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Tag: Gold futures

  • Gold Prices Rise as Cooling US Inflation Raises Hopes of Fed Rate Hike Pause – News18

    Gold Prices Rise as Cooling US Inflation Raises Hopes of Fed Rate Hike Pause – News18


    Last Updated: July 13, 2023, 02:03 IST

    New York, United States of America (USA)

    Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00. (Reuters)

    Gold prices surge as cooling US inflation sparks hopes of a sooner-than-expected halt to the Federal Reserve’s rate hike cycle

    Gold prices jumped more than 1% on Wednesday after signs of cooling inflation in the United States boosted hopes that the Federal Reserve could hit the brakes on its rate hike cycle sooner than previously thought. Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00.

    U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside. In the 12 months through June, the CPI advanced 3.0%, compared with Reuters estimates of 3.1%.

    “Gold gapped $10 higher on the softer-than-expected CPI print on hopes that a July hike might be the last one of the cycle,” said Tai Wong, a New York-based independent metals trader. “If gold can break above the 50-day moving average at $1,960, it will trigger more bullish bets.”

    The dollar tumbled 1% to a more than one-year low against major peers after the U.S. inflation print, making gold more attractive for other currency holders. Benchmark 10-year U.S. note yields dropped to 3.8770%. [US/] [USD/]

    Inflation is slowing fast enough to allow the Fed to stop tightening U.S. monetary policy after what is still widely expected to be an interest-rate hike at its meeting in two weeks time, traders bet on Wednesday.

    Markets see a 91% chance of a 25-basis-point Fed rate hike later this month. Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion.

    Earlier this week, several U.S. central bank officials have said that the end to the Fed’s current monetary policy tightening cycle is getting close. In other metals, spot silver climbed 3.8% to $23.98 per ounce, platinum rose 3.1% to $953.11 and palladium gained 2.6% to $1,283.64.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Climb as Dollar, Bond Yields Dip Ahead of US Inflation Data – News18

    Gold Prices Climb as Dollar, Bond Yields Dip Ahead of US Inflation Data – News18


    Last Updated: July 12, 2023, 01:05 IST

    New York, United States of America (USA)

    Ready to be minted 50g gold ingots are pictured at the plant of refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. (Reuters)

    Gold prices rise as dollar and bond yields decline ahead of U.S. inflation data. Spot gold set for third consecutive gain, eyes on consumer prices report

    Gold prices edged higher on Tuesday as the dollar and bond yields fell ahead of U.S. inflation data that could offer more cues on the Federal Reserve’s rate-hike path.

    Spot gold was up 0.4% at $1,931.83 per ounce by 02:11 p.m. EDT (1811 GMT), set for a third consecutive session of gains. U.S. gold futures rose 0.3% to $1,937.10.

    Making gold cheaper for holders of other currencies, the dollar index fell 0.3% to its lowest level since May 11. Benchmark 10-year U.S. Treasury yields also slipped. [USD/] [US/]

    “If we have a soft inflation reading, it will be positive for gold and prices might go up to $1,950. I think it will be tough for gold to break below $1,900 level on a hot report,” said Edward Moya, senior market analyst at OANDA.

    “Rate hikes are not going to break gold’s back, but it might kill the economy. So there is some support for gold due to this reason.”

    All eyes are on U.S. consumer prices data due on Wednesday, which is expected to show prices cooled on an annual basis in June.

    However, markets are pricing in a 25-basis-point rate hike from the Fed later this month after last week’s jobs report pointed to a resilient U.S. economy. [FEDWATCH]

    Gold is used as a safe investment during times of political and financial uncertainty, but higher interest rates increase the opportunity cost of holding non-yielding bullion.

    Spot silver fell 0.1% to $23.09 per ounce, platinum eased 0.1% to $925.76, while palladium rose 0.8% to $1,249.94.

    “In the very long term, silver is expected to trade significantly above the $26/oz mark and should increasingly decouple from gold,” TD Securities wrote in a note.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Hold Steady as Traders Await US Inflation Data – News18

    Gold Prices Hold Steady as Traders Await US Inflation Data – News18


    Last Updated: July 11, 2023, 01:10 IST

    New York, United States of America (USA)

    Spot gold was steady at $1,923.59 per ounce by 10:10 a.m. EDT (1410 GMT). U.S. gold futures lost 0.2% to $1,928.60.

    Gold steadies ahead of US inflation data, while palladium slides to lowest level since December 2018. Interest rates and CPI data will influence market sentiment

    Gold was little changed on Monday as investors awaited U.S. inflation data that could influence the Federal Reserve’s policy stance, while palladium prices dropped below the $1,200-per-ounce level for the first time since December 2018.

    Spot gold was steady at $1,923.59 per ounce by 10:10 a.m. EDT (1410 GMT). U.S. gold futures lost 0.2% to $1,928.60.

    “Gold has got some strong chart support at $1,900. If inflation remains hot, that might push gold below that level and prices might quickly drop to $1,848 level,” said Jim Wyckoff, senior analyst at Kitco.

    The focus this week will be on U.S. CPI (Consumer Price Index) data due on Wednesday after last week’s Fed minutes showed a vast majority of the policymakers expected further policy tightening.

    Higher interest rates dull the appeal of gold, which pays no interest.

    Bullion prices have dropped more than 7% since reaching near-record levels in early May as investors scaled back expectations of an end to the Fed’s rate-hiking cycle.

    “Technical posture remains bearish for the gold market. I think it is going to take a geopolitical spark to push prices significantly higher,” said Wyckoff.

    The Labor Department’s employment report on Friday showed the U.S. economy added the fewest jobs in 2-1/2 years in June, but persistently strong wage growth pointed to still-tight labour market conditions.

    Meanwhile, palladium dropped 2.9% to $1,208.78 per ounce after hitting a session low of $1,190.65.

    Palladium has lost nearly 33% so far this year as the rapid rise of electric vehicles threatens to hammer demand for the autocatalyst metal amid broader economic weakness.

    “If interest rates continue to rise, as futures markets are predicting, they will likely find U.S. consumers’ pain point and sales should slow, dragging on palladium demand over the next 12 months,” Heraeus analysts wrote in a note.

    Silver was flat at $23.05 while platinum rose 1.5% to $921.81.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Slide as Fed Minutes Signal Expectations of Higher Rates – News18

    Gold Prices Slide as Fed Minutes Signal Expectations of Higher Rates – News18


    Last Updated: July 06, 2023, 02:16 IST

    New York, United States of America (USA)

    Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion.

    Spot gold was down 0.5% at $1,916.49 per ounce by 02:32 p.m. EDT (1832 GMT). U.S. gold futures settled 0.1% lower at $1,927.10.

    Gold prices fell on Wednesday, weighed down by an uptick in the dollar and U.S. Treasury yields after minutes from the Federal Reserve’s June policy meeting cemented expectations that rates will stay higher for longer.

    Spot gold was down 0.5% at $1,916.49 per ounce by 02:32 p.m. EDT (1832 GMT). U.S. gold futures settled 0.1% lower at $1,927.10.

    “Gold slumps to day’s lows after Fed minutes showed that the ‘pause’ in June was simply the path of least dissent and almost the entire committee expected ultimately higher rates,” said Tai Wong, a New York-based independent metals trader.

    “The upcoming JOLTS report and payrolls data will have much greater impact, especially if they are weaker than expected.”

    A united Fed agreed to hold interest rates steady at the June meeting, according to meeting minutes released on Wednesday, even as the vast bulk expected they would eventually need to tighten policy further.

    Benchmark U.S. 10-year Treasury yields jumped to a near four-month peak after the release, while the dollar rose 0.3% against its rivals.

    Traders are pricing in an 89% chance of a 25-basis-point hike from the Fed in the July meeting after last month’s pause, per CME’s Fedwatch tool.

    Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion.

    Investors focus now shifts to the U.S. Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, and ADP, jobless claims on Thursday before Friday’s non-farm payrolls report.

    Traders also kept a close watch on updates about China’s export controls on semiconductor metals as it ramps up a tech fight with the United States ahead of U.S. Treasury Secretary Janet Yellen Beijing visit.

    Spot silver rose 0.8% to $23.12 per ounce, platinum eased 0.1% to $914.11 while palladium climbed 1% to $1,255.78.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Decline in Q3 Amid Likely US Rate Hike, Moderate Inflation – News18

    Gold Prices Decline in Q3 Amid Likely US Rate Hike, Moderate Inflation – News18


    Last Updated: July 01, 2023, 02:03 IST

    New York, United States of America (USA)

    Prices have shed 2.5% this quarter, dropping from levels just shy of all-time highs at $2,072 in May, caused by nervousness about the health of the U.S. banking sector, to below $1,900 on Thursday.

    Spot gold rose 0.5% to $1,917.94 per ounce by 01:46 p.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $1,929.40

    Gold was bound for its first quarterly decline in three, squeezed by expectations for more U.S. interest rate hikes, while moderate inflation prints provided some support on Friday.

    Spot gold rose 0.5% to $1,917.94 per ounce by 01:46 p.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $1,929.40.

    Prices have shed 2.5% this quarter, dropping from levels just shy of all-time highs at $2,072 in May, caused by nervousness about the health of the U.S. banking sector, to below $1,900 on Thursday.

    The banking crisis “brought the 10-year yield lower because it was thought that the Fed was going to have to stop raising rates … that all got thrown out the door with the last rate hike (pressuring gold),” said Daniel Pavilonis, senior market strategist, RJO Futures.

    The dollar index and 10-year Treasury yields were both set to gain this quarter, eroding gold’s appeal for investors holding other currencies. [USD/] [US/]

    U.S. consumer spending stagnated in May, while the Fed’s preferred personal consumption expenditures index rose at a year-on-year pace of 3.8%, easing from April’s 4.3% pace.

    Gold prices rose after the data, as traders bet the Fed was slightly less locked in to a July interest rate hike, trimming its chances to 84% from nearly 90% earlier.

    Rate hikes lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion.

    “In the short term, the prospect for more US rate hikes combined with rising US real yields to or near cycle highs may pose a continued challenge to gold,” Saxo Bank head of commodity strategy Ole Hansen said in a note.

    Silver rose 0.8% to $22.73 per ounce. Platinum gained 0.6% to $899.27, but was set for its biggest monthly decline in two years.

    Palladium fell 0.1% to $1,227.79, and was headed for its third quarterly fall.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Firm Above 3-Month Lows Over Russia Concerns – News18

    Gold Prices Firm Above 3-Month Lows Over Russia Concerns – News18


    Last Updated: June 27, 2023, 00:28 IST

    New York, United States of America (USA)

    High-interest rates discourage investing in non-yielding gold, which is otherwise seen as a safe investment amid economic uncertainties. (Representative image)

    Spot gold rose 0.2% to $1,924.78 per ounce by 1:57 p.m. EDT (1757 GMT), while gold futures settled 0.2% higher at $1,933.80

    Gold prices on Monday firmed above last session’s more than three-month low, as concerns surrounding the political turmoil in Russia drove flows into safe-haven bullion, outweighing risks from the Federal Reserve’s hawkish outlook.

    Spot gold rose 0.2% to $1,924.78 per ounce by 1:57 p.m. EDT (1757 GMT), while gold futures settled 0.2% higher at $1,933.80.

    “We are seeing some modest safe-haven demand in gold on the Russian incursion that was quickly aborted over the weekend. But there are still some underlying worries,” said Jim Wyckoff, senior analyst at Kitco.

    “The marketplace wonders what’s going to happen next because the Russian military appears to be destabilising. Putin appears to see his power weakening, and that has major implications around the world.”

    Heavily armed Russian mercenaries withdrew from the southern Russian city of Rostov on Sunday, while authorities were still investigating the mercenary leader whose weekend mutiny appeared to be a major threat to the President Vladimir Putin’s 23-year-old rule.

    “This new geopolitical set of headlines has helped to give gold some minor buoyancy and the return of China (from Dragon Boat holidays) to the market is almost undoubtedly adding some support,” said StoneX analyst Rhona O’Connell.

    Bullion slumped nearly 2% in the previous week and touched its lowest since mid-March on Friday as hawkish comments from Fed officials signalled more rate hikes to tame sticky inflation.

    High-interest rates discourage investing in non-yielding gold, which is otherwise seen as a safe investment amid economic uncertainties.

    Spot silver climbed 1.8% to $22.81 per ounce, while platinum rose nearly 1% to $925.99. Palladium jumped 2.2% to $1,312.40, after having slid to a four-year low last week.

    But stagnant growth in China and acceleration of battery electric vehicles could curb palladium autocatalyst demand and push the price lower, Heraeus analysts wrote in a note.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Volatile as Fed’s Hawkish Outlook Clashes with Dollar’s Retreat – News18

    Gold Prices Volatile as Fed’s Hawkish Outlook Clashes with Dollar’s Retreat – News18


    Last Updated: June 17, 2023, 00:37 IST

    New York, United States of America (USA)

    Aside from Gold, Silver gained 1% to $24.10 per ounce, while platinum fell 0.3% to $982.62, both down for the week. (Reuters File Photo)

    Spot gold edged up 0.1% to $1,958.83 per ounce by 12 p.m. EDT (1800 GMT), en route to a 0.1% weekly dip

    Gold prices were choppy on Friday as investors juggled a hawkish Federal Reserve outlook on interest rates, which offset support from the dollar’s overall retreat this week.

    Spot gold edged up 0.1% to $1,958.83 per ounce by 12 p.m. EDT (1800 GMT), en route to a 0.1% weekly dip. U.S. gold futures settled nearly unchanged at $1,971.20.

    “This is tough for gold because you have stocks that are continuing to rise and more hawkish Fed speak,” said Edward Moya, senior market analyst at OANDA.

    “It appears that the markets are confident that the Fed is almost done with tightening because everyone’s going into stocks… which is dampening demand for safe havens.” [.N]

    U.S. central bank officials struck a hawkish tone in their first comments since their meeting this week, as a Fed report said inflation in key parts of the service industry “remains elevated and has not shown signs of easing”.

    Weighing on appeal for zero-yield bullion, traders now saw a 74% chance of a rate hike in July, according to the CME’s FedWatch tool.

    The hawkish comments seemed to counter support from both the dollar and weak jobless claims data on Thursday, as gold kept swinging back and forth between positive and negative territory.

    On the flip side, “weakening employment and other foreign currencies working against the U.S. dollar right now provide some tailwinds for gold,” said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.

    The dollar index edged up, but was on course for its worst week in five months, making gold cheaper for overseas buyers. [USD/]

    Traders also took stock of the University of Michigan’s survey showing U.S. consumers’ near-term inflation expectations dropped to a more than two-year low in June and the outlook over the next five years improved slightly.

    Silver gained 1% to $24.10 per ounce, while platinum fell 0.3% to $982.62, both down for the week.

    Palladium jumped 1.6% to $1,422.03, seeing its biggest weekly increase since November.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Slip as US Yields Tick Higher, Focus Still on Fed

    Gold Prices Slip as US Yields Tick Higher, Focus Still on Fed


    Last Updated: June 08, 2023, 00:54 IST

    New York, United States of America (USA)

    U.S. gold futures fell 1% to $1,961.50.

    Spot gold slipped 0.9% to $1,945.99 per ounce by 12:07 p.m. EDT (1607 GMT)

    Gold prices fell on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and Federal Reserve policy meeting next week for more clarity on interest rate path.

    Spot gold slipped 0.9% to $1,945.99 per ounce by 12:07 p.m. EDT (1607 GMT).

    U.S. gold futures fell 1% to $1,961.50.

    Benchmark U.S. 10-year Treasury yields rose to a more than one-week high. The dollar index steadied against its rivals. [US/]

    “Yields have remained relatively elevated keeping some light pressure on the gold market,” said David Meger, director of metals trading, High Ridge Futures.

    “Clearly inflation is still the main focal point of this market. At this point the expectation is that the Fed is going to pause. However, if those inflationary numbers remain extremely elevated, you could see a shift in outlook.”

    The U.S. inflation report for May, due on June 13, ahead of the Fed meeting, will provide investors with more clarity about the health of the world’s largest economy.

    The U.S. economy is strong amid robust consumer spending but some areas are slowing down, U.S. Treasury Secretary Janet Yellen said, adding that she expects continued progress in bringing inflation down over the next two years.

    The Fed will not raise interest rates for the first time in well over a year at its June 13-14 meeting, according to economists polled by Reuters.

    Gold prices are highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion.

    Data from China showed exports shrank much faster than expected in May, hinting of a slowing global economy that could crimp demand for the precious metal, Jim Wyckoff, senior analyst at Kitco, wrote in a note.

    Silver dipped 0.4% to $23.48 per ounce, platinum fell 1.1% to $1,020.75, while palladium slipped 1.2% to $1,395.99.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Prices Rebound on Weaker US Services Growth, Likely Fed Rate Hike Pause

    Gold Prices Rebound on Weaker US Services Growth, Likely Fed Rate Hike Pause


    Last Updated: June 06, 2023, 02:49 IST

    New York, United States of America (USA)

    FILE PHOTO: A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. (Image: Reuters)

    Spot gold gained 0.6% to $1,958.89 per ounce by 1:40 p.m. EDT (1740 GMT), erasing losses from earlier in the session

    Gold rebounded on Monday after weaker U.S. services sector growth reinforced bets for the Federal Reserve to stand pat on interest rates next week.

    Spot gold gained 0.6% to $1,958.89 per ounce by 1:40 p.m. EDT (1740 GMT), erasing losses from earlier in the session, when it touched its lowest since May 30.

    U.S. gold futures settled up 0.2% at $1,974.30.

    The U.S. services sector barely grew in May as new orders slowed, with the Institute for Supply Management’s non-manufacturing index falling to 50.3 last month from 51.9 in April and missing expectations for an uptick to 52.2.

    “The market is really taking it in as a reason to pencil out some rate hikes here … It’s certainly something that the Fed is pleased to see with respect to its fight against inflation,” said Daniel Ghali, commodity strategist at TD Securities.

    The index is seen by some economists as an indicator of the Fed’s favored inflation gauge, as services prices tend to be stickier and less responsive to rate hikes.

    The dollar index slipped after the data, making greenback-priced bullion more affordable for overseas buyers, while 10-year Treasury yields retreated. [USD/] [US/]

    Traders pegged the chances of the Fed pausing its interest rate hikes at its June 13-14 meeting at 78%, according to the CME FedWatch Tool.

    Non-interest-bearing bullion becomes less attractive for investors in a high-interest rate environment.

    However, “gold may be looking overpriced despite a recent decline owing to sticky inflation and the likelihood that the Fed will not meaningfully cut interest rates in 2023,” Heraeus Precious Metals said in a note.

    Gold dropped over 1% on Friday after data showed the U.S. economy added 339,000 jobs last month, above estimates of 190,000.

    Silver dipped 0.2% to $23.54, platinum rose 2.6% to $1,029.92, while palladium fell 0.4% to $1,414.21.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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  • Gold Remains Firm Amid Lower Treasury Yields and Dollar Strength

    Gold Remains Firm Amid Lower Treasury Yields and Dollar Strength


    Last Updated: May 31, 2023, 23:48 IST

    New York, United States of America (USA)

    U.S. gold futures rose 0.5% at $1,987.20.

    Spot gold was up 0.4% at $1,967.29 per ounce by 1209 EDT (1609 GMT) on weaker-than-expected Chicago purchasing managers’ index (PMI)data

    Gold firmed on Wednesday supported by lower Treasury yields but the dollar’s strength, with more interest rate hikes in the offing and optimism about a U.S. debt deal kept bullion on course for its first monthly dip in three.

    Spot gold was up 0.4% at $1,967.29 per ounce by 1209 EDT (1609 GMT) on weaker-than-expected Chicago purchasing managers’ index (PMI)data, before paring some gains on stronger U.S. jobs data.

    It has lost nearly 1.1% this month and over $100 from near-record highs scaled earlier in May.

    U.S. gold futures rose 0.5% at $1,987.20.

    “We’ve had kind of a push-pull effect,” amid support from lower yields and pressure from the dollar, said David Meger, director of metals trading, High Ridge Futures. [US/] [USD/]

    “With the job’s data relatively strong, concern about the possibility of further rate hikes would obviously have a tendency to pressure gold… and yet on the other side, we have the PMI data pulling in the opposite direction.”

    The dollar index headed for a monthly gain, making bullion less attractive to overseas buyers.

    Investors priced in a in 68.8% chance of a 25 basis point hike in the Federal Reserve’s June meeting versus 60% before the jobs data.

    High interest rates dim appeal for zero-yield gold.

    But key support around $1,950 could fuel momentum trade to push gold back to $2,000, said Edward Moya, senior market analyst at OANDA.

    Traders also focussed on developments around the U.S. debt ceiling, with the U.S. House of Representatives due to vote on a bill to lift the limit.

    Silver rose 1.3% to $23.52 per ounce, platinum fell 1.7% to $996.68, while palladium slipped 2.4% at $1,366.67. All three were set for a monthly drop.

    Russia’s Nornickel saw the global palladium market swinging to a surplus in 2024 from a deficit in 2023 as recycling outpaces a demand recovery.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)

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