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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 XAU= edged 0.5% higher to $2,053.10 per ounce, as of 1226 GMT, its highest level since Feb. 2. U.S. gold futures GCcv1 firmed 0.4% at $2,063. "Inflation figures came out pretty much as expected and probably we are going to have the first rate cut very soon," Natixis analyst Bernard Dahdah said. Data on Thursday showed PCE inflation in January rose 2.4%, the smallest annual increase since February 2021, after a 2.6% advance in December. Receding inflationary pressures have helped the U.S. central bank to set the table for rate cuts likely later this year, potentially boosting demand for the non-yielding bullion. "The Fed rate cuts have to be relatively deep, whereby it's no longer interesting to hold bonds and invest into ETFs instead. I think there's still some space before we see a strong pickup in gold holdings," Dahdah said. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust's GLD holdings HLDSPDRGT=XAU, fell 3.3% in February and is down 6.4% so far this year. Investors will closely watch for remarks from at least six Fed policymakers due later on Friday. On the physical front, gold demand in India was subdued for the week as an uptick in domestic prices dented sentiment and prompted buyers to delay purchases.

March 5 (Reuters) - Gold prices clung to a three-month peak on Tuesday, supported by softer U.S. manufacturing and construction spending, while investors awaited Federal Reserve Chair Jerome Powell's testimony and key jobs data due this week. * Spot gold XAU= edged 0.1% lower to $2,112.39 per ounce, as of 0230 GMT, but hovered near Monday's levels of $2119.69, its highest since Dec. 4. U.S. gold futures GCcv1 fell 0.3% to $2,120.50. * London's gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday, surpassing the previous record of $2,078.40 set on Dec. 28, the London Bullion Market Association (LBMA) said. * Market focus is on Fed Chair Powell's two-day congressional testimony on Wednesday and Thursday. * Other economic releases due this week that could move the needle on U.S. rate cut expectations include Institute for Supply Management (ISM) services data at 1500 GMT, and the Job Openings and Labor Turnover Survey (JOLTS) on Wednesday, and the non-farm payroll report on Friday. * Data last week showed U.S. manufacturing slumped further in February and inflation gradually easing, while consumer sentiment stood weak. * The Fed is under no urgent pressure to cut rates given a "prospering" economy and job market, Atlanta Fed President Raphael Bostic said on Monday in remarks that highlighted the risk inflation may get stuck above the central bank's 2% target or be sent even higher by "pent-up exuberance." * Traders now see a 65% chance for a June U.S. rate cut, according to LSEG's interest rate probability app. * Lower interest rates boost the appeal of non-yielding bullion.

Gold Reaches Record High Amid Market Speculations July 18, 2024 Gold has achieved a remarkable milestone, hitting an all-time high of $2,483.60. On Thursday, gold prices remained firm, close to this record peak as market speculations about an early interest-rate cut by the U.S. Federal Reserve intensified. This anticipation has limited gains in the dollar and Treasury yields, creating a conducive environment for gold. By 1155 GMT, spot gold had risen 0.3% to $2,464.90 per ounce, reflecting its robust performance. U.S. gold futures mirrored this trend, also climbing 0.3% to $2,468.20. "Gold continues to shine on growing speculation around lower U.S. interest rates this year. Recent dovish comments by Fed officials, complemented with a broadly weaker dollar and subdued Treasury yields, have sweetened appetite for the precious metal," noted Lukman Otunuga, senior research analyst at FXTM. Further signs of a cooling U.S. labor market and dovish remarks from Fed officials could sustain this upward momentum, potentially leading to new record highs. Fed Governor Christopher Waller and New York Fed President John Williams have highlighted the approaching shift towards looser monetary policy. Richmond Fed President Thomas Barkin expressed optimism about the broadening declines in inflation, adding to the positive market sentiment. A brief review conducted by LBMA suggests that gold prices will continue to rise in the second half of 2024. This trend underscores the enduring appeal of non-yielding bullion, especially in a low-interest-rate environment.

Gold prices surged to a fresh record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.7% to $2,173.49 per ounce by 10:42 a.m. ET (1542 GMT), while U.S. gold futures added 0.7% to $2,180.50. Bullion was on track to post its biggest weekly percentage increase since mid-October. Gold reached an all-time high of $2,185.19 after a report showed a rise in the U.S. unemployment rate and a moderation in wage gains despite job growth acceleration in February. "We still believe the same underlying premise remains, which is the combination of the expectation that the Fed is still going to cut rates later this year and dollar weakness," said David Meger, director of metals trading at High Ridge Futures. The dollar index was 0.3% lower, making gold cheaper for overseas buyers, while the yield on the 10-year U.S. Treasury fell to a more than one-month low. Traders boosted bets the Fed could start cutting interest rates in May to around 30% after the jobs report, although June remained the mostly likely scenario at 80%. Gold began its record run on Tuesday when it surpassed its December peak, primarily aided by growing indications of cooling price pressures and its traditional safe-haven cachet. Low interest rates are supportive for gold prices as they reduce the opportunity cost of holding bullion. "This (jobs) report will be seen as one that keeps the Fed on course for June. Gold prices will continue to trend higher overall, though a short consolidation may be necessary," said Tai Wong, a New York-based independent metals trader. Spot silver eased 0.3% to $24.25, while platinum was down 0.5% to $913.95 per ounce, and palladium lost 0.6% to $1,027.25. All were set for weekly gains.

Gold prices eased on Thursday but stayed around record high hit in the previous session, as expectations of a September interest rate cut from the U.S. Federal Reserve continued to gather momentum. https://lnkd.in/grDBYF72

Gold Market Update - March 11, 2024 Gold prices remained strong near record levels this Monday, with XAU/USD trading around $2,184 per troy ounce. On Friday, the precious metal reached a peak of $2,195.22, buoyed by a decline in the US Dollar after the latest US Nonfarm Payrolls report. The report highlighted robust job growth and a slight uptick in unemployment, coupled with smaller-than-expected wage increases, hinting at potential moderation in inflationary pressures. This aligns with the Federal Reserve's ongoing efforts to normalize monetary policy. Despite an initial rise in the US Dollar alongside the opening of Wall Street, where major indexes dipped into the red, gold maintained its gains. The downturn in market sentiment followed the New York Federal Reserve's Survey of Consumer Expectations for February, revealing that consumers anticipate sustained inflation rates of 2.7% over three years and 2.9% over five. With investors eyeing the upcoming US Consumer Price Index (CPI) report for February, expected to hold steady at 3.1% year-over-year, caution prevails. The core CPI is anticipated to show a slight decrease to 3.7% from 3.9%. XAU/USD Technical Insights On the daily chart, XAU/USD continues to exhibit modest gains after a nine-day bullish streak, despite indicators of being overbought. The technical outlook suggests a possible consolidation phase rather than a significant correction, supported by persistent buyer interest. Currently, the price hovers over $100 above the bullish 20 Simple Moving Average (SMA), with no immediate signs of a reversal. In the near term, the 4-hour chart indicates a potential for mild corrective consolidation, as XAU/USD fluctuates around $2,180. While it remains well-supported by the upward-trending 20 SMA, a minor pullback to the $2,140-$2,150 range may occur without indicating a deeper downturn. Support Levels: 2,174.60; 2,166.10; 2,145.60 Resistance Levels: 2,189.00; 2,200.00; 2,215.00 Stay updated with the latest in the gold market with US Uncirculated LLC for insights and opportunities in precious metal investments.

March 21 (Reuters) - Gold prices climbed to a record high on Thursday as the U.S. dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year. Spot gold XAU= was up 1% at $2,208.30 per ounce, as of 0725 GMT, after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures GCcv1 jumped 2.3% to $2,211. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. The Fed held interest rates steady on Wednesday, but policymakers indicated they still expected to cut them by three quarters of a percentage point by end-2024. Fed Chair Powell said recent high inflation rate readings had not changed the underlying "story" of slowly easing U.S. price pressures. "It's the goldilocks scenario for gold prices, where marginally higher inflation expectations meet lower nominal rates to create decreased real yields," said Kyle Rodda, a financial market analyst at Capital.com. "A dovish Fed, a little squeeze on existing shorts, and a touch of momentum chasing have boosted bullishness in the gold market." Fed funds futures traders are now pricing in a 75% probability that the central bank will begin cutting rates in June, up from 59% on Tuesday, according to the CME Group's FedWatch Tool. "With Powell keeping three potential rate cuts in play this year, bond yields and the USD dipped, which opened a pathway higher for the gold price," Tim Waterer, chief market analyst at KCM Trade, said in a note. The dollar =USD slipped to a one-week low against rivals, while benchmark U.S. 10-year Treasury yields US10YT=RR also dipped.