Thursday, 5/20/2021 14:36
GOLD TRADING in London s wholesale bullion market saw prices stay above $1870 per ounce on Thursday, holding a gain of 1.7% for the week so far as world stock markets, commodities and cryptocurrencies rallied from yesterday s steep losses. Major government bond prices also clipped their losses, edging longer-term interest rates back down after the release of notes from the Federal Reserve s April meeting showed policymakers agreeing that the jobless rate is elevated and inflation expectations remain well anchored , meaning there is no need to begin signalling any rise in interest rates or slowdown of QE asset purchases at present. Gold is clearly benefiting from a wave of re-balancing, says the precious metals team at French bank and London bullion market maker BNP Paribas, out of alternative assets and into the safer bounds of a traditional yet well understood asset
Monday, 5/10/2021 13:27
GOLD PRICES edged higher Monday, extending last week s strong gains after the 2 largest gold-backed ETFs saw net investor inflows and the focus in financial markets turned to inflation data, with iron ore and copper prices hitting new record highs,
writes Atsuko Whitehouse at BullionVault. After rising 3 days running last week to post a 3.5% weekly increase – the biggest since November last year – the spot gold price added 0.6% to breach $1840 per ounce this morning, a new 12-week high. The Dollar Index – a measure of the US currency s value versus its major peers – meantime dipped again after retreating for the 3rd session in row to hit 3-month lows last Friday on a much weaker-than-expected monthly US jobs report.
Friday, 5/07/2021 14:26
The GOLD PRICE leapt lunchtime Friday in London, jumping to 12-week highs above $1840 per ounce after new US data said the world s biggest economy added barely a quarter as many jobs in April as analysts expected. Silver also jumped, touching new 10-week highs near $27.70 before retreating by 30 cents as the Dollar gold price eased back below $1830, cutting its weekly rise to 3.3%. Wednesday s private-sector estimate from ADP Payrolls had said that the US added 742,000 jobs last month, the 4th largest number on its records. But total non-farm payrolls rose by only 266,000 the Bureau of Labor Statistics said Friday, leaving the jobless rate at 6.1% and missing Wall Street s consensus forecast by 73%.
Wednesday, 5/05/2021 14:14
GOLD PRICES held $10 per ounce higher for the week so far in London on Wednesday, but remained almost $20 below yesterday s test of 3-month highs after US Treasury Secretary Janet Yellen spooked financial markets by saying interest rates may have to rise. Chair of US central bank the Federal Reserve from 2014-2018, Yellen said in a pre-recorded interview released Tuesday that the new Democrat White House s multi-trillion Covid and infrastructure stimulus does involve a re-allocation of resources away from the private sector towards government borrowing. And, you know, it may be that interest rates have to rise somewhat to make sure that our economy doesn t overheat, even though the additional spending is relatively small.
Friday, 4/30/2021 13:47
GOLD PRICES held onto this week s drop in London trade Friday, heading into the UK s long May Bank Holiday weekend at $1768 per ounce as Western stock markets also struggled and longer-term interest rates. Nearly $15 per ounce lower from last Friday, gold priced in the Dollar still held on track for its first monthly gain of 2021 to date. Global stock markets have meantime hit a run of fresh all-time highs, with the MSCI World Index adding 5.4% since March with its 5th monthly gain since November, a run matched by the US S&P500. This string of consecutively strong US economic data is weighing on gold, Reuters quotes one FX and commodities strategist, pointing to Thursday s stronger-than-expected US GDP rebound for Q1.