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.
Gold market analysis for February 22 - key intra-day price entry levels for active traders
(Kitco News) - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher.
Price gains for gold, silver amid weaker USDX
(Kitco News) - Gold and silver prices are modestly up in early U.S. trading Thursday, supported in part by a lower U.S. dollar index on this day and by stable U.S. Treasury yields. The FOMC minutes Wednesday afternoon leaned a bit hawkish, but that was not unexpected. April gold was last up $5.20 at $2,039.50. March silver was last up $0.226 at $23.125.
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, silver weaker; FOMC minutes, not surprisingly, lean a bit hawkish
(Kitco New) - Gold and silver prices are weaker in afternoon trading Wednesday but trading not far from levels seen just before the just-released report on U.S. monetary from the Federal Reserve. April gold was last down $4.50 at $2,035.30. March silver was last down $0.246 at $22.885.
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.
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.