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Strong decline in gold as economic data moves the Feds policy more hawkish

Strong decline in gold as economic data moves the Feds policy more hawkish A virtual pivot of market sentiment in gold as the precious yellow metal has a deep price decline this week. On Tuesday, May 16 gold futures basis the most active June contract opened at approximately $2020 per ounce. Today gold futures traded to a low of $1954.40. The nearly $70 drop resulting from selling pressure on Tuesday and today is significant in that it has created strong…

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Gold slumps as Fed confirms its resolute stance on lowering inflation

Gold slumps as Fed confirms its resolute stance on lowering inflation In the span of just under two weeks, from Thursday, May 4 to Wednesday, May 17 we have seen gold drop substantially and concurrently the dollar gained substantially. Gold traded to a high of $2085 on March 4 and today traded to a low of $1978 resulting in a drop of $107 in just under two weeks. This is a net decline of 5.26% per ounce. When we look…

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Gold silver prices down on demand worries bearish outside markets

Gold, silver prices down on demand worries, bearish outside markets Gold and silver prices are solidly lower near midday Tuesday. Weaker economic data coming out of China has prompted increased concerns about consumer and commercial demand for precious metals. Meantime, bearish outside market forces on this day are working against the metals markets—firmer U.S. dollar index, weaker crude oil and rising U.S. Treasury yields. June gold hit a two-week low today and was last down $20.20 at $2,002.40. July silver…

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Debt ceiling negotiations will resume on Tuesday which supports gold prices

Debt ceiling negotiations will resume on Tuesday which supports gold prices A second debt limit meeting between President Joe Biden and Senate majority leader McCarthy and other top congressional leaders will be held tomorrow, Tuesday, May 16. The divide between both sides was too wide for any progress to result from their first meeting. Staff on both sides negotiated through back channels to find common ground and potential compromises over the weekend. The probability that tomorrow’s talks will yield any…

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More than a quarter of Americans now view gold as the best long-term investment

More than a quarter of Americans now view gold as the best long-term investment Gold is holding above $2,000 an ounce, but it's not making any new significant gains. And silver is down more than 6% in the last five days. Weaker economic data has reignited recession fears, keeping gold and silver on the sidelines because of lower demand expectations.   Here's a look at Kitco's top three stories of the week: 3. Palantir sells all of its gold-bar holdings…

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Gold price troubled by US dollar’s moves as Fed’s rate expectations diverge

Gold price troubled by U.S. dollar's moves as Fed's rate expectations diverge After hitting a high of $2,055 an ounce this week, a move higher in the U.S. dollar weighed on the gold market, forcing the metal to end the week lower. Analysts point to divergence in Federal Reserve interest rate expectations as additional noise in the trading environment. "This week was all about the dollar, which has had a significant rally, taking away some of gold's appeal," OANDA senior…

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Biden and McCarthy locked in disagreement postponing negotiations

Biden and McCarthy locked in disagreement postponing negotiations The Washington standoff over raising the debt ceiling has raised economic concerns on a global basis. A nonpartisan congressional report cited a "significant risk” of a historic default within the first two weeks of June. A report by the U.S. Congressional Budget Office confirmed statements by Treasury Secretary Janet Yellen warning that a government default could come as early as June 1. The debt limit meeting between President Joe Biden and top…

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Gold silver hit by heightened recession worries

Gold, silver hit by heightened recession worries Gold prices are lower and silver prices sharply lower in midday U.S. dealings Thursday. Some fresh banking jitters and weaker U.S. economic data today have rekindled concerns about an economic recession being on the horizon. Gold and silver market bulls are somewhat frustrated their metals are not performing better due to safe-haven demand amid the keener marketplace uncertainty. However, at least on this day it appears metals traders are more focused on the…

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Gold silver sell off on profit taking US PPI now in focus

Gold, silver sell off on profit taking; US PPI now in focus Gold and silver prices are lower at midday Wednesday and have erased the modest gains seen in the immediate aftermath of a U.S. inflation report that was close to market expectations. Profit taking from the speculative futures traders is featured in both markets. June gold was last down $11.00 at $2,031.90 and July silver was down $0.343 at $25.555. The U.S. data point of the week saw the…

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Gold silver traders tread water ahead of US debt talks CPI

Gold, silver traders tread water ahead of U.S. debt talks, CPI Comex gold and silver futures prices are not straying too far from unchanged levels at midday Tuesday. Precious metals traders are very tentative ahead of important government and economic developments in the U.S. that will soon come into play for the marketplace. June gold was last up $0.80 at $2,034.00 and July silver was down $0.059 at $25.775. President Biden later today meets with House Speaker Kevin McCarthy and…

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