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Gold wavers near 3-week lows as investors brace for US inflation data
Monday, January 8, 2024

Jan 8 (Reuters) - Gold prices slid on Monday to trade near a three-week low touched in the last session, as the U.S. dollar and bond yields were buoyant on reduced hopes of an early rate cut by the Federal Reserve and as markets awaited for a key inflation print this week.

Spot gold slipped 0.9% at $2,027.87 per ounce as of 1033 GMT, hovering near its lowest level since Dec. 19 touched in the last session. U.S. gold futures GCcv1 fell 0.7% to $2,034.40...[LINK]

Morning Call
Monday, January 8, 2024
Good morning. The precious metals are lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Consumer Credit, FedSpeak from Bostic.
Zaner Daily Precious Metals Commentary
Friday, January 5, 2024

With a rising dollar and rising interest rates pressuring the markets again this morning and the prospect of US rate cut being pushed back with further strong US jobs data today the slide from the late December high is likely to extend in earnest today.

In other words, without a surprisingly weak jobs report reductions in the probability of a March rate cut should continue.

Keep in mind, US non-farm payroll counts are still "growing" (albeit monthly additions are shrinking) and impatient bond traders have started to question their perception of the potential for a March cut...[MORE]

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Gold under pressure from stronger US dollar, Treasury yields
Friday, January 5, 2024

Jan 5 (Reuters) - Gold prices slipped on Friday and were on track for their first weekly fall in four, weighed down by a stronger dollar and higher bond yields, while investors keenly awaited U.S. non-farm payrolls data due later in the day.

Spot gold was down 0.2% to $2,038.49 per ounce as of 1223 GMT. U.S. gold futures fell 0.2% to $2,045.40...[LINK]

Morning Call
Friday, January 5, 2024
Good morning. The precious metals are mostly lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Nonfarm payrolls (+150k expected), Factory Orders, Services ISM, FedSpeak from Barkin.
Zaner Daily Precious Metals Commentary
Thursday, January 4, 2024

The weakening dollar gives the gold bulls the upper hand this morning.

Although the depth of this bull move is questionable as many bond traders have cut their March rate cut probabilities to 70%, from 85%, sending US rates higher.

With other nations potentially cutting interest rates more aggressively than the Fed, the dollar is at risk of staying stronger than expected, putting pressure on gold prices, even despite potential rate cuts. Gold bulls must take this shift in timing and probabilities seriously...[MORE]

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Gold rebounds on dollar retreat; spotlight on US jobs data
Thursday, January 4, 2024

Jan 4 (Reuters) - Gold prices rebounded from a two-week low on Thursday, as a pullback in the dollar lifted demand among investors who are looking ahead to a U.S. jobs report that could shed more light on the Federal Reserve's next move on interest rates.

Spot gold was up 0.2% to $2,044.69 per ounce as of 1210 GMT, after hitting its lowest since Dec. 21 on Wednesday. U.S. gold futures rose 0.5% to $2,052.10 per ounce...[LINK]

Morning Call
Thursday, January 4, 2024
Good morning. The precious metals are lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Challenger Layoffs, ADP Employment Survey, Initial Jobless Claims, Services PMI, EIA Data.
Zaner Daily Precious Metals Commentary
Wednesday, January 3, 2024

The gold bears were out this morning as worries over Japanese insurers dumping U.S. government bonds, to cover losses related to this week's earthquakes, sent both bond yields and the dollar sharply higher.

This gold sell-off comes as central banks continue to talk about the need for weaker economic data before they discuss rate cuts, and, on cue, we saw better-than-expected employment data in Europe, adding to worries of a slower-than-expected central bank pivot.

Furthermore, the trade today could see early selling intensify if US ISM manufacturing data comes in positive as expected especially with the afternoon release of the FOMC meeting minutes as any pushing back of US rate cut timing is clearly a major blow to the bull case...[MORE]

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Gold slips to one-week low as dollar firms ahead of Fed minutes
Wednesday, January 3, 2024

Gold prices slipped to their lowest in a week on Wednesday as the dollar firmed, while investors looked ahead to the release of minutes from the Federal Reserve’s latest policy meeting and U.S. jobs data for more clarity on potential interest rate cuts.

Spot gold was down 0.3% to $2,053.10 per ounce. U.S. gold futures were down 0.5% to $2,062.20 per ounce...[LINK]