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Gold investors will be watching U.S. data like a hawk this week, anticipating a weakening trend Gold market will be hungry for information that will help provide some clarity to the Federal Reserve's open-ended monetary policy stance with disappointing economic data supporting higher prices. While analysts are not expecting a major breakout in gold in the near term, some have said that the bias is to the upside as the Federal Reserve's monetary policy stance is expected to weaken the…

Gold prices push back above $1,950 as U.S. PCE inflation continues to cool rising 0.2% in June Gold prices have pushed back above the critical psychologically important $1,950 level as U.S. inflation drops in line with expectations. Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.2% last month, compared to May's increase of 0.3%. The inflation rose in line with economists' expectations. Inflation in the last 12 months rose 4.1%, down sharply from…

Gold, silver slump after strong U.S. data rallies greenback Gold prices are solidly lower and hit a two-week low in midday U.S. trading Thursday. Silver is down sharply, too. Modest overnight gains in both metals were erased after the release of upbeat U.S. economic data this morning that beat market expectations. August gold was last down $27.10 at $1,943.00 and September silver was down $0.645 at $24.325. U.S. economic data Thursday morning fell squarely into the camp of the monetary…

Gold shows little reaction to widely expected 0.25% Fed rate hike Gold prices are moderately higher in afternoon U.S. trading Wednesday and have shown little initial reaction to the U.S. central bank raising its main interest rate by a small amount, which was fully expected by the marketplace. August gold was last up $8.70 at $1,972.40 and September silver was up $0.181 at $25.005. The just-released U.S. data point of the week, if not the month, saw the Federal Reserve's…

Last week gold jumped close to the psychological threshold of $2,000 before slowing down on Thursday and Friday, while the US dollar showed recovery signals. Despite this time, the price of bullion remained above $1,950. Overall, the trend for the gold price still appears positive. Investors are, once again, in a wait-and-see mode. Indeed, we have just entered a week with a very busy macroeconomic agenda that could break the recent low volatility scenario. The focus will be on central…

Gold, silver weaker as USDX continues its rebound Gold and silver prices are moderately lower in midday U.S. trading Monday, pressured by the U.S. dollar index continuing its recovery after hitting a 15-month low last week. Focus of the marketplace is on a key central bank decision at mid-week. August gold was last down $4.50 at $1,962.00 and September silver was down $0.245 at $24.61. The U.S. data point of the week is the Federal Reserve's Open Market Committee (FOMC)…

Eyes on the Fed, the ECB, and the BOJ Next week, markets will be digesting the Federal Reserve, the European Central Bank, and the Bank of Japan's monetary policy statements. There was a lot of optimism this week that the Fed was close to being done with its tightening cycle despite Powell's promises of at least two more rate hikes this year. "The Fed is almost certain to hike its policy rate by 25bp to between 5.25% and 5.50% at…

Market participants brace for the potential of more hikes after next week Members of the Federal Reserve tend to keep their future actions close to their chest revealing little insight as to any upcoming revisions to their aggressive monetary policy that has been in play since March 2022. While they have announced that they plan to implement two more quarter-percent rate hikes by the end of the year, many investors, economists, and analysts believe that next week’s rate hike will…

Gold encounters technical and fundamental resistance at $1980 Gold futures are definitely under pressure today, with the most active August 2023 contract down $8.70 or 0.44% and fixed at $1972.10. The root cause is dollar strength that overcame fractional buying and still was able to take gold prices moderately lower. While gold futures declined by 0.44% the dollar gained 0.56% with the differential indicating that market participants were lightly bidding the precious yellow metal higher. Currently, the dollar index has…