Gold rose toward $1,880 an ounce on Wednesday, rebounding further from one-month lows as Federal Reserve Chair Jerome Powell’s latest remarks sounded less hawkish than markets anticipated. He said that more rate hikes will likely be needed and that the terminal rate could peak higher if the jobs market remains strong, but maintained that disinflation has begun. Latest data showed that the US economy added 517K jobs in January, the most since July and well above the market expectations of 185K. Investors now look ahead to a slew of US economic data and more Fed commentary on Wednesday for further guidance. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Edges Higher on Powell Comments

Gold held below $1,880 an ounce on Monday, hovering near its lowest levels in a month amid a general dollar strength, as stronger-than-expected US jobs data suggested the Federal Reserve has more room to hike interest rates. The Labor Department's closely watched employment report showed that US employers hired more workers than expected in January, with nonfarm payrolls increasing by 517,000 last month. This report brought a higher degree of uncertainty regarding the US central bank's next move while dashing expectations that the Fed and other central banks will soon end their tightening cycle. Investors now look ahead to Fed Chair Jerome Powell’s speech before the Economic Club of Washington on Tuesday to gain clarity on future policy plans. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Hovers Near 1-Month Lows

Gold is down by 2%

Gold dipped below the $1,900 mark on Friday, a level not seen in more than three weeks, pressured by a stronger dollar and a pick up in Treasury yields after hot jobs data fanned concerns about hawkish central bank policies. The Labor Department's closely watched employment report showed that US employers hired more workers than expected in January, with nonfarm payrolls increasing by 517,000 last month. This report brought a higher degree of uncertainty regarding the Federal Reserve's next move while dashing expectations that the Fed and other central banks will soon end their tightening cycle. Gold has now lost more than 2% this week.

Gold Hits Three-Week Low, Heads for Weekly Decline

Gold steadied around $1,915 an ounce on Friday after a sharp selloff in the previous session, as investors reassessed the outlook for inflation, growth and monetary policy worldwide. On Thursday, the metal dropped nearly 2% from nine-month highs as investors took some profits off the table following a rally driven by expectations of less aggressive central bank policy tightening. The US Federal Reserve delivered a smaller 25 basis point rate hike and said it has made progress in the fight against inflation on Wednesday, while the European Central Bank and the Bank of England said inflationary pressures in their economies have become more manageable. Investors now look ahead to the monthly US jobs report on Friday that could guide the rates outlook. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Steadies After Sharp Selloff

Gold is down by 2.01%

Gold steadied around $1,950 an ounce on Thursday, holding at its highest level in over nine months as investors digest monetary policy decisions from major central banks. Today, both the BoE and the ECB delivered a 50bps rate hike and reinforced more hikes would follow. The Fed however, continued to scale back the pace of rate increases and opted for a smaller 25bps. Still, market participants lowered their expectations for the peak of the tigthenincing cycles. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Little Changed as Investors Digest Major Central Banks

Gold rose above $1,950 an ounce on Thursday, scaling its highest levels in over nine months as the US Federal Reserve delivered a more moderate 25 basis point rate hike in a widely expected move, while Fed Char Jerome Powell said that the “disinflationary process has started.” Powell added that it is “certainly possible” that the Fed will keep its benchmark interest rate below 5% and that it can get inflation back down to 2% without significant economic damage. Still, the US central bank signaled more rate increases ahead, but Powell’s remarks ignited hopes that this tightening cycle may be nearing its end. The Bank of England and the European Central Bank are also expected to tighten policy further as they conclude their meetings today. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Scales 9-Month Highs on Powell Remarks

Gold rose above 1950, according to trading on a contract for difference (CFD).

Gold traded above 1950 USD/t.oz

Gold prices edged higher to above $1940 an ounce on Wednesday, after the Federal Reserve delivered a smaller 25bps hike as expected although comments from Fed Chair Powell during the regular press conference appeared more dovish, sending the dollar lower and pushing the bullion up. Traders now await monetary policy decisions from both the BoE and the ECB due tomorrow, with the latter set to maintain a hawkish stance.

Gold Prices March Higher

Gold prices were little changed around $1925 an ounce on Wednesday, after the Federal Reserve delivered a smaller 25bps hike as expected although policymakers reiterated more rate hikes to come, pushing back against investor expectations that an end to the current tightening cycle would be soon. Traders now await monetary policy decisions from both the BoE and the ECB due tomorrow, with the latter set to maintain a hawkish stance.

Gold Prices Little Changed after Fed

Gold steadied above $1,920 an ounce on Wednesday as investors geared up for a key Federal Reserve policy decision, with signs of cooling US inflation bolstering expectations for less aggressive interest rate hikes. Data on Tuesday showed that US wage growth slowed in the fourth quarter of 2022, while US house prices rose at a weaker pace in November. Last week, data also showed that the Fed-preferred core PCE inflation measure in the US slowed to an over one-year low in December. The Fed is widely expected to deliver a smaller quarter-point rate hike on Wednesday, while traders will be looking for guidance on the path for interest rate rises. The Bank of England and the European Central Bank are also set to tighten policy further this week. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Steadies Ahead of Fed Decision

Gold extended losses to nearly $1,900 an ounce on Tuesday, the lowest in over a week, as investors await central banks meetings in US, UK, and Euro Area. In the US, the Federal Reserve will likely slow down the pace of tightening at the end of its two-day policy meeting on Wednesday, delivering a 25 bps hike amid mounting evidence that inflation in the US has begun to ease. The latest data showed that the Fed-preferred core PCE inflation measure in the US slowed to an over-one-year low in December. Meanwhile, both the Bank of England and the European Central Bank are set to raise rates by 50bps on Thursday. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa. Still, the yellow metal is still set to gain for the third straight month amid global recession fears and bets for a slower pace of monetary policy tightening.

Gold Extends Losses to Over 1-Week Low

Gold held its recent decline to around $1,920 an ounce on Tuesday as investors turned cautious ahead of key interest rate decisions from major central banks this week, but the metal is still set to gain for the third straight month amid global recession fears and bets for a slower pace of monetary policy tightening. In the US, the Federal Reserve is widely expected to deliver a smaller quarter-point increase on Wednesday, while investors will be watching for clues on the path for interest rate rises. Data released on Friday showed that the Fed-preferred core PCE inflation measure in the US slowed to an over one-year low in December, supporting the case for a smaller hike. The Bank of England and the European Central Bank are set to tighten policy further this week as well. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Set for 3rd Monthly Gain

Gold hovered below the $1,925 per ounce mark on Monday, paring earlier gains as the US dollar erased its losses while investors awaited key interest rate decisions from major central banks this week. The Federal Reserve is widely expected to deliver a slower quarter-point increase on Wednesday, while investors await possible remarks from policymakers indicating whether the central bank could further warn against expectations of premature rate cuts that have eased financial conditions at the start of the year. Data released on Friday showed that the Fed-preferred core PCE inflation measure in the US slowed to an over one-year low in December, although personal spending levels contracted for a second month. The Bank of England and the European Central Bank are set to decide on monetary policy this week as well. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Pares Gains on Monday

Gold stabilized around $1,930 an ounce on Monday,  holding near its strongest levels in nine months as investors stayed on the sidelines ahead of a key interest rate decision from the Federal Reserve this week. The US central bank is widely expected to deliver a smaller quarter-point increase on Wednesday, while investors will be watching for clues on the path for interest rate rises. Data released on Friday showed that the Fed-preferred core PCE inflation measure in the US slowed to an over one-year low in December, supporting the case for a slower pace of policy tightening. US consumer spending also declined more than expected in December, indicating a slowing economy at the end of last year, with most analysts expecting a mild recession by the second half of 2023. The Bank of England and the European Central Bank are set to decide on monetary policy this week as well.

Gold Stabilizes Ahead of Fed Decision

Spot gold prices erased gains from the session and dropped to the $1,920 per ounce mark, extending the retreat from the nine-month high of $1,945 touched on January 25th as investors further digested the latest economic data for hints on whether the Federal Reserve will maintain its hawkish stance. The PCE core price index, the Fed’s preferred inflation gauge, rose firmly from the prior month in December. In the meantime, the US GDP growth surpassed expectations in the fourth quarter and weekly unemployment claims fell to a nine-month low, adding tightening leeway for the US central bank. The Fed is expected to scale back the pace of its rate hikes to 25bps next week from 50bps in December, while both the ECB and the BoE are set to stick with a 50bps increase. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Edges Down from 9-Month High

Gold prices edged slightly higher to approach $1930 an ounce on Friday, holding close to nine-month highs, after fresh data for the US showed PCE inflation is cooling as expected while high prices and borrowing costs are taking a toll on consumer spending. Next big catalysts for the bullion should be big monetary policy events next week, with the Fed decision due on Wednesday and both the BoE and the ECB on Thursday. Markets are currently pricing in major central banks will soon slow the pace of rate increases. The Fed is expected to scale back rate hikes to 25bps from 50 bps in December while both the ECB and the BoE are set to stick with a 50bps increase. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Prices Edge UP after US PCE

Gold weakened toward $1,920 an ounce on Friday, retreating further from nine-month highs as better-than-expected fourth quarter US GDP numbers indicated that the American economy was more resilient than markets anticipated. The US economy expanded annually by 2.9% in the fourth quarter, beating forecasts for a 2.6% growth. However, there were some signs of challenges to the economy such as softer-than-expected consumer spending, worsening investment and slowing inflation, supporting bets for a less aggressive central bank policy tightening. The Federal Reserve is expected to deliver a smaller 25 basis point rate hike at the next policy meeting. Investors now look ahead to US PCE data, the Fed’s preferred inflation measure, with a lower-than-expected reading likely to support gold prices. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Weakens on Robust US GDP Data

Gold continued to trade below $1940 an ounce on Thursday but remained close to nine-month highs, after fresh data for the US showed GDP growth topped forecasts at 2.9% in Q4, but pointed to a softer-than-expected consumer spending, worsening investment, and slowing inflation. Traders also brace for big monetary policy events next week, with the Fed decision due on Wednesday and both the BoE and the ECB on Thursday. Markets are currently pricing in major central banks will soon slow the pace of rate increases. The Fed is expected to scale back rate hikes to 25bps from 50 bps in December while both the ECB and the BoE are set to stick with a 50bps increase. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Little Changed after US GDP Growth

Gold prices reversed early gains to trade below $1940 an ounce on Thursday but hold close to nine-month highs, as investors await US economic releases due later in the day, including the fourth quarter GDP growth and initial jobless claims for further clues on the Fed's next steps. Traders also brace for big monetary policy events next week, with the Fed decision due on Wednesday and both the BoE and the ECB on Thursday. Markets are currently pricing in major central banks will soon slow the pace of rate increases. The Fed is expected to scale back rate hikes to 25bps from 50 bps in December while both the ECB and the BoE are set to stick with a 50bps increase. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Cuts Gains but Holds Close to 9-Month Highs

Gold rose toward $1,950 an ounce on Thursday, reaching its strongest levels in nine months amid a general dollar weakness, as softening US economic data, mixed corporate earnings, and recent comments from Federal Reserve officials signaled a less aggressive monetary tightening ahead. Fed Governor Christopher Waller said that upcoming rate moves and an expected continued decline in inflation left policy “pretty close” to being “sufficiently restrictive”. Markets are expecting the Fed to deliver a smaller 25 basis point rate hike at its Jan. 31-Feb. 1 policy meeting. Investors now look ahead to a raft of US data that could guide the rates outlook, including the Q4 GDP growth rate, durable goods orders, the PCE price index, and personal income and spending data. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and vice versa.

Gold Hits Fresh 9-Month High

Gold held above $1,930 an ounce on Wednesday, hovering near its strongest levels in nine months amid a general dollar weakness, as softening US economic data, mixed corporate earnings and recent comments from Federal Reserve officials signaled a less aggressive monetary tightening ahead. Fed Governor Christopher Waller said that upcoming rate moves and an expected continued decline in inflation left policy “pretty close” to being “sufficiently restrictive,” favoring a smaller 25 basis point increase at the next meeting. Investors now look ahead to a raft of US data that could guide the rates outlook including the Q4 GDP growth rate, durable goods orders, the PCE price index and personal income and spending data. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Hovers Near 9-Month Highs

Gold is down by 2.27%

Gold held above $1,930 an ounce on Tuesday, hovering near its strongest levels in nine months amid a general dollar weakness, as weakening US economic data and recent comments from Federal Reserve officials signaled a less aggressive monetary tightening ahead. Fed Governor Christopher Waller said that upcoming rate moves and an expected continued decline in inflation left policy “pretty close” to being “sufficiently restrictive,” favoring a smaller 25 basis point increase at the next meeting. Investors now look ahead to a raft of US data that could guide the rates outlook including Q4 GDP growth rate, durable goods orders, the PCE price index and personal income and spending data. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Spot gold prices were below $1,925 per ounce on Monday, easing from the nine-month high of $1,931 touched in the previous session despite a weaker dollar as investors continued to assess expectations of tighter monetary policy by major central banks. While money markets expect the Federal Reserve to raise its finds rate by a softer 25bps in its next meeting, FOMC members have repeatedly stated that the fight against inflation is far from over, hinting that slower interest rate hikes may continue past the 5% terminal rate that is currently priced in. In the meantime, the European Central Bank signaled that it will continue its aggressive tightening path to bring down soaring inflation in the bloc, with policymakers paving the way for two more 50bps rate hikes. Gold is highly sensitive to the policy outlook for major central banks as higher interest rates raise the opportunity cost of holding non-yielding bullion assets.

Gold Pares Gains

Gold climbed above $1,930 an ounce on Monday, heading back to its strongest levels in nine months amid a general dollar weakness, as weakening US economic data and recent comments from Federal Reserve officials signaled a less aggressive monetary tightening ahead. Fed Governor Christopher Waller said that upcoming rate moves and an expected continued decline in inflation left policy “pretty close” to being “sufficiently restrictive,” favoring a smaller 25 basis point increase at the next meeting. Investors now look ahead to a raft of US data that could guide the rates outlook including Q4 GDP growth rate, durable goods orders, the PCE price index and personal income and spending data. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Climbs on Less Aggressive Fed Hopes

Gold held above $1,920 an ounce on Friday, hovering near its strongest levels in nine months on firm expectations that the US Federal Reserve will slow the pace of its interest rate hikes. The metal is also on track to gain for the fifth straight week. Meanwhile, a chorus of Fed officials reiterated their commitment to tighter policy this week, though weakening US data that fueled recession fears tempered rate hike concerns. Markets are currently expecting the US central bank to downshift to a smaller 25 basis point rate hike in February after delivering a half-percentage point increase in December. Elsewhere, consumer prices in the UK also fell for the second straight month in December, adding to further signs that inflationary pressures may have finally peaked in Western economies. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold held above $1,900 an ounce on Thursday, hovering near its strongest levels in nine months on firm expectations that the US Federal Reserve will slow the pace of its interest rate hikes. Meanwhile, the metal came under pressure in the previous session amid hawkish remarks from Fed officials who backed further rate increases, though weaker-than-expected US retail sales and producer inflation data that fueled recession fears tempered rate hike concerns. Markets are currently expecting the US central bank to downshift to a smaller 25 basis point rate hike in February after delivering a half-percentage point increase in December. Elsewhere, consumer prices in the UK also fell for the second straight month in December, adding to further signs that inflationary pressures may have finally peaked. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold prices moved higher to above $1920 an ounce on Wednesday, getting back to levels bot seen since April last year, tracking a nearly 1% loss for the greenback and a retreat in Treasury yields after fresh economic data for the US fuelled hopes of less aggressive interest rate increases by the Fed. Producer prices fell way more than expected and retail sales also sank more. Elsewhere, inflation rate also fell in the UK for the second month, adding to further signs that inflationary pressures may have finally peaked. Meanwhile, the Bank of Japan maintained its ultra-easy monetary policy. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Back to 9-Month Highs

Gold fell to around $1,900 an ounce on Wednesday, sliding for the third straight session as the dollar rebounded from recent lows, while bets for a slower pace of interest rate hikes from the US Federal Reserve limited the losses. Latest data showed that US consumer inflation eased further to 6.5% in December, signaling that prices may have peaked at 9.1% in June and bolstering expectations that the Fed will downshift to a smaller 25 basis point rate increase at its February meeting. Investors now look ahead to US producer inflation and retail sales data due later on Wednesday that could provide more clues on the US central bank’s policy tightening path. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Declines as Dollar Rebounds

Gold held above $1,900 an ounce on Tuesday, hovering close to its strongest levels since April last year as easing US inflation and related expectations sparked hopes for less aggressive monetary tightening from the Federal Reserve. The annual inflation rate in the US slowed for a sixth straight month to 6.5% in December, in line with market forecasts. That was also the lowest reading since October 2021, raising hopes that inflation peaked in June at 9.1%. Investors are mostly expecting the central bank to downshift to a smaller 25 basis point rate hike in February after delivering four 75 basis point increases last year and a half-percentage point increase in December. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Holds Above $1,900/oz

Gold rose above $1,920 an ounce on Monday, hovering at its strongest levels in nearly nine months as easing US inflation and related expectations sparked hopes for less aggressive monetary tightening from the Federal Reserve. The annual inflation rate in the US slowed for a sixth straight month to 6.5% in December, in line with market forecasts. That was also the lowest reading since October 2021, raising hopes that inflation peaked in June at 9.1%. Money markets are now pricing an over 90% chance that the central bank will downshift to a smaller 25 basis point rate hike in February after delivering a half-percentage point increase in December. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, and vice versa.

Gold Hover at Near 9-Month Highs

Gold traded near $1,900 an ounce on Friday and was on track to notch its fourth straight weekly gain, as data showed that US inflation eased further in December, fueling bets that the Federal Reserve will slow the pace of interest rate hikes. The annual inflation rate in the US slowed for a sixth straight month to 6.5% in December, in line with market forecasts. That was also the lowest reading since October 2021 and follows a 7.1% rise in November. Markets are now betting that the central bank would downshift to a smaller 25 basis point rate hike in its next meeting after delivering a half-percentage point increase in December. Meanwhile, investors remain cautious following a drumbeat of hawkish remarks from Fed officials this week. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion.

Gold Set for 4th Straight Weekly Gain

Gold prices extended gains to approach $1900 an ounce on Thursday, touching levels not seen since April last year, as the dollar continued to fall and Treasury yields retreated as investors digest the latest CPI report for the US. The annual inflation rate slowed as expected to the lowest since October of 2021 and the headline CPI fell for the first time since May of 2020, led by a drop in energy costs. Meanwhile, a drumbeat of Fed officials reiterated their hawkish stance this week, with Fed Chair Jerome Powell saying that “restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.” Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion.

Gold Prices Extend Gains after US CPI Report

Gold rose above $1,880 an ounce on Thursday, hovering near its strongest levels in eight months amid a general dollar weakness, as investors cautiously awaited key US inflation data that could influence the trajectory of Federal Reserve interest rate hikes. Investors are betting that the December CPI report would show further easing in price pressures, supporting the case for a less aggressive tightening from the central bank. Meanwhile, a drumbeat of Fed officials reiterated their hawkish stance this week, with Fed Chair Jerome Powell saying that “restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.” Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion.

Gold Firms Up Ahead of US Inflation Data

Gold traded around $1,880 an ounce on Wednesday, hovering near its strongest levels in eight months as investors awaited key US inflation data that could provide fresh clues on the Federal Reserve’s tightening path. Federal Reserve Chair Jerome Powell also avoided making comments on the outlook for monetary policy in a speech on Tuesday, but he said that “restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.” Moreover, Fed Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that more rate increases are needed. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion.

Gold Holds Up Ahead of US Inflation Data

Gold steadied around $1,870 an ounce on Tuesday, hovering near its strongest levels in eight months amid a general dollar weakness, as weaker-than-expected US data tempered expectations that the Federal Reserve will continue to raise interest rates aggressively. Meanwhile, San Francisco Fed Bank President Mary Daly said she expects the central bank to raise rates to somewhere over 5%, while Atlanta Fed Bank President Raphael Bostic noted that policymakers should hike above 5% by early in the second quarter and hold them there for a long time. Investors were looking for any comments from Fed Chair Powell during his appearance at the Symposium on Central Bank Independence in Sweden but no comments on the US economic and monetary outlook were given. The next big catalyst for markets should be the US CPI report on Thursday.

Gold Little Changed at 8-Month Highs

Gold steadied around $1,870 an ounce on Tuesday, hovering near its strongest levels in eight months amid a general dollar weakness, as weaker-than-expected US data tempered expectations that the Federal Reserve will continue to raise interest rates aggressively. Meanwhile, San Francisco Fed Bank President Mary Daly said she expects the central bank to raise rates to somewhere over 5%, while Atlanta Fed Bank President Raphael Bostic noted that policymakers should hike above 5% by early in the second quarter and hold them there for a long time. Investors now look ahead to the US inflation report on Thursday for further clues about the Fed's next move, as well as Fed Chair Jerome Powell’s speech later on Tuesday.

Gold Firms Up on Slower Fed Hike Bets

Gold rose to around $1,880 an ounce on Monday, reaching its strongest levels in eight months amid a general dollar weakness, as a slowdown in wage growth and a surprise contraction in services activity in the US tempered expectations that the Federal Reserve will continue to hike rates aggressively. US nonfarm payrolls rose by 223,000 jobs in December, posting slightly above expectations but a 0.3% rise in average earnings was smaller than projected and slowed from a 0.4% increase in November. ISM data also showed that US services sector activity unexpectedly contracted in December at the steepest  pace in 2-½ years amid weakening demand. Meanwhile, minutes of the FOMC's December meeting showed that policymakers committed to pushing rates higher and holding them at a restrictive level until there were clear signs that inflation was easing.

Gold Hits 8-Month Highs on Slower Fed Hike Bets

Gold is up by 2%

Gold prices rose to above $1,850 an ounce on Friday, getting back to multi-month highs, as investors digest the latest job report for the US and the impact it could have on the Fed's policy. The American economy added more jobs than expected once again in December, but the gain was the smallest in two years. Also, annual wage growth slowed much more than initially anticipated to the lowest rate since August of 2021. Some market participants seem to see the December report as a dovish one, which weighed on the USD and Treasury yields, benefitting the yellow metal. However, interest-rate futures continue to show a peak Fed policy rate of 5% in May. Meanwhile, inflation in the Eurozone slowed more than anticipated last month due to slowing energy costs but the core rate continued to break fresh records, which is unlikely to change the ECB monetary policy path for now. Considering the first week of 2023, gold added 1%.

Gold Edges Higher as Investors Digest NFP

Gold prices were little changed near $1,840 an ounce on Friday after retreating from multi-month highs in the previous session, as investors digest the latest job report for the US and the impact it could have on the Fed's policy. The American economy added more jobs than expected once again in December, but the gain was the smallest in two years. Still, the US labour market remains strong and the Fed is set to keep rates higher for longer. Interest-rate futures continue to show a peak Fed policy rate of 5% in May. Meanwhile, inflation in the Eurozone slowed more than anticipated last month due to slowing energy costs but the core rate continued to break fresh records, which is unlikely to change the ECB monetary policy path for now. Considering the first week of 2023, gold added 1%.

Gold Prices Below Multi-Months High after NFP

Gold steadied near $1,840 an ounce on Friday after retreating from multi-month highs in the previous session, as investors look ahead to a key US jobs report that could shed light on the Federal Reserve’s policy tightening path. The metal fell more than 1% on Thursday after data showed that US private employment increased by 235,000 jobs in December, far exceeding expectations for a 150,000 rise. The latest JOLTs Job Openings figures and  jobless claims numbers also pointed to a still-tight US labor market, giving the US central bank room to keep raising interest rates. Meanwhile, concerns over the health of the US economy continued to support gold prices as the latest US manufacturing and services PMI data indicated weakening activity in the world’s largest economy.

Gold Steadies Ahead of US Jobs Report

Gold held above $1,850 an ounce on Thursday, hovering near its highest levels in almost seven months amid a general dollar weakness, as investors shrugged off hawkish signals from the US Federal Reserve. Fed policymakers said no interest rate cuts are expected this year and that a restrictive monetary policy would be necessary but left the door open for slower interest rate increases. Concerns over the health of the US economy also supported the metal as the ISM Manufacturing PMI showed that US factory activity contracted for a second month in December while the gauge of prices paid by factories for inputs fell to the lowest level in more than 2-1/2 years. Elsewhere, fresh data for France and Germany suggested inflation in Europe may have peaked.

Gold Holds Advance on Dollar Weakness

Gold prices edged higher to above $1850 an ounce on Wednesday, holding at June highs, as investors digest the latest FOMC minutes. Fed policymakers said no interest rate cuts are expected this year and that a restrictive monetary policy would be necessary but left the door open for slower interest rate increases. Meanwhile, concerns over the health of the US economy also supported the metal. The ISM Manufacturing PMI showed factory activity contracted for a second month in December while the gauge of prices paid by factories for inputs fell to the lowest level in more than 2-1/2 years. Elsewhere, fresh data for France and Germany suggested inflation in Europe may have peaked.

Gold Holds Near 7-Month Highs

Gold edged above $1,840 an ounce on Wednesday, hovering near its highest levels in six months amid a general dollar weakness, as investors awaited the latest Federal Reserve minutes which could provide clues on its policy tightening path. Economic concerns in the US also supported the metal, with former New York Fed President William Dudley saying that a US recession is on the cards but will not likely be severe, while former Fed Chair Alan Greenspan said a recession is the “most likely outcome” for the world’s largest economy. Moreover, IMF head Kristalina Georgieva warned that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe, and China, are all experiencing weakening activity. Investors now look ahead to a raft of data this week that could guide the outlook for growth and monetary policy, including private sector activity data from major economies, a key monthly US jobs report, and the latest Fed minutes.

Gold Hovers Near 6-Month Highs

Gold jumped 1% to around $1,840 an ounce on Tuesday, hitting its highest levels in 6 months as growth concerns dominated sentiment at the start of the year, with swiftly diminishing hopes that the US Federal Reserve could engineer a soft landing. IMF head Kristalina Georgiva warned that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe and China, are all experiencing weakening activity. Investors now look ahead to a raft of data this week that could guide the outlook for growth and monetary policy, including manufacturing PMI data from major economies, a key monthly US jobs report and the latest Fed minutes. Meanwhile, gold ended 2022 nearly flat around $1,810 an ounce after experiencing wild swings throughout the period. The metal reached a near-record high of $2,070 in March at the onset of Russia’s invasion of Ukraine, before dropping to an over 2-year low of almost $1,600 in September on aggressive monetary tightening worldwide.

Gold Hits 6-Month Highs on Growth Concerns

Gold prices were at $1,815 an ounce in the end of December, rising nearly 9% in the fourth quarter to close a volatile year flat. Gold led a sharp rally for precious metals at the end of the first quarter, reaching a near-record high of $2,000 per ounce as Russia’s invasion of Ukraine triggered commodity prices to soar and led investors to pile on bullion investments for safety. Consequently, soaring inflation among major economies, including 42-year high inflation in the US and record-high price growth in the Eurozone, preceded an aggressive tightening of monetary policy by central banks worldwide. Higher borrowing costs, soaring bond yields, and a rally for the US dollar reduced the appeal to hold non-interest-bearing bullion investments, pressuring gold to a 30-month low of $1,615 at the end of Q3. Still, recession concerns prevalent towards the end of the year gave some respite for bullion investments, supporting gold to rebound above the $1,800 threshold

Gold Set to End Year Flat

Gold traded around $1,810 an ounce on Thursday after facing heightened volatility in recent sessions, as investors continued to assess the outlook for US Federal Reserve interest rate hikes. Earlier in December, the Fed raised interest rates by a more moderate 50 basis points but indicated that the terminal rate could reach 5.1% next year, higher than markets anticipated. Meanwhile, latest data showed that US core PCE prices, the central bank’s preferred inflation gauge, fell to a four-month low of 4.7% YoY in November, in line with market forecasts. Gold is on track to close the year slightly lower, having rallied to as high as $2,070 an ounce in March on economic fears, before hitting an over two-year low of almost $1,600 an ounce in September as major central banks embarked on a historic tightening campaign to combat inflation.

Gold Fluctuates as Fed Outlook Mulled

Gold retreated to around $1,810 an ounce on Wednesday after hitting a six-month high of $1,833 in the previous session, weighed down by an uptick in the dollar and surging Treasury yields. Investors were worried that China’s reopening would add inflationary pressures to the global economy, lifting global bond yields while pressuring equities and other risk assets. A hawkish Federal Reserve outlook also weighed on the metal, as the US central bank raised interest rates by a more moderate 50 basis points at its December meeting, but indicated that the terminal rate could reach 5.1% next year, higher than markets anticipated. Meanwhile, latest data showed that US core PCE prices, the central bank’s preferred inflation gauge, fell to a four-month low of 4.7% YoY in November, in line with market forecasts.

Gold Eases as Dollar, Treasury Yields Rise

Gold rose back above $1,800 an ounce on Tuesday as the dollar slipped on an improving risk sentiment, though trading volume is expected to remain low due to the holidays. China announced on Monday that it will end quarantine requirements for inbound travelers in early January, boosting market sentiment. Investors also assessed data from last week showing US inflation continued to ease in November, though a hawkish Federal Reserve outlook kept markets on edge. Earlier in December, the Fed raised interest rates by a more moderate 50 basis points but indicated that the terminal rate could reach 5.1% next year, higher than markets anticipated.

Gold Edges Up on Dollar Weakness

Gold held its recent decline to below $1,800 an ounce on Friday and was set to end the week little changed, having been whipsawed during the period by shifting views on the trajectory of US Federal Reserve rate hikes. On Thursday, the metal dropped 1.2% after stronger-than-expected US data reinforced the Federal Reserve’s case to raise interest rates further and keep them higher for longer. Investors now look ahead to US PCE data, the central bank’s preferred inflation gauge, that could offer more clues on future rate increases. Still, gold remained close to its highest levels in six months on concerns that further monetary tightening from major central banks could tip the global economy into recession next year.

Gold Set to End Week Little Changed

Gold is down by 2.02%

Gold prices sank 1% to below $1800 an ounce on Thursday, prompted by a dollar rally after an upward GDP revision for the US raised prospects the Fed will eventually need to tight monetary policy further and keep rates elevated for a longer period of time. Despite the fall on Thursday, the bullion is on track to end the December month nearly 1.5% higher.

Gold Falls after US GDP Revision

Gold held above $1,810 an ounce on Thursday, hovering near its highest levels in six months, benefiting mainly from recent dollar weakness following a surprise hawkish move from the Bank of Japan. The metal was also boosted by fears that further monetary tightening from the Federal Reserve could tip the world’s largest economy into recession in 2023. Some analysts are speculating that a sharp economic downturn in the US next year could force the Fed to shift policy earlier-than-expected, which is a bullish case for gold. Still, Fed Chair Jerome Powell said last week that the central bank will deliver more rate hikes next year despite the economic risks. Investors now await more economic data for further direction, with US GDP for the third quarter and weekly US jobless claim numbers due later in the global day.

Gold Firms Up on Dollar Weakness

Gold held its recent advance to above $1,810 an ounce on Wednesday, hovering near its highest levels in six months, benefiting mainly from recent dollar weakness following a surprise hawkish move from the Bank of Japan. The metal was also boosted by fears that further monetary tightening from the Federal Reserve could tip the world’s largest economy into recession in 2023. Some analysts are speculating that a sharp economic downturn in the US next year could force the Fed to shift policy earlier-than-expected, a bullish case for gold. Still, Fed Chair Jerome Powell said last week that the central bank will deliver more rate hikes next year despite the economic risks.

Gold Holds Advance on Subdued Dollar

Gold bounced back above the $1,800 per ounce mark, closing in on its highest level since July, as concerns about a global recession and inflation becoming even more entrenched boosted demand for the precious metal. At the same time, uncertainty about the Fed's interest path and mounting evidence that the US is heading for a recession in 2023 sent the dollar sharply lower, making gold the preferred safe-haven asset. While this current environment could push prices even higher, growing speculation about an earlier pivot from the Federal Reserve in case of a sharp economic downturn could drive gold to retest its all-time high of $2,075 touched in August 2020.

Gold Bounces Back Above $1,800

Gold held below $1,800 an ounce on Tuesday, remaining under pressure from expectations that the US Federal Reserve will continue raising interest rates well into next year amid its commitment to bring down inflation. Last week, the Federal Reserve delivered a more moderate 50 basis point rate hike, though it projected a terminal rate of 5.1% next year, higher than previously indicated. The European Central Bank followed suit, raising its policy rate by 50 basis points and signaling more increases in an effort to bring inflation down to sustainable levels. Monetary authorities in the UK. Switzerland, Norway and the Philippines also tightened policy further last week.

Gold Pressured by Rate Hike Fears

Gold firmed up above $1,790 an ounce on Monday after rising nearly 1% in the previous session, benefitting mainly from recent dollar weakness as investors continued to mull over the Federal Reserve’s rate hike path and the chances that it could tip the world’s largest economy into recession. Meanwhile, the metal came under pressure last week after the Federal Reserve delivered a more moderate 50 basis point rate hike, though it projected a terminal rate of 5.1% next year, higher than previously indicated. The European Central Bank followed suit, raising its policy rate by 50 basis points and signaling more increases in an effort to bring inflation down to sustainable levels. Monetary authorities in the UK. Switzerland, Norway and the Philippines also tightened policy further last week.

Gold Firms Up as Dollar Eases

Gold steadied around $1,780 an ounce on Friday, but was still on course to end the week lower as the US Federal Reserve offered a more hawkish outlook on its policy than markets anticipated. On Tuesday, the Fed delivered a smaller half percentage point rate hike, though it projected a terminal rate of 5.1% next year, higher than previously indicated. The European Central Bank followed suit on Thursday, raising its policy rate by 50 basis points and signaling more increases in an effort to bring inflation down to sustainable levels. Monetary authorities in the UK. Switzerland, Norway and Philippines tightened policy further this week as well. While gold is considered as a hedge against inflation and economic uncertainty, higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Set for Weekly Loss on Hawkish Fed

Gold prices sank almost 2% to the $1770 an ounce level on Thursday, as major central banks set a more hawkish tone and signal interest rates will continue to rise. The Federal Reserve raised the fed funds rate by a more moderate 50 bps but said it could peak higher than anticipated in 2023. Both the ECB and the BoE also delivered a half-point increase and indicated that more hikes would probably follow. Elsewhere, the Norges Bank, the Swiss National Bank, and the central bank of the Philippines tightened monetary policy further. Gold prices have been trading at six-month highs in the first half of the month, as investors were initially hoping major central banks would soon start slowing tigthening, but the bullion already lost almost 2% on Thursday and Wednesday. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Extends Losses as Central Banks Become More Hawkish

Gold fell below $1,800 an ounce on Thursday, sliding for the second straight session after the US Federal Reserve raised interest rates by a more moderate 50 basis points at its December meeting, but signaled that the fed funds rate could peak higher than anticipated in 2023. The central bank projected rates would end at 5.1% next year before being lowered to 4.1% in 2024, higher than previously indicated. Fed Chair Jerome Powell said that the size of future increases would depend on incoming data, but warned that the Fed “still have some ways to go” in its tightening campaign. Investors now await monetary policy decisions from the European Central Bank, Bank of England and Swiss National Bank.

Gold Eases on Hawkish Fed View

Gold prices edged lower to $1800 an ounce on Wednesday, retreating from session-high of $1812.9 after the Federal Reserve delivered a smaller 50bps rate hike as expected but signalled the terminal rate will be higher than initially expected. At the same time, no interest rate cuts are anticipated before 2024. Traders now await the ECB, the BoE and the Swiss National Bank monetary policy decisions due tomorrow.

Gold Cuts Gains after Fed

Gold steadied above $1,800 an ounce on Wednesday as investors stayed on the sidelines ahead of the US Federal Reserve’s interest rate decision, where it is expected to moderate its aggressive tightening campaign but point to a higher peak for rates. Other major central banks including the European Central Bank, Bank of England and Swiss National Bank are also scheduled to decide on monetary policy this week. Meanwhile, the metal surged nearly 2% on Tuesday to reach its highest levels in over five months  following the release of cooler-than-expected US consumer price data. The annual inflation rate in the US slowed to 7.1% in November 2022, compared to 7.7% in October and below market expectations of 7.3%. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold prices surged 1.5% to $1800 an ounce on Tuesday, close to levels not seen since early July, prompted by a falling dollar after fresh CPI data for the US showed the inflation rate came below forecasts, easing some concerns over inflation and the need for a more aggressive tightening by the Fed. The next big catalyst for the bullion will be the Fed monetary policy decision tomorrow, with the central bank set to deliver a smaller 50bps rate hike though the likely peak for rates remains highly uncertain. Other major central banks including the European Central Bank, the Bank of England and the Swiss National Bank are set to decide on monetary policy this week. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Hits 5-Month High

Gold held near $1,780 an ounce in subdued trade on Tuesday after losing nearly 1% in the previous session, as investors braced for key US inflation data that could influence the near-term outlook for interest rates, as well as the Federal Reserve’s policy decision on Wednesday. The US central bank is widely expected to deliver a smaller 50 basis point rate hike this week, though the likely peak for rates remains highly uncertain as inflationary pressures stay elevated. Investors also turned cautious as other major central banks including the European Central Bank, the Bank of England and the Swiss National Bank are set to decide on monetary policy this week. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Muted as US CPI, Fed Loom

Gold fell below $1,790 an ounce on Monday, snapping a four-day advance as the dollar gained on stronger-than-expected US producer price data, while investors prepare for US consumer price data and the Federal Reserve’s interest rate decision this week. The US CPI report on Tuesday will be the last major data before the Fed announces its policy decision on Wednesday. The US central bank is widely expected to deliver a smaller 50 basis point rate hike this week, though the likely peak for rates remain highly uncertain as inflationary pressures stay elevated. Investors also turned cautious as other major central banks including the European Central Bank, the Bank of England and the Swiss National Bank are set to decide on monetary policy this week as well. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Drops as Dollar Strengthens

Gold prices traded above $1,790 an ounce but retreated from session highs on Friday, as the dollar bounced back after fresh PPI data showed producer prices in the US rose more than expected. The next big catalyst for the bullion will be the US CPI report on Tuesday while the Fed, the ECB and the BoE will also decide on monetary policy during next week. The three major central banks are expected to deliver smaller rate hikes but attention will turn to terminal rates and any signs on whether policymakers are getting ready to pause or continue tightening. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Gives Up Some Gains after US PPI Data

Gold rose above $1,790 an ounce on Friday, benefiting mainly from the dollar’s weakness as investors cautiously awaited key US inflation data and the Federal Reserve’s policy decision next week. The US producer price data due for release later today and the consumer price data scheduled for next week could shed light on the state of inflation and influence longer-term expectations for monetary policy. The Fed is expected to deliver a more moderate 50 basis point rate hike next week after raising rates by a hefty 75 basis points in the past four meetings, and traders will be watching for signs on whether the central bank is getting ready to pause or continue tightening. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion and dent its appeal, and vice versa.

Gold Climbs on Dollar Weakness

Gold eased toward $1,780 an ounce on Thursday, giving back some gains from the previous session as the dollar advanced on renewed global recession fears, while investors awaited more cues about the trajectory of US Federal Reserve rate hikes. Markets are expecting the Fed to deliver a more moderate 50 basis point rate hike next week after raising its key rate by 75 basis points in the past four meetings. However, the likely peak for rates remains highly uncertain as the release of surprisingly strong US employment, services and factory data spurred bets that the Fed will tighten further and keep them higher for longer. Higher interest rates dampen gold’s appeal to investors as they raise the opportunity cost of holding non-yielding bullion.

Gold Eases as Dollar Gains

Gold prices surged 1% to $1790 an ounce on Wednesday, approaching high levels not seen since mid-August, and benefiting from a from in the dollar and bond yields. Investors' optimism waned amid concerns over global growth and prospects the Fed will slow the pace of interest rate increases. Meanwhile, the ECB will probably deliver a smaller 50bps increase in borrowing costs next week while the Bank of Canada signalled its tightening campaign could be near the end. Higher interest rates dampen gold’s appeal to investors as they raise the opportunity cost of holding non-yielding bullion.

Gold Prices Surge 1%

Gold held its recent decline to around $1,770 an ounce on Wednesday, facing renewed pressure from a buoyant dollar after better-than-expected US services activity data suggested the Federal Reserve could raise interest rates for longer to cool demand. The November ISM Services data, along with the solid November jobs report released last week, pointed to a resilient economy and bolstered the case for further monetary tightening in the US. Still, the market is expecting the Fed to deliver a more moderate 50 basis point rate hike at its December meeting following four straight 75 basis point increases, though questions on how long the central bank will need to tighten remain. Higher interest rates dampen gold’s appeal to investors as they raise the opportunity cost of holding non-yielding bullion.

Gold Holds Decline on Fed Jitters

Gold held its recent decline to around $1,770 an ounce on Tuesday, facing renewed pressure from a buoyant dollar after better-than-expected US services activity data suggested the Federal Reserve could raise interest rates for longer to cool demand. The November ISM Services data, along with the solid November jobs report released last week, pointed to a resilient economy and bolstered the case for further monetary tightening in the US. Still, the market is expecting the Fed to deliver a more moderate 50 basis point rate hike at its December meeting following four straight 75 basis point increases, though questions on how long the central bank will need to tighten remain. Higher interest rates dampen gold’s appeal to investors as they raise the opportunity cost of holding non-yielding bullion.

Gold was down more than 1.5% to below $1,770 on Monday, a dramatic reversal from a 5-month high of $1,810/oz hit earlier in the session, as the dollar and US Treasuries were lifted by renewed prospects of a more aggressive Federal Reserve. Traders are scaling up their bets on how far the US central bank will lift interest rates after a better-than-expected ISM Services PMI added to last week’s strong jobs report. Prior to the US economic release, the yellow metal was rallying on China’s policy shift on its Covid response.

Gold Drops by Over 1.5%

Gold edged above $1,800 an ounce on Monday, hitting its highest levels in five months as the dollar continued to decline, making greenback-priced bullion more attractive for buyers holding other currencies. The metal came under pressure on Friday on hotter-than-expected US jobs data, but has since reversed those losses as expectations that the US Federal Reserve will slow the pace of interest rate hikes starting this month remained intact, with Fed Chair Jerome Powell expressing support for such a move. China’s continuing shift away from strict Covid restrictions also boosted risk sentiment and weighed on the dollar. Investors now look ahead to a slew of US economic reports such as services activity, consumer sentiment and inflation data, as well as the Fed’s monetary decision next week.

Gold Hits 5-Month Highs

Gold prices sank 1% to below $1800 an ounce on Friday, after a hotter-than-expected jobs report for the US poured cold water on expectations of a big slowdown in Fed's tightening, sending the dollar higher. Nonfarm payrolls came way above forecasts and wage growth unexpectedly picked up. On the week however, the bullion is set to gain nearly 1.5%, benefitting from a dollar fall during the week after comments from Fed Chair signalled the central bank will deliver a smaller rate hike in December.

Gold Falls 1% after Hot NFP Report

Gold held its recent advance to around $1,800 per ounce on Friday and is set to end the week sharply higher, benefiting mainly from a weak dollar on expectations that the US Federal Reserve would slow the pace of interest rate hikes. Investors also braced for a key US jobs report which could influence the rates outlook, while digesting data which showed that US PCE inflation slowed to a ten-month low in October. On Wednesday, Fed Chair Jerome Powell said that “slowing down at this point is a good way to balance risks,” and that the Fed could moderate the size of rate hikes as soon as December. It confirmed market expectations that the Fed would deliver a smaller 50 basis point rate hike this month, after raising rates by 75 basis point in the last four meetings. Market pricing also indicated that the Fed funds rate will peak below 5% in May 2023 following Powell’s comments, lower than previous expectations for a peak above 5% in June.

Gold Set to End Week Sharply Higher

Gold rose above 1800, according to trading on a contract for difference (CFD).

Gold traded above 1800 USD/t.oz

Gold climbed to fresh daily highs around the $1,800 per ounce mark, closing on its highest level since early July, buoyed by fading Treasury yields and sharp dollar depreciation. The Fed's preferred inflation measure, the US core personal consumption expenditures price index, eased to 5% in line with expectations, in the latest signal that inflation could be peaking. Such data came on top of a somewhat dovish speech from Fed Chair Jerome Powell on Wednesday, which prompted markets to price in an over 80% chance of a smaller 50 bps hike in December.

Gold Approaches Key 1,800 Mark

Gold increased to a 15-week high of 1787 USD/t.oz

Gold Hits 15-week High

Gold rose toward $1,780 an ounce on Thursday, hitting its strongest levels in two weeks amid a weaker dollar, as US Federal Reserve Chair Jerome Powell said the central bank could slow down the pace of rate increases as soon as December to balance risks. It confirmed market expectations that the Fed would deliver a smaller 50 basis point rate hike this month, after raising rates by 75 basis point in the last four meetings. Market pricing also indicated that the Fed funds rate will peak below 5% in May 2023 following Powell’s comments, lower than previous expectations for a peak above 5% in June. Investors now look ahead to more US data to gauge the health of the world’s largest economy, highlighted by a key monthly jobs report on Friday.

Gold Hits 2-Week High on Fed Slowdown Bets

Gold extended gains to $1,757 an ounce on Wednesday, closing in on its highest level in two weeks on expectations of a smaller 50 bps hike by the Federal Reserve in December, after delivering four straight 75 basis point increases. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Extends Gains

Gold edged above $1,750 an ounce on Wednesday, holding up against a subdued dollar as investors looked ahead to US Federal Reserve Chair Jerome Powell’s speech later today that could guide the rates outlook. Meanwhile, investors remain cautious as Fed officials signaled that interest rates will continue to rise well into next year to get ahead of inflation. Still, the Fed is widely expected to slow the pace of its rate hike to 50 basis points in December after delivering four straight 75 basis point increases. Investors also look ahead to a raft of US economic reports this week, highlighted by a key monthly jobs report on Friday. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Edges Higher on Subdued Dollar

Gold climbed above $1,750 an ounce on Tuesday, recouping most of the losses from the previous session as the dollar retreated, while investors continued to assess the likely direction of US monetary policy. The yellow metal dropped nearly 1% on Monday after US Federal Reserve officials signaled that interest rates will continue to rise well into next year. Still, the Fed is widely expected to slow the pace of its rate hike to 50 basis points in December after delivering four straight 75 basis point increases. Investors also look ahead to a slew of US economic reports this week, as well as Fed Chair Jerome Powell’s speech on Wednesday for fresh clues on the central bank’s tightening plans. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Rises as Dollar Retreats

Gold turned lower to around $1,740 per ounce on Monday, pressured by a recovery in the dollar following hawkish comments from Fed officials James Bullard and John Williams. Still, gold is well above an over two-year low of around $1,600 touched in late September, amid increasing speculation that the Federal Reserve will soon slow the pace of interest rate hikes. Money markets are now pricing in a 70% chance that the central bank would deliver a smaller 50-bps rate hike in December. Meanwhile, widespread protests against strict COVID-19 restrictions in several Chinese cities sent shockwaves toward riskier assets, thus supporting the metal's appeal as a haven amid growing economic uncertainties.

Gold Loses Shine

Gold was changing hands around $1,760 per ounce on Monday, closing in on its highest levels since mid-August, spurred on by safe-haven demand stemming from the coronavirus situation in China and a weaker dollar. Widespread protests against strict COVID-19 restrictions in several Chinese cities sent shockwaves toward riskier assets, thus bolstering the metal's appeal as a haven amid growing economic uncertainties. Gold prices have already dramatically recovered from an over two-year low of around $1,600 touched in late September, amid increasing speculation that the Federal Reserve will soon slow the pace of interest rate hikes. Money markets are now pricing in a 70% chance that the central bank would deliver a smaller 50-bps rate hike in December.

Gold Enjoys Wave of Momentum

Gold slipped to around $1,750 an ounce on Monday as the dollar recovered slightly on haven demand, as widespread protests against strict Covid restrictions in China roiled financial markets. Investors are also bracing for a slew of US economic reports to gauge the state of the world’s largest economy, as well as speeches by several Federal Reserve officials. Last week, the metal got a boost after the latest Fed meeting minutes showed that a substantial majority of US policymakers agreed it would soon be appropriate to slow the pace of interest rate hikes. Earlier this month, the Fed delivered its fourth straight 75 basis point rate increase and pushed borrowing costs to the highest since 2008 to tame stubbornly high inflation, and markets are now betting that it would moderate the size of its rate hike in December to 50 basis points. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold firmed up above $1,750 an ounce on Friday and was on track to end the week slightly higher as the latest Federal Reserve meeting minutes showed that a substantial majority of US policymakers backed a slower pace of interest rate hikes in the coming months. The central bank now wants to assess the impact of its historic tightening campaign on the economy after raising the policy rate in six consecutive meetings and bringing borrowing costs to the highest levels since 2008. Markets are betting that the Fed would moderate the size of rate hikes to 50 basis points in December after delivering its fourth straight 75 basis point increase earlier this month. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Firms Up on Fed Slowdown Hopes

Gold rose above $1,750 an ounce on Thursday, climbing for the third straight session after the latest Federal Reserve meeting minutes showed that a substantial majority of policymakers agreed it would likely soon be appropriate to slow the pace of interest rate hikes. The central bank now wants to assess the impact of its historic tightening campaign on the economy, having raised the policy rate in six consecutive meetings to bring borrowing costs to the highest levels since 2008. Markets are betting that the Fed would moderate the size of rate hikes to 50 basis points in December after delivering its fourth straight 75 basis point increase earlier this month. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Climbs for Third Straight Session

Gold climbed to fresh daily highs around the $1,750 per ounce mark, buoyed by fading Treasury yields, while the negative sentiment around the dollar lent further optimism to bulls. The market movement came as investors digested minutes from the last Federal Reserve meeting, which showed that policymakers see a case for slower interest rate increases while acknowledging that the balance of economic risks is now skewed to the downside.

Gold Hits Fresh Daily Highs

Gold fell near $1,730 an ounce on Wednesday, sliding toward its weakest levels in two weeks as investors cautiously awaited the latest Federal Reserve meeting minutes that could guide the outlook for future US rate hikes. Traders have been parsing through remarks from Fed officials who have largely maintained a strong commitment to bring down inflation, but voiced support for a slower pace of interest rate hikes if warranted. In the latest commentary, San Francisco Fed President Mary Daly warned against overtightening, while Cleveland Fed President Loretta Mester said she wants to see inflation come down sustainably before supporting a pause. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold Eases as Fed Minutes Awaited

Gold rose above $1,740 an ounce on Tuesday, snapping a four-day decline as the dollar pulled back from a recent high, with investors bracing for the latest Federal Reserve meeting minutes that could guide the outlook for future US rate hikes. Traders also parsed through various remarks from Fed officials, with San Francisco Fed President Mary Daly warning against overtightening, while Cleveland Fed President Loretta Mester said she wants to see inflation come down sustainably before supporting a pause. Gold is highly sensitive to the rates outlook as higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Gold prices weakened toward $1,740 an ounce on Monday, falling for the fourth straight session, weighed down by hawkish remarks from US Federal Reserve officials who signaled that interest rates could end higher than previously anticipated. Most notably, St. Louis Fed President James Bullard said last week that the policy rate is not sufficiently restrictive and suggested that it could reach the 5% to 7% range in order to bring down inflation, higher than what the market is currently pricing. Meanwhile, Atlanta Fed President Raphael Bostic said on Saturday that he is ready to “move away” from large rate hikes at the December meeting, adding that another full percentage point of increase would be sufficient to rein in inflation. Markets now look ahead to minutes of the central bank’s November meeting, as well as a slew of US economic reports including consumer sentiment, durable goods and new home sales.

Gold Pressured by Hawkish Fed

Gold prices steadied around $1,760 an ounce on Friday but were set to end the week lower, weighed down by hawkish US Federal Reserve messaging which suggested more rate hikes than markets anticipated, pushing back against expectations of a Fed pivot. Most notably, St. Louis Fed President James Bullard said that the policy rate is not sufficiently restrictive and suggested that it could reach the 5% to 7% range as authorities try to stamp out inflation,  higher than what the market is currently pricing. San Francisco Fed President Mary Daly also emphasized that a pause is “off the table,” while Kansas City Fed President Esther George said that policymakers must be “careful not to stop too soon” on hiking rates. While gold is widely considered as a hedge against inflation and economic uncertainty, higher interest rates raise the opportunity cost of holding non-yielding bullion.

Gold Set to End Week Lower

Gold prices fell below $1,770 an ounce on Thursday, sliding for the second straight session as the dollar was buoyed by stronger-than-expected US retail sales data that clouded the outlook for inflation and indicated the need for more interest rate hikes. Federal Reserve officials continued to signal a firm hawkish stance, with San Francisco Fed President Mary Daly emphasizing that a pause is “off the table,” while Kansas City Fed President Esther George said that policymakers must be “careful not to stop too soon” on hiking rates and that achieving a soft landing might be difficult. Gold also declined as the safe-haven flows driven by the latest geopolitical concerns started to fade.

Gold Slips on Dollar Strength

Gold prices reversed early gains to trade around $1780 an ounce on Wednesday, holding close to levels not seen since mid-August, and tracking a softer dollar. Lower-than-expected consumer and producer inflation for the US prompted bets the Fed could start slowing the pace of interest rate increases, with markets betting on a 50 bps increase in December after delivering four straight 75bps hikes. At the same time, a missile incident in Poland bolstered safe-haven appeals.

Gold Cuts Losses

Gold prices fell toward $1,770 an ounce on Wednesday, easing from a three-month high of around $1,786 reached in the previous session as investors took some profits off the table, while assessing the US rates outlook and the potential for a wider geopolitical conflict in Europe. Lower-than-expected US PPI data bolstered the case for a less aggressive tightening from the Federal Reserve, with markets betting that the central bank would moderate the size of their rate hikes to 50 basis points from December after delivering four straight 75 basis point increases. Still, Fed officials warned that more work is needed to tame inflation. Meanwhile, investors tracked geopolitical developments after a Russian-made missile hit Polish territory and killed two civilians, though the culprit remains unknown.

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