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A tug-of-war takes gold lower, then higher, and finally lower on Friday Gold traders experienced extreme price volatility beginning with a $70 drop on Monday and Tuesday, higher prices on Wednesday and Thursday, and a final price decline on Friday. This tug-of-war shifted market sentiment causing market participants to concentrate on either spiraling inflation or higher interest rates. The shift between these two opposing forces resulted in dramatic price increases and declines. Last week’s CPI report which revealed that the…

Federal Reserve raises rates ¾%, addressing inflation at 8.6% the highest YoY spike since December 1981 The Federal Reserve took the most aggressive action since 1994 announcing that they would raise rates by 75 basis points (3/4%) taking the fed funds rate to between 150 – 175 basis points. Traders and analysts had been factoring in a more aggressive rate hike on Monday and Tuesday following the release last week of the May inflation numbers vis-à-vis the CPI. Inflation rose…

Gold, silver continue sell off amid strong greenback, rising bond yields Gold and silver prices are solidly lower in midday U.S. trading Tuesday, with both metals notching four-week lows. A strong U.S. dollar index that this week hit a 20-year high and U.S. Treasury yields that this week hit multi-year highs are significantly bearish elements keeping the metals prices under selling pressure. Gold and silver bulls got no help from another hot U.S. inflation reading today. August gold futures were…

Gold suffers amid solid gains in USDX, steep rise in U.S. Treasury yields Gold and silver prices are solidly lower in midday U.S. trading Monday, pressured by a U.S. dollar index that is solidly higher and trading near a 20-year high, and by sharply rising U.S. Treasury yields that are at multi-year highs. Gold prices did hit a five-week high overnight but those gains could not be held. August gold futures were last down $41.30 at $1,833.80. July Comex silver…

Gold is great, but it's not Bitcoin – Edward Snowden talks independent money Gold is Bitcoin without the Internet option, said Edward Snowden, whistleblower and president of the Freedom of the Press Foundation. He also sees the financialization hype dividing the crypto space, advising people to use cryptocurrencies instead of investing in them. At the Consensus 2022 conference in Austin, Snowden stressed the need for an independent form of finance, which is how gold came up. "Gold is great, but gold…

Inflation driving momentum in gold. but Fed rate hikes remain headwinds The gold market remains caught in a tug of war between rising interest rates and inflation; however, momentum could be shifting to the bullish side as prices end the week at the top of their range above $1,850 an ounce. Gold prices have hovered around $1,850 an ounce for the past three weeks. After some intense selling pressure early Friday, the precious metal saw a dramatic rebound as prices…

CPI report confirms what Americans already know; Inflation continues to rise Today the U.S. Bureau of Labor Statistics released the CPI (Consumer Price Index) for May. The report confirmed what North Americans have known and been entrenched in; the fact that inflation continues to spiral out of control, and is now at the highest point in 41 years. The CPI rose 0.3% in April. This takes last month’s inflationary pressures to the highest year-over-year (YoY) change in 41 years. This…

Gold, silver down as USDX rallies, U.S. Treasury yields remain elevated Gold and silver prices are lower in midday U.S. trading Thursday, pressured by a rally in the U.S. dollar index on this day and by U.S. Treasury yields that remain elevated. Gold down-ticked a bit more following the European Central Bank regular monetary policy meeting, at which the central bank kept its policy unchanged but said it will likely raise interest rates starting in July. August gold futures were…

Gold market is waiting for next week's Fed meeting – StoneX's O'Connell The gold market has been trapped in a three-week holding pattern and could continue to consolidate until next week's Federal Reserve monetary policy meeting, according to one market analyst. The CME FedWatch Tool shows that markets see a more than 90% chance that the Federal Reserve will raise interest rates by another 50-basis points. The central bank has signaled that it could raise interest rates by 50-basis points…