South Africa draws on gold, FX reserves to boost spending while managing debt
(Kitco News) - South Africa has taken the plunge and done what many nations may be forced to do in the coming years: the country will draw from its gold and foreign-exchange reserves to increase government spending on healthcare, education, and welfare programs while still managing its massive debt.
Gold prices show cautious market optimism ahead of FOMC minutes, analysts see breakout potential
(Kitco News) - Wednesday’s 2 pm EST release of the minutes from the January FOMC meeting is the only significant economic news event on the docket this week, and it has captured the attention of precious metals markets, with traders and analysts weighing in on gold’s potential responses to the revelations they may contain.
Gold prices are well supported, but lower highs and lower lows indicate a potential pullback – ForexLive’s Low
(Kitco News) - With gold’s rebound extending to its fourth consecutive session on Tuesday prices are proving to be well supported above $2,000 per ounce, but a significant correction could be in the cards before the precious metal makes new highs, according to Justin Low, currency analyst at ForexLive.
India’s 2024 jewelry consumption growth could be 50% higher than initial forecasts - ICRA
(Kitco News) - Rising gold prices are boosting the growth rate of India’s jewelry consumption, which could be as much as 50% higher than the initial projections for 2024, according to ICRA Limited, a Moody’s affiliated investment information and credit rating agency.
Analysts doubt gold’s strength next week, retail traders don’t stop believing
The latest Kitco News Weekly Gold Survey showed Wall Street and Main Street diverging once again in their price expectations, with a large proportion of retail investors seeing potential gains next week, while analysts see a strong case for precious metal prices to slide.
Gold clinging to $2,000 after U.S. retail sales surprise with 0.8% fall in January
(Kitco News) - Gold prices are continuing to cling to the important $2,000 per ounce level after retail sales came in well below market expectations in January, while December’s print also saw a downward revision.
China’s gold market was white-hot in January with record wholesale demand and ETF AUM, strong consumer sales, and continued PBoC buying – WGC
(Kitco News) - China’s gold market set all-time highs in several areas last month, as a number of key factors combined to ratchet up demand for the precious metal, according to the latest report from the World Gold Council (WGC) published Wednesday.
Higher-for-longer interest rates mean lower-for-longer gold and silver prices – CPM Group’s Jeff Christian
(Kitco News) - According to a video post from Jeff Christian, Managing Director of the CPM Group, a detailed unpacking of the CPI components shows why higher-for-longer rates likely mean lower-for-longer gold and silver prices.
Gold will average $2,150 by Q4 despite higher-for-longer rates, U.S. investors will return after Fed cuts – ING’s Manthey
(Kitco News) - Geopolitical tensions are supporting gold, but the Fed’s monetary policy pivot will remain the key driver for prices in 2024, according to Ewa Manthey, Commodities Strategist at ING.
Bitcoin blast through 50k, altcoins a sea of green, equities mixed in Monday trading
(Kitco News) - The cryptocurrency market soared higher on Monday, led by Bitcoin, which took off like a rocket to start the week, beginning with a bullish run that saw the top crypto climb from $47,941 at 9 am EST all the way up to $50,000 two hours later.
Bitcoin breaks above 50k as cryptosphere crows, bulls look to maintain positive momentum
(Kitco News) - Bitcoin took off like a rocket to start the week, with the top crypto seeing a bullish run from $47,941 at 9 am EST all the way up to $50k by 11 am, gaining over 2.5% during that time and hitting a two-year price high.
Gold prices will remain rangebound near $2,000 per ounce, silver could fall below $22 - Heraeus
(Kitco News) - The lack of clear drivers should keep gold prices rangebound near $2,000, while silver could fall below $22 per ounce if it fails to find support on the weekly charts, according to precious metals analysts at Heraeus.
Retail traders and market experts see little downside for gold next week as inflation takes center stage
(Kitco News) - The most dramatic moves in the gold market were made early this week, as spot prices kicked off Sunday night trading above $2,041 per ounce before falling to their weekly low of $2,016 by 9 am EST Monday morning.
China’s equity slide is supercharging gold demand, new USD highs could come in April - GSC Commodity Intelligence’s Carr
(Kitco News) - The sharp downturn in China’s equity markets and real estate sector is contributing to strong gold sales ahead of the Lunar New Year, and other currencies provide clues about when gold will hit new highs in USD, according to Phil Carr, cofounder of GSC Commodity Intelligence.
Experts say Chinese New Year gold purchases are driven by unique factors unlike years past
(Kitco News) - Gold traders and investors are closely watching consumer purchases in China as the world’s largest precious metals market gears up for the Chinese New Year (CNY) celebrations. And while it's traditional to buy gold in the runup to the annual festival, there are a number of unique factors that could see gold sales for this year’s Lunar New Year holiday surprise.
Gold prices failed to gain in January despite seasonal tailwinds, but geopolitics and rate cuts will be supportive - WGC
(Kitco News) - Gold gave back its late-2023 gains in January despite strong seasonal factors, but Red Sea tensions, election uncertainty, and eventual rate cuts will support gold prices this year, according to the World Gold Council.
USD gold market hides a massive shift: Global demand is now price-insensitive
(Kitco News) - While it’s true that gold and other commodities are denominated in USD, and that the greenback, even under duress, remains unchallenged as the world’s reserve currency, it’s not the only currency that matters. Or is it?