Gold made a strong comeback on Thursday, rising to $24 as speculators continued to drive the early recovery momentum amidst a prolonged weakening of the US dollar and low bond yields in the US. The unexpected interest rate hike by the Bank of Canada (BoC) has reduced optimism about the Fed's rate increase next week after US initial jobless claims rose to the...
Gold and silver prices rose sharply in midday US trading on Thursday, driven by a sharp decline in the US dollar index and a decrease in US silver bond yields. The market is starting at zero for the Federal Reserve meeting next week. Most of the market believes that the Fed will pause the interest rate tightening cycle. However, many market watchers now think...
Gold and metals markets generally steadied on Friday and headed for a second week of gains, as the dollar eased amid expectations that the Federal Reserve will pause its rate hike cycle next week. The dollar posted its biggest drop since late March following the data, while Treasury yields also fell, which benefited the greenback-denominated metals market. Spot...
Gold prices rebounded slightly on the back of a weaker dollar after data on Americans filing for first-time jobless claims spiked last week. This raises expectations for a halt in interest rate hikes by the US Federal Reserve (Fed). The Fed will almost certainly refrain from raising interest rates in June but the latest hawkish surprises from the Reserve Bank of...
Gold prices saw a slight increase at the start of trading on Thursday in the US, supported by a lower US dollar index and stable crude oil prices. Traders are looking for the next fundamental input to boost the metal market, but they may have to wait until next week. August gold rose by $1.70 to $1,960. The market is starting from scratch in next week's FOMC...
Gold prices attracted some buyers near the $1940 region, representing the 100-day Simple Moving Average (SMA), during the Asian session on Thursday and recovered part of the overnight slide to the lows. lowest in a week. XAU/USD is currently trading around the $1,945-$1,946 area and is well maintained within a familiar trading range that has been held for about...
Investor sentiment remains positive in the gold market, even as prices dropped below $2,000 last month. A strong price increase at the beginning of the month stimulated interest in gold ETF funds before dropping back down at the end of May. Concerns about US debt negotiations and the banking sector also led investors to seek safe-haven assets, contributing to a...
World gold price early this morning turned to "plunge" with spot gold down 23.5 USD to 1,939.5 USD/ounce. Gold futures in August last traded at $1,958.4 per ounce, down $23.1 from dawn the day before. Besides, rising US Treasury yields also hurt the safe-haven metals. According to a recent Metal Focus report, gold demand is expected to drop 9% in 2023 as central...
Gold prices remained stable during midday trading on Tuesday in the US due to some light safe-haven demand following news of a dam and a large power plant explosion in Ukraine, causing massive floods in the area and raising concerns about crop and food damage. Most agree that the situation is a significant escalation in the Russia-Ukraine conflict. August gold...
The fluctuating expectations of interest rates are causing new movements in the gold market as prices struggle to reach $2,000. However, this volatility is providing buying opportunities for investors seeking value in the precious metal market. Last month, gold sharply dropped below $2,000 due to the relatively strong economic sentiment continuing to support the...
Gold lacks clear direction even as the bulls dominate for the second consecutive week. In doing so, the precious metal depicts sluggish markets amid the absence of Federal Reserve (Fed) talks and a lack of key data on the calendar. The blame game is going on between Russia and Ukraine over the destruction of the dam in the Russian-controlled territory in Ukraine....
Gold Price falls as it accepts bids to retest its intraday low of $1,959, reversing the opening week gains due to limited recent catalysts and no statement from the Fed before the FOMC shutdown. US big banks must hold more capital to combat the landing crisis, which is impacting the sentiment and Gold price. Renewed concerns about hostilities between the US and...
The world gold price suddenly increased by tens of USD/ounce when the market received many influencing factors. Specifically, the Institute for Supply Management (USA) announced the non-manufacturing index for May 2023 at 50.3 points, down 4 points compared to the previous month's 51.9 points. Market participants are struggling to predict the upcoming monetary...
Gold prices held steady on Tuesday thanks to the positive sentiment surrounding the US central bank's decision not to raise interest rates this month. The US Dollar Index (DXY) initially fell but is forecast to fall further due to the Fed's tightening monetary policy. Regional banks in the United States are using credit filters, which can lead to a drop in...
Gold prices dropped significantly following the release of the BLS report, which revealed that 339,000 new non-farm jobs were added last month - much higher than Wall Street's estimated increase of 190,000 jobs in May. The report also showed that the unemployment rate increased from a 53-year low of 3.4% in April to 3.7% last month. This caused a strong rise in...
Gold market has rebounded strongly from the support level just above $1,950, and disappointing economic data is creating new momentum. August gold futures last traded at $1,976, up 0.35% on the day. Precious metal recovered from overnight losses and jumped into positive territory for the day as it saw new safe-haven demand when US service sector activity fell...
The Bearish trend continues for Gold as it hits a near-low of $1,945 for the second consecutive day after NFP, amidst a stronger USD and secure bond yields. DXY slightly increased to around 104.12 in the Asian session on Monday, maintaining its recovery from the one-week low. The market is concerned about the higher interest rates of Fed and US-China tensions, as...
Gold ended the week at $1,947 while August 2023 gold futures traded on the Comex of the New York Mercantile Exchange dropped $31.2 to $1,964. Gold prices fell for two consecutive days on the back of a strong US dollar and steady bond yields, hitting daily lows near $1,945. The DXY index rose slightly to around 104.12 as it maintained its recovery from the...