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GOLD PRICES SET NEW RECORD ON U.S. RATE-CUT HOPES, GEOPOLITICAL CONCERNS- WSJ AUG 16TH 2024- Futures on the New York Mercantile Exchange reached as high as $2,538.7 earlier in the session By  Joseph Hoppe Updated Aug. 16, 2024 12:51 pm ET. Gold reached a new record high on rising hopes for a U.S. interest-rate cut and geopolitical tensions, rapidly reclaiming lost ground after a market crash and selloff in early August. Continuous gold futures on the New York Mercantile Exchange rose 1.6% to $2,533.4 a troy ounce in European afternoon trading, having reached as high as $2,538.7 earlier in the session. The prior all-time futures record was $2,522.5 an ounce on Aug. 2. Meanwhile, spot gold broke above the $2,500 barrier for the first time. The precious metal, which has repeatedly reached all-time highs since March, is riding on a global market recovery, but is particularly supported by safe-haven demand and growing rate-cut hopes, said FxPro senior market analyst Alex Kuptsikevich. Gold has moved in tandem with equities this month, but it fell less aggressively during the selloff and outpaced the wider rally, Kuptsikevich said in a note. Early August’s market turmoil—in which gold futures sank as low as $2,403.8—now feels like a distant memory, after better-than-expected U.S. economic data eased worries of a severe downturn in the world’s largest economy, said Saxo Bank’s head of commodity strategy Ole Hansen. The latest U.S. data also makes a good case for an interest-rate cut by the Federal Reserve next month, though it is likely to be a modest 25 basis point cut rather than the market’s previously hoped for 50 basis points, Alex Ebkarian, chief operating officer of precious metals dealer Allegiance Gold, said. Regardless of early August’s profit-taking, investors will continue to be driven toward gold as a safe-haven asset given persistent geopolitical tensions and volatility in the market, along with the anticipated rate cut, Ebkarian added. Buying has firmed up from sources other than financial funds, said Paul Wong, market strategist at Sprott. The U.S. dollar and yields have broken significant support levels and market deleveraging has stopped, ending any gold selling, Wong said. The war in Ukraine and ongoing conflict in the Middle East, alongside tensions between the U.S. and China, suggest that safe-haven demand will continue to support gold prices in the short to medium term, ING analysts said in a note. The U.S. presidential election should also continue to add to gold’s upward momentum through to the end of the year, while strong central bank demand should offer further support, ING added. The continued central bank demand and sovereign buying, alongside Chinese demand, are likely either at or very close to exhausting the free-floating inventory of tradable gold, Wong said...

Gold prices closed at a record high Thursday, capping the best two-quarter stretch for the precious metal in eight years. While analysts point to fading fundamental support, there remain reasons why gold can keep rallying. Front-month contracts for gold rose 2% on Thursday to finish at $2,234 per troy ounce, an all-time high for the yellow metal, which already has gained more than 8% this year. https://lnkd.in/gMcdCRk2

Gold traded as high as $2,310 an ounce early Thursday morning to continue an upward trend that has seen its value surge more than 25% in the last six months – beating the S&P 500 index, which rose 22% in the same period.

Gold prices have been on a tear over the last two months, a development that has caught many by surprise. After a slight rise towards the later months of 2023, the precious metal has surged since mid-February, defying some earlier predictions of a cool-off.   This year has seen gold surge past the key psychological barrier of $2,000 an ounce, and it shows no signs of slowing down. With no signs of a slowdown, gold's impressive rally has forced financial institutions to re-evaluate their outlooks. The latest revision comes from a heavyweight in the financial world – Goldman Sachs – and their new forecast suggests even brighter days ahead for the gleaming metal.

Gold's performance has been bolstered by a weaker dollar and reduced bond yields. Its strong 2024 gains have reinforced its status as a reliable asset for wealth preservation amidst rising prices. The charts agree: technical indicators suggest continued bullish momentum, making dip-buying a favored strategy with the potential to reach new record highs soon. https://lnkd.in/gjDsjKfu

Gold Futures Broadly Hold Ground After Tuesday's Selloff  Gold futures fall 0.1% to $2,632.70 a troy ounce, broadly stabilizing after Tuesday's moderate sell-off. The precious metal closed 1% lower in the prior session, as positive U.S. economic data lowered the chances of more and bigger Federal Reserve interest rate cuts, as well as on reports of talks over a potential Israel-Hezbollah ceasefire, prompting some profit-taking, says Rania Gule, senior market analyst at XS.com. The prospects of easing tensions has started to shift capital from safe-haven assets like gold, to higher-risk assets like stocks, Gule says in a note. Gold remains in an unstable position for now, as investors closely watch the Fed minutes and upcoming inflation data--events that could be pivotal in determining gold's direction in the coming weeks, she adds. 

#Gold Soars to Record High Above $2,700 Amid Global Uncertainties Gold prices surged to an unprecedented all-time high on Friday, October 18, 2024, breaking through the $2,700 per ounce barrier. The precious metal reached a peak of $2,720 during intraday trading, marking a 0.98% increase and continuing its impressive rally that has seen prices climb over 30% year-to-date. This historic milestone comes amid a perfect storm of global factors driving investors towards the safe-haven asset: 1. Geopolitical Tensions: Escalating conflicts in the Middle East, particularly between Israel and Hezbollah, have heightened global uncertainty. 2. U.S. Election Concerns: The upcoming presidential election in the United States has added to market volatility, with growing speculation of a potential Trump victory. 3. Monetary Policy Expectations: Anticipation of looser monetary policies from major central banks, including potential interest rate cuts by the Federal Reserve, has boosted gold's appeal. 4. Weakening U.S. Dollar: The U.S. Dollar Index dropped to 103.45, making gold more attractive to international buyers. 5. Falling Treasury Yields: Declining yields on U.S. Treasury bonds have increased the relative attractiveness of non-yielding gold. Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, commented on the rally, saying, "Concerns around the U.S. presidential election and anticipation of looser monetary policies have further fueled the rally." The gold market has been on a tear throughout 2024, outpacing both the S&P 500 and the tech-heavy Nasdaq. This latest surge follows a string of new peaks, including breaking through the $2,600 mark in September.Looking ahead, some analysts are projecting even higher prices. Max Layton, Global Head of Commodities Research at Citi, forecasts that gold could reach $3,000 an ounce within the next six to twelve months, citing ongoing global economic uncertainties and central bank policies as key drivers. As gold continues its upward trajectory, investors and market watchers are closely monitoring global events and economic indicators for signs of where the precious metal might go next. With its traditional role as a hedge against inflation and economic turmoil, gold's record-breaking performance underscores the current climate of global uncertainty and the metal's enduring appeal as a safe-haven asset.

The Golden Opportunity: Rising Prices and a Shining Future https://ift.tt/eFxyMWK Gold prices rose on Friday, with spot gold trading at $2,747 per ounce, up $7.48 from yesterday’s open. The December 2024 gold futures contract is currently trading at $2,754 per ounce. Analysts attribute the rise in gold prices to escalating tensions between Israel and Iran, which have driven investors to seek safe-haven assets. Nitesh Shah, a commodities strategist at WisdomTree, believes that geopolitical tensions in the Middle East, coupled with concerns about the US economy, have fueled demand for safe-haven assets, pushing gold prices higher. Gold prices continue to rise. (Illustrative image) However, the strength of the US dollar has somewhat curbed gold’s upward momentum. Adrian Day, a market expert, suggests that while a gold price correction may occur, it is unlikely to be prolonged due to supportive factors such as a weak economy and low-interest rates. David Meger, director of metal trading at High Ridge Futures, agrees that gold will continue to benefit from safe-haven demand amid the uncertainty leading up to the US election. Gold Price Movements: + Domestic Gold Prices: As of 6 am on October 27th, SJC gold bars were priced at VND 87 million per tael for buyers and VND 89 million per tael for sellers. Doji gold bars were listed at VND 87 million per tael for buyers and VND 89 million per tael for sellers. SJC gold rings (1-5 taels) were priced at VND 87-88.5 million per tael, while Doji gold rings (1-5 taels) were quoted at VND 87.9-88.9 million per tael. + International Gold Prices: Spot gold prices on Kitco were trading at $2,747 per ounce on Friday, up $7.48 from the previous day’s open. The December 2024 gold futures contract is currently trading at $2,754 per ounce. Gold Price Forecast: Analysts suggest that gold prices may face some profit-taking pressure in the short term following the recent rally. Marc Chandler, CEO of Bannockburn Global Forex, predicts that a breach of the $2,700 per ounce level could pressure long-term investors. He expects gold prices to trade within a range of $2,600 to $2,800 per ounce. Meanwhile, Mind Money predicts that the upcoming US presidential election results will be difficult to predict. They anticipate that gold prices could continue to rise over the next three months, reaching $2,800 per ounce and possibly surpassing the psychological threshold of $3,000 per ounce. You may also like The Golden Challenge: Navigating the Complex World of Buying and Selling Gold The SJC gold bar and gold ring prices have reached new heights, yet very few jewelry stores are willing to buy. The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond On its opening day on the 24th of October, domestic gold...

Gold prices powered higher on Friday, beating record levels, as a boost in bullish momentum fuelled by optimism that the U.S. Federal Reserve is on the brink of trimming interest rates was catalysed by fund inflows and a drop in the dollar. Spot gold was trading at record levels, up 0.7% at $2,576.48 per ounce by 10:10 a.m ET (1410 GMT). U.S. gold futures rallied 1% to $2,605.30. Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of $3,000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight U.S. presidential election race. The stars are aligned in favour of the gold and silver market bulls as the European Central Bank lowered its main interest rate this week, the Fed is likely to lower next week, and tame US inflation data, Jim Wyckoff, senior market analyst at Kitco Metals, said. Markets fully price a rate cut next week, with a 53% chance of 25-basis-point U.S. rate cut and a 47% chance of a 50-bps cut, the CME FedWatch tool showed. This would be Fed's first rate cut since 2020. "The market is still expecting the Fed to cut interest rates by around 100 basis points by the end of the year, i.e. rates would have to be cut by 50 basis points at one of the two remaining meetings after September," Commerzbank analysts said. "It is therefore likely due to these aggressive interest rate cut expectations for the coming months that the gold price is rising." Further driving interest in bullion, the dollar fell on Friday to its lowest level this year against the Japanese yen. [USD/] Global physically backed gold exchange-traded funds saw a fourth consecutive month of inflows in August, the World Gold Council said last week. Holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust were at their highest levels since early January on Thursday. Palladium rose 1% to $1,056.00 and has surged about 15% so far this week, mainly after President Vladimir Putin's announcement this week that Moscow should consider limiting exports of uranium, titanium and nickel. Russia is the biggest producer of palladium. Spot silver rose 2.4% to $30.62 and platinum added 1.8% to $994.80.

October 1st, 2024: Gold Market Update Gold prices are on the rise, fueled by safe-haven demand due to ongoing Middle East tensions and lower U.S. bond yields. Although gold remains below recent record highs, the market is responding to signals from Federal Reserve Chair Jerome Powell hinting at smaller rate cuts in the future. Spot Gold: Up 0.6% at $2,649.59 per ounce. U.S. Gold Futures: Gained 0.4%, now at $2,671. Goldman Sachs has also raised its price forecast to $2,900, indicating potential for continued gains. U.S. job openings data will be released later today, adding another factor to watch for in market movements. Although profit-taking and Chinese stimulus measures have caused some cooling from last week's high of $2,685.42, the primary drivers—geopolitical instability and the outlook for U.S. interest rates—remain strong. Stay informed as the market continues to react to global events and economic signals.