Showing posts with the label Gold Price Report (Morning Edition).

Gold Price Report (Morning Edition) | Gold Price Report (Morning Edition) Monday, July 11, 2022:

Source: 2-3 minutes Gold was pinned at near a nine-month low on Monday as bets for aggressive interest rate hikes by the U.S. Federal Reserve and the dollar's ascent dimmed appeal for bullion. Spot gold fell 0.3% to $1,737.32 per ounce. U.S. gold futures dipped 0.3% to $1,737.00. Despite recession risks, lately investors have opted for dollar over gold, pushing the currency to a near-two decade peak, also eroding appeal for bullion among overseas buyers. Interest rate hikes, meanwhile, raise the opportunity cost of holding bullion since it pays no interest. "Gold is under pressure as the dollar is making major runs and there is expectations of a fairly large interest increase after the (recent U.S.) federal report highlighted a strong labour market," Edward Moya, senior analyst with OANDA, said. "Gold prices could tentatively breach below the $1,700 level and then see strong suppor

Gold Price Report (Morning Edition) | Tuesday, June 28, 2022:

  Source: Gold stuck in range as rate hike bets and recession fears collide June 28, 2022 3 minutes Summary Gold likely to remain range bound - analyst ECB's Lagarde says inflation in Euro area undesirably high Dollar index June 28 (Reuters) - Gold prices were hemmed in a tight range on Tuesday as prospects of higher interest rates challenged bullion's safe-haven appeal while recession risks boosted it. Spot gold rose 0.1% to $1,824.10 per ounce by 1425 GMT. U.S. gold futures were little changed at $1,824.10. "Gold is stuck in a range and is going to continue to be in a range in the near term. The market will only break out into a direction after it gets more economic data and information from the Federal Reserve," said RJO Futures senior market strategist Bob Haberkorn. Although gold is considered a hedge against inflation and economic uncertainties, rate hikes dim bullion&

Gold Price Report (Morning Edition) | Tuesday, June 21, 2022:

 Source: Gold dips as rate-hike bets outweigh dollar retreat 2-3 minutes Gold prices edged lower on Tuesday as U.S. Treasury yields ticked higher amid the prospect of more interest rate hikes, overshadowing support from a retreat in the dollar. FILE PHOTO: Employees cast ingots of 99.99 percent pure gold at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk Spot gold eased 0.3% to $1,833.40 per ounce by 1215 GMT. U.S. gold futures fell 0.2% to $1,836.30. The dollar, which has actually been the key driver for gold, is significantly softer, but the countervailing force is coming from a much higher U.S. Treasury yield, said Ross Norman, an independent analyst. Higher interest rates and bond yields increase the opportunity cost of holding gold, which yields no interest. The benchmark U.S. 10-year Treasury yield rose. On the other hand, the dollar weakened, mak

Gold Price Report (Morning Edition) on Wednesday, October 6, 2021: Gold Fell on Wednesday Below The Key Technical Record of $ 1750.

 Source: Reuters 2-3 minutes Gold fell on Wednesday, holding below the key technical $1,750 level, as Treasury yields and the dollar gained in the run-up to Friday's U.S. labor market report that could influence the Federal Reserve's tapering schedule. Fundamentals Spot gold fell 0.7% to $1,747.61 per ounce by 0923 GMT, while U.S. gold futures shed 0.8% to $1,747.50. Investors flocked to the dollar, which competes with gold as a safe-haven, to hedge against concerns that soaring energy prices could exacerbate inflation and slow growth. A higher dollar also dents bullion's appeal for buyers holding other currencies. Yields on 10-year U.S. Treasuries also advanced. Xiao Fu, head of commodities markets strategy at Bank of China International said that even if the non-farm payrolls data is not "spectacular and just in line with expectations", some Fed members already think the condition for

Gold Price Report (Morning Edition): Gold Falls 1% as High U.S. Yields. Gold falls 1% as elevated U.S. yields hit safe haven appeal Reuters 2-3 minutes A one kilo Swiss gold bar and US dollars gold coins are pictured in Paris on February 20, 2020. JOEL SAGET| AFP via Getty Images Gold prices fell 1% on Thursday as U.S. treasury yields remained elevated, with bullion's safe haven appeal also hit by bets for a faster global economic recovery. Spot gold fell 0.6% to $1,793.39 per ounce by 1039 GMT, after falling as much as 1% earlier in the session. U.S. gold futures eased 0.4% to $1,791.00 per ounce. "Rising Treasury yields on a better economic outlook in the second half of the year is putting pressure on the metal," Bank of China International analyst Xiao Fu said. While gold is often sought as a hedge against inflation, higher bond yields have eroded that status since they increase the opportunity cost of holding bullion. Gold's d