Gold News Hubb
Advertisement Banner
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Gold heads for second monthly rise on US banking turmoil

admin by admin
April 29, 2023
in News


  • Silver, platinum, palladium set for monthly gain
  • Dollar, yields on track for monthly fall

April 28 (Reuters) – Gold bounced back on Friday on a dip in yields and renewed concerns over the U.S. banking turmoil, putting the safe haven on course for its second monthly rise even as steady U.S. inflation reinforced bets for an interest rate hike next week.

Spot gold was 0.1% higher at $1,989.91 per ounce by 1:45 p.m. EDT (1745 GMT), up about 1.1% for the month. U.S. gold futures settled unchanged at $1,999.10.

The Federal Reserve issued a detailed and scathing assessment of its failure to identify problems and push for fixes at Silicon Valley Bank before the lender’s collapse, promising tougher supervision and stricter rules.

The Fed’s report culminated around the same time as a decline in 10-year Treasury yields, turning gold positive, “but everything hinges on what (Fed Chair Jerome) Powell’s going to say next week”, said Daniel Pavilonis, senior market strategist at RJO Futures.

Benchmark yields fell after data showed the pace of overall inflation slowed in March and consumer spending was steady.

But the data also indicated that the underlying price pressures remained strong, prompting traders to add to bets for a rate hike next week.

Elevated rates dull zero-yielding bullion’s appeal.

“Gold seems likely to remain in its tight recent range for now, though a weekly close under $1,965 could trigger further losses, while bulls would welcome a push back above $2,000,” said Tai Wong, an independent metals trader based in New York, adding it remains in question whether the Fed would signal a pause.

Gold had scaled a one-year peak of $2,048.71 in mid-April as the banking crisis unfolded.

The dollar is headed for a monthly decline, making bullion cheaper for overseas buyers.

Silver steadied at $24.95 per ounce, platinum was flat at $1,077.04, while palladium gained 0.1% to $1,496.47 — all headed for their second monthly advances.

Reporting by Arundhati Sarkar in Bengaluru; editing by Uttaresh Venkateshwaran

Our Standards: The Thomson Reuters Trust Principles.

Deep Kaushik Vakil

Thomson Reuters

Reports on global commodities and energy markets, with a special focus on oil and gas infrastructure and the power sector. Alongside agriculture, metals, and dry bulk, his coverage also spans U.S. energy regulations, extreme weather events, and the transition to renewables. Contact: 917483271897



Source link

Tags: AMERSASIAASXPACBISVBISV08BLRBMATBMAT08CEEUCENCHCMPNYCOMCSENTDBTDRVECIECOECONEMRGEUROPFedFINFINSFINS08GBGDPGENGOLGOVACTGVDGVGVFGVGVF1HREPILEIININFLINTINVBISINVMINVS08IPRJOBMCEMETLMINMINEMINE08MKTREPMMTMPLTMTALMTAL08NAMERPALLPGMPLATPLCYPMIPOLPRECPREC08PRECALPREMTLPUBLRBAREPSASIASLVRSTXTOPCMBTOPNWSTRACCUSWASHWEUWLTHWLTH08
Previous Post

Bank Term Funding Program Reaches New All-Time High

Next Post

Druckenmiller takes aim at dollar in sole conviction trade

Next Post

Druckenmiller takes aim at dollar in sole conviction trade

Recommended

Citi analysts recommend buying silver dip, bearish on copper and zinc

3 months ago

New Senate bill would allow U.S. Mint to alter coins’ metal content

2 months ago

© Gold News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Gold Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact

© 2022 Gold News Hubb All rights reserved.