commodities

Wall Street retreats to the sidelines ahead of the Fed, Main Street breaks bearish after gold tests $4,000/oz teaser image
Gold

Wall Street retreats to the sidelines ahead of the Fed, Main Street breaks bearish after gold tests $4,000/oz

(Kitco News) – Gold prices saw another turbulent week, as early safe-haven support faded into a sharp midweek selloff after hotter U.S. inflation data, renewed Middle East fighting, and rising Fed rate-hike expectations pushed prices to the $4,000 support level before the yellow metal reclaimed $4,200 on a late-week bounce.
Economy

Spot gold hovers near $4,200/oz after preliminary Consumer Sentiment rises to 48.9, one-year inflation expectations dip to 4.6%

(Kitco News) - The gold market is holding relatively steady after the latest data showed consumer sentiment in the U.S. improving, while inflation expectations pulled back from last month’s highs.The University of Michigan announced on Friday that the preliminary reading of its Consumer Sentiment survey for June was 48.9. The data was better than expectations, as the consensus forecast of economists called for a reading of 46, and it was also above May’s final reading of 44.8.
Gold

Gold holds above $4,200 as Hormuz risk premium unwinds - Kitco AM Report

(Kitco NewsWire) - Spot gold prices are steady and spot silver prices are weaker in early U.S. trading Friday, as oil prices fell sharply on U.S.-Iran deal hopes, U.S. equity futures edged higher and traders looked ahead to the next inflation-expectations read.
Gold

Silver leads metals higher as traders defend key support - Kitco PM Report

(Kitco NewsWire) - Spot gold and silver prices were sharply higher late Thursday, as safe-haven demand tied to U.S.-Iran risk met a late-session pullback in crude oil after fresh deal signals.
Don't fear a drop below $4,000, gold's bull market isn't broken - Thorsten Polleit teaser image
Gold

Don't fear a drop below $4,000, gold's bull market isn't broken - Thorsten Polleit

(Kitco News) - Despite significant selling pressure, the gold market has managed to hold critical long-term support above $4,000 an ounce.
Precious metals traders prepare to defend $4,000 gold, while break of $60 silver would be ‘catastrophic’ - FX Empire’s Lewis teaser image
Gold

Precious metals traders prepare to defend $4,000 gold, while break of $60 silver would be ‘catastrophic’ - FX Empire’s Lewis

(Kitco News) - Gold prices are seeing volatility on Thursday as traders prepared for a test of the $4,000 per ounce support level, while silver traders are gearing up for their own critical battle to defend $60, according to Christopher Lewis, market analyst at FX Empire.
National Bank of Georgia buys $100 million in physical gold teaser image
Gold

National Bank of Georgia buys $100 million in physical gold

(Kitco News) - Central bank demand has provided key support for gold throughout its unprecedented rally, and while official purchases have slowed in recent months as nations contend with growing inflationary pressures and a global energy crisis, demand has not disappeared.
Gold, silver edge lower as PPI stays hot - Kitco AM Report teaser image
Gold

Gold, silver edge lower as PPI stays hot - Kitco AM Report

(Kitco NewsWire) - Spot gold prices are weaker and spot silver prices are also lower in early U.S. trading Thursday, as another hot inflation print kept the Fed-rate channel in control while the U.S.-Iran conflict continued to support the oil-risk premium.
Gold price remains under pressure as U.S. jobless claims rises to 229k teaser image
Gold

Gold price remains under pressure as U.S. jobless claims rises to 229k

(Kitco News) - The gold market remains firmly caught in a downtrend, with prices trading near critical long-term support levels. Even potentially slowing momentum in the labor market has not been enough to pull prices out of this tailspin.
Gold price continues to struggle against euro as ECB raises interest rates by 25 basis points teaser image
Gold

Gold price continues to struggle against euro as ECB raises interest rates by 25 basis points

(Kitco News) - The gold market continues to face significant downside risks and is seeing little reaction as interest rates rise in Europe.As expected, the European Central Bank increased its interest rates by 25 basis points. Interest rates for the central bank's deposit facility, the main refinancing operations, and the marginal lending facility have been increased to 2.25%, 2.40%, and 2.65%, respectively.
Spot gold at $4,062/oz after U.S. May PPI rises 1.1%, core PPI up 0.4% teaser image
Economy

Spot gold at $4,062/oz after U.S. May PPI rises 1.1%, core PPI up 0.4%

(Kitco News) - The gold market is approaching its earlier lows after the latest data shows U.S. producers saw mixed price pressures last month.The headline Producer Price Index (PPI) rose 1.1% in May, following April’s downwardly revised 1.1% rise, the U.S. Labor Department announced on Thursday. The latest inflation data was higher than expectations, as economists looked for a 0.7% increase.