Gold prices stuck in neutral following mixed U.S. flash PMI data
(Kitco News) - The gold market is not seeing much movement as the U.S. economy sees solid improvement in the manufacturing sector but slower growth in the service sector.Thursday, S&P Global said its preliminary Purchasing Managers Index for the manufacturing sector rose to 51.5, up from January’s reading of 50.7. Activity in the manufacturing sector was better than expected as economists forecasted a relatively neutral reading at 50.5.Activity rose to its highest level in 17 months, the report said.
Newmont reports solid fourth-quarter profit estimates, plans to divest mines in Canada, Australia
(Kitco News) - Higher gold prices and solid production drove fourth-quarter earnings for the world’s largest gold miner.Thursday, ahead of the North American trading session, Newmont Corporation (NYSE: NEM) reported adjusted net income of $486 million or $0.50 per share for the fourth quarter of 2023, up sharply compared to $286 million or $0.36 per share reported in the third quarter.The adjusted income didn’t include $2.5 billion in losses due to impairment charges and the $464 million spent to buy Australian-based Newcrest.
Gold price see muted reaction as U.S. weekly jobless claims fall to 201K
(Kitco News) - The gold market is off its lows but faces some difficult headwinds as The U.S. labor market remains relatively healthy, with the number of workers applying for first-time unemployment benefits falling more than expected.Thursday, the U.S. Labor Department said that weekly jobless claims dropped by 12,000 to 201,000 during the week ending Feb 17, up from the previous week's revised estimate of 212,000 claims.The number was lower than the consensus forecast, as economists were expecting to see jobless claims rise to 217,000.
Fed is making a policy mistake that will eventually be positive for gold - WisdomTree’s Nitesh Shah
(Kitco News) - The gold market is struggling as expectations for the start of the Federal Reserve’s easing cycle continue to be pushed back; however, according to one market strategist, the longer the central bank waits, the greater the risk of a policy mistake, which could ultimately be positive for the precious metal.
Gold prices remain down, see little reaction to FOMC minutes as central banks highlights risks of easing too early
(Kitco News) - Gold prices remain under pressure but continue to consolidate above $2,000 an ounce as the Federal Reserve has signaled that its monetary policy has peaked, but it remains in no hurry to ease interest rates, according to the minutes of the January monetary policy meeting.
Inflation fears force hedge funds to ditch gold, increase bearish bets in silver
(Kitco News) - Gold and silver continue to defy the odds as the precious metals hold critical support even as inflation fears prompted hedge funds to liquidate their bullish positionings and increase their speculative bets, according to the latest trade data from the Commodity Futures Trading Commission.Commodity analysts at Société Générale noted that the gold market led speculative outflows in the commodity space last week as $6.9 billion fled the precious metal.
Bitcoin ETFs are not competing with gold as the precious metal holds above $2,000
(Kitco News) - Reminiscent of 2019, the debate between gold and Bitcoin rages anew as the two assets see a stark contrast in investment demand.In January, the Securities and Exchange Commission, in a long-awaited move, approved the launch of 11 spot Bitcoin-backed exchange-traded products. Since then, the crypto-backed ETFs have seen inflows of more than $4 million.
Gold prices benefiting from geopolitical uncertainty, silver prices see some profit taking
(Kitco News) - Thin holiday trading with North American markets closed for holidays is creating some volatility in the precious metals market, with gold prices benefiting and silver prices suffering.U.S. markets are closed in recognition of President’s Day, and major Canadian exchanges in Ontario are closed for Family Day. In the low liquidity environment, gold continues to recover from last week’s selloff after testing support at $2,000 an ounce. April gold futures last traded at $2,028.30 an ounce, up 0.20% on the day.
Are investors swapping their gold for Bitcoin as inflation fears rise?
(Kitco News) - For months now, economists have warned consumers that inflation will be a challenging monster to slay, that that last push to get prices below 2% will be a hard mile, or a tough row to hoe; take your pick of analogies or metaphors because they are all true.
Gold prices holding support above $2,000 as UofM consumer sentiment rise to 79.6
(Kitco News) - The gold market remains under pressure but continues to hold support above $2,000 an ounce as U.S. consumer sentiment holds relatively steady near multi-year highs.Friday, the University of Michigan said its preliminary consumer sentiment index rose to 79.6, up slightly from January’s reading of 79.0. The data is roughly in line with expectations, as economists looked for a reading of around 80.