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Gold holds near all-time-high levels ahead of Fed testimony
Wednesday, March 6, 2024
March 6 (Reuters) - Gold prices gained on Wednesday to trade near previous session's record highs as markets expect Federal Reserve Chair Jerome Powell's testimony later in the day to reveal clues on a potential June rate cut.
 
Spot gold was gained 0.3% to $2,132.80 per ounce, as of 1249 GMT after hitting a historic high of $2,141.59 per ounce in the prior session. U.S. gold futures were steady at $2,141.60...[LINK]
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Morning Metals Call
Wednesday, March 6, 2024

Good morning. The precious metals are higher in early U.S. trading.

Quote Board

U.S. calendar features ADP Employment Survey, Wholesale Sales, JOLTS Job Openings, EIA Data, Beige Book.

FedSpeak due from Powell & Daly.

BoC rate announcement. Steady expected.

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Zaner Daily Precious Metals Commentary
Tuesday, March 5, 2024

With both gold and silver posting higher highs overnight it is clear the bullish track from the prior three trading sessions has remained in place.

In fact, given a significant dip in eurozone producer prices of 0.9%, the prospects of an ECB rate cut in June have jumped.

Apparently, the gold and silver trade are not unnerved by the disappointing Chinese Caixin services PMI reading, but that could be the result of anticipation of a Chinese stimulus package announcement...[MORE]

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Gold hits record high on US rate-cut optimism
Tuesday, March 5, 2024
March 5 (Reuters) - Gold notched a record high on Tuesday, as traders ramped up bets of a start to interest-rate cut by the U.S. Federal Reserve in June, with investors pouring money into the safe-haven asset as the Middle-East war drags on.
 
Spot gold climbed 1% to $2,136.69 per ounce by 1332 GMT. U.S. gold futures jumped 0.9% to $2,145.40 per ounce. Gold last hit a record high of $2,135.40 on Dec. 4...[LINK]
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Morning Metals Call
Tuesday, March 5, 2024
Good morning. The precious metals are mixed in early U.S. trading.
 
U.S. calendar features Economic Optimism Index, Services PMI & ISM, Factory Orders (-2.8% expected).
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Zaner Daily Precious Metals Commentary
Monday, March 4, 2024

Apparently, expectations for a June US interest rate cut have returned which in turn fueled the most significant gold and silver rallies since early December.

However, the CME Fed Watch tool did not show a significant increase in the probability of a June rate cut from just below 50% early last week to only 52.8% after the close Friday.

Therefore, the gold and silver markets are anticipating the continuation of soft US and international data which has already resulted in widespread talk of eurozone, Japanese, and Canadian rate cuts in June...[MORE]

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Gold hovers near two-month peak as bets build for June US rate cut
Monday, March 4, 2024
March 4 (Reuters) - Gold prices were anchored near a two-month peak on Monday, following last week's tepid U.S. economic data, which solidified bets for the Federal Reserve's first interest rate cut of the year in June.
 
Spot gold was steady at $2,082.89 per ounce, as of 1230 GMT. U.S. gold futures fell 0.2% to $2,091.50...[LINK]
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Morning Metals Call
Monday, March 4, 2024

Good morning. The precious metals are mixed in early U.S. trading.

Quote Board

U.S. calendar features FedSpeak from Harker.

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Zaner Daily Precious Metals Commentary
Friday, March 1, 2024

In retrospect, the action in gold and silver this week has been nothing short of stellar given periodic adversity from strength in the dollar.

Furthermore, gold managed to shrug off headwinds from signs of slowing in the US and European economies especially with gold at times over the last several weeks seemingly benefiting from "hope" of a recovery in physical/industrial gold demand following a global macroeconomic euphoria wave.

Apparently, the gold trade interpreted yesterday's US PCE report result as a sign inflation was slowing which apparently keeps US rate cut hopes alive...[MORE]

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Gold poised to extend gains for second week on firming Fed rate-cut bets
Friday, March 1, 2024
March 1 (Reuters) - Gold prices hit a one-month high on Friday and were set for a second straight week of gains as the latest U.S. data pointed to signs of slowing inflation, bolstering investor expectations of an interest rate cut by the Federal Reserve in June.
 
Spot gold edged 0.5% higher to $2,053.10 per ounce, as of 1226 GMT, its highest level since Feb. 2. U.S. gold futures firmed 0.4% at $2,063...[LINK]
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