the metal's opportunity cost. "A slew of hawkish comments from the Fed, European Central Bank and Swiss National Bank combined with stubbornly high U.K. inflation has investors second-guessing their calls for rate cuts this year," Simpson added.

☆ Want to invest in gold? Skip mining stocks, strategist says, and trade this instead
▼ + stars: | 2023-04-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Gold prices are up 12% this year and are now trading at $2049 per troy ounce on the New York spot price market. Gold prices typically surge if markets expect low interest rates in a high inflationary environment. The strategist expects gold prices to reach $2,200 per ounce over the next 12 months. How to trade gold Doyle's preferred method for gaining exposure to gold is through exchange-traded commodities (ETCs), which are backed by physical gold. A number of ETCs for gold exist, such as the iShares Physical Gold ETC , Invesco Physical Gold , WisdomTree Core Physical Gold , Xtrackers Physical Gold ETC , and Xetra-Gold .

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