Blog posts tagged with 'gold'

Sep 1 (Reuters) - Gold prices firmed on Friday as investors braced for U.S. jobs data that could confirm the economy’s recent cooling trend and reduced rate hike expectations that have set gold on track for its second straight week of gains.

Spot gold climbed 0.2% to $1,943.80 per ounce by 1008 GMT and was poised for a 1.5% weekly gain after prices touched one-month highs on Wednesday. U.S. gold futures were up 0.2% at $1,970.40...[LINK]

While initial prices are softer today both gold and silver maintain bullish charts but will be heavily impacted by initial claims which are expected to show an increase in those claiming unemployment benefits.

In other words, the bull camp needs soft economic data to further the rate pause mantra which was given added credence overnight from comments from the Atlanta Federal Reserve president Bostic who indicated that US interest rates are "high enough".

However, the PCE data is typically a significant input into Fed decisions and that combined with the last significant cycle of monthly jobs news ahead of the September 14th Fed meeting should mean volatility and the potential for a trend signal for early September...[MORE]

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Aug 31 (Reuters) - Gold firmed near one-month highs on Thursday to cap this month’s losses as the odds of another U.S. interest rate hike were trimmed by data earlier this week pointing to a slowing labor market, while traders keep their eyes peeled for the upcoming inflation reading.

Spot gold was up 0.1% higher at $1,944.74 per ounce by 1003 GMT, close to its Aug. 2 high of $1,948.79 hit on Wednesday. U.S. gold futures were down 0.1% to $1,971.50...[LINK]

Despite minimal outside market headwinds gold enters the Wednesday session virtually unchanged and within striking distance of yesterday's upside breakout highs.

In a minimally supportive development overnight Harmony Gold showed a slight decline in the first half of production this year but managed to produce a profit. The company produced 1.47 million ounces of gold over the year compared with 1.49 million ounces and guidance of 1.4 million to 1.5 million ounces.

Unfortunately for the bull camp gold ETF holdings continue to decline with yesterday's outflow of 24,341 ounces expanding the year-to-date outflow to 4.3%...[MORE]

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Aug 30 (Reuters) - Gold was perched atop a three-week high on Wednesday as traders positioned for more U.S. economic readings that could further alter the odds of another interest rate hike by the Federal Reserve.

Spot gold rose 0.1% to $1,939.23 per ounce by 1152 GMT, its highest level since Aug. 7. U.S. gold futures also rose 0.1% to $1,967.40...[LINK]