Gold wallows at 2-1/2-year trough on dollar strength

Gold wallows at 2-1/2-year trough on dollar strength

Sept 26 (Reuters) - Gold prices were pinned near a 2-1/2-year low on Monday, pulled down by a firmer U.S. dollar and as major central banks adopted an aggressive stance on interest rates to tame inflation. Spot gold was down 0.3% at $1,637.85 per ounce, as of 0415 GMT. Prices fell as much as 1% earlier in the session to hit $1,626.41, their lowest level since April 2020. U.S. gold futures fell 0.6% to $1,645.00. The dollar index, which gauges the greenback versus six peers, scaled a fresh peak since 2002 boosted by a plunge in British sterling. "It's very…
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Gold falls 1% on surging dollar, hawkish Fed view

Gold falls 1% on surging dollar, hawkish Fed view

Sept 22 (Reuters) - Gold prices fell as much as 1% on Thursday, as the U.S. dollar rallied and the Federal Reserve flagged more interest rate hikes, diminishing the zero-yielding metal's appeal. Spot gold fell 0.8% to $1,660.21 per ounce by 0615 GMT, not far from a more than two-year low of $1,653.10 touched last week. Bullion prices have declined 9% so far in the year. U.S. gold futures were down 0.4% at $1,669.30. "The stage setting from FOMC (Federal Open Market Committee) suggests that there's quite a bit more room for real rates to keep going higher and that's…
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Gold wallows at over two-year low

Gold wallows at over two-year low

Sept 16 (Reuters) - Gold prices languished on Friday near the lowest level in more than two years, set for their worst week in two months, as prospects of aggressive rate hikes by the U.S. Federal Reserve lifted bond yields and took the shine off bullion. Spot gold was flat at $1,663.96 per ounce, as of 0420 GMT, after hitting its lowest since April 2020 at $1,659.47 on Thursday. Prices were down 3.1% for the week so far. U.S. gold futures fell 0.2% to $1,673.20. "Currently, gold seems to be in an attempt to stabilise, coming after the heavy sell-off…
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Gold hits 8-week low on stronger dollar

Gold hits 8-week low on stronger dollar

Sept 15 (Reuters) - Gold prices fell further on Thursday to their lowest in nearly two months, weighed down by a stronger dollar and expectations of big interest rate hikes from the U.S. Federal Reserve. Spot gold was down 0.5% at $1,687.29 per ounce, as of 0457 GMT, after touching its lowest since July 21 at $1,688.55 earlier in the session. U.S. gold futures fell 0.6% to $1,698.80. "The Fed needs to shock the economic system hard and the chance of a 100-basis-point rate rise is a very real possibility," said Michael Langford, director at corporate advisory firm AirGuide. The…
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Gold muted as U.S. jobs data raises doubts over Fed rate-hike path

Gold muted as U.S. jobs data raises doubts over Fed rate-hike path

Sept 5 (Reuters) - Gold prices were steady on Monday, having posted their best day in a month in the last session after a U.S. jobs report showed unemployment rising in August, suggesting the Federal Reserve might slow the pace of rate hikes. Spot gold was flat at $1,711.69 per ounce by 0352 GMT). U.S. gold futures were little changed at $1,723.10. Gold rose as much as 1.3% on Friday after data showed U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% suggested the labor market was…
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Gold edges up ahead of U.S. payrolls data; set for third weekly fall

Gold edges up ahead of U.S. payrolls data; set for third weekly fall

Sept 2 (Reuters) - Gold prices crawled higher on Friday ahead of a key U.S. labour report, but the metal faces a third consecutive weekly loss on bets that the U.S. Federal Reserve will retain its aggressive rate-hike stance. Spot gold rose 0.2% to $1,699.40 per ounce by 0349 GMT, as of 0055 GMT but was down 2% for the week so far. U.S. gold futures were up 0.1% at $1,710.50. The dollar index was slightly off a 20-year peak scaled in the previous session but was on track for a third straight weekly rise. A weaker-than-expected data could offer…
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Gold prices slip to 6-week low on robust dollar, rate-hike bets

Gold prices slip to 6-week low on robust dollar, rate-hike bets

Sept 1 (Reuters) - Gold prices hit a six-week trough on Thursday, as sentiment was weighed down by a firmer U.S. dollar and prospects of aggressive interest rate hikes by major central banks to tame inflation. Spot gold was down 0.3% at $1,706.23 per ounce, as of 0542 GMT. Earlier in the day, bullion hit its lowest level since July 21 at $1,701.10. U.S. gold futures shed 0.5% to $1,717.40. "I now recognise it (gold) is likely to languish for some time," said Clifford Bennett, chief economist at ACY Securities. "The long-term outlook for gold is positive, but first it…
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Gold set for fifth monthly fall as U.S. rate-hike prospects mute appeal

Gold set for fifth monthly fall as U.S. rate-hike prospects mute appeal

Aug 31 (Reuters) - Gold prices languished near a one-month low on Wednesday and were set for a fifth consecutive monthly drop, as solid U.S. data and hawkish Federal Reserve comments pointing to aggressive interest rates dented the non-yielding metal's appeal. Spot gold was flat at $1,724.20 per ounce, as of 0404 GMT, trading close to a one-month trough hit on Monday. Bullion lost 2.3% so far in August. U.S. gold futures fell 0.1% to $1,735.50. "The Fed does not have intentions to significantly ease in the near term. Their focus is on inflation and what they want to do…
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Gold muted as dollar firms with focus on Jackson Hole symposium

Gold muted as dollar firms with focus on Jackson Hole symposium

Aug 24 (Reuters) - Gold prices were flat on Wednesday, as the U.S. dollar strengthened after hawkish comments from a Federal Reserve official kept investors cautious ahead of Jackson Hole symposium due later this week. Spot gold was steady at $1,747.58 per ounce, as of 0527 GMT, after rising 0.7% in the previous session. U.S. gold futures eased 0.1% to $1,760.20. The dollar firmed near recent peak against its rivals, making gold more expensive for buyers holding other currencies. Fed Chair Jerome Powell's speech at the annual global central banking conference in Jackson Hole, Wyoming on Friday will be keenly…
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Gold hits lowest in more than 3 weeks on stronger dollar, Fed worries

Gold hits lowest in more than 3 weeks on stronger dollar, Fed worries

Aug 22 (Reuters) - Gold prices hit their lowest in more than three weeks on Monday, weighed down by a stronger dollar and expectations of more rate hikes from the U.S. Federal Reserve to tame surging inflation. Spot gold was flat at $1,747.55 per ounce, as of 0318 GMT, after hitting its lowest since July 28 at $1,743.83 in early Asian trading. U.S. gold futures eased 0.1% to $1,761 per ounce. "The upward resumption in the U.S. dollar will of course be weighing on the gold market, but it seems to be more aligned with the simultaneous sell-off seen across…
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Gold falls to 3-week low on robust dollar, Fed rate-hike fears

Gold falls to 3-week low on robust dollar, Fed rate-hike fears

Aug 19 (Reuters) - Gold prices slipped to a three-week low on Friday and were set for their first weekly drop in five, as a stronger dollar and prospects of more rate hikes by the U.S. Federal Reserve dented bullion's appeal. Spot gold was down 0.3% at $1,752.89 per ounce, as of 0451 GMT, after falling to its lowest since July 28 at $1,751.01 earlier in the session. For the week, the metal is down 2.7%. U.S. gold futures fell 0.3% to $1,766.20. "Markets are expecting interest rates to go further up and of course the strong dollar is definitely…
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Gold gains on dollar retreat ahead of Fed minutes

Gold gains on dollar retreat ahead of Fed minutes

Aug 17 (Reuters) - Gold prices inched higher on Wednesday as the U.S. dollar pulled back, with investors awaiting minutes from the Federal Reserve's last policy meeting that could offer clues on further interest rate hikes. Spot gold rose 0.2% to $1,778.53 per ounce, as of 0511 GMT, after hitting its lowest since Aug. 8 at $1,770.86 on Tuesday. U.S. gold futures gained 0.2% to $1,793.20. The dollar slipped 0.1% against its rivals, making gold less expensive for other currency holders. "Focus is on minutes from the July Federal Open Market Committee meeting and the Jackson Hole Symposium on Aug.…
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Gold at 1-month peak, Platinum eyes third straight weekly gain

Gold at 1-month peak, Platinum eyes third straight weekly gain

 (Reuters) - Gold prices steadied at a one-month high on Friday, ahead of a much awaited U.S. jobs data, as a retreat in Treasury yields and growing recession fears supported the safe-haven metal and kept it on track for a third straight weekly rise. Spot gold was flat at $1,790.66 per ounce, as of 0531 GMT, after hitting its highest level since July 5. Prices are up 1.5% this week. U.S. gold futures were steady at $1,807.70. "Gold continues to benefit from a combination of a weaker dollar that has been driven by falling U.S. bond yields as markets continue…
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Gold rises as weaker dollar, China-U.S. tensions lift appeal

Gold rises as weaker dollar, China-U.S. tensions lift appeal

Aug 3 (Reuters) - Gold prices rose on Wednesday as a pullback in the dollar and Sino-U.S. tensions helped counter pressure from a rise in U.S. Treasury yields after hawkish comments from Federal Reserve officials on interest rate hikes. Spot gold was up 0.5% at $1,769.16 per ounce, as of 0443 GMT. On Tuesday, bullion rose to a near one-month high of $1,787.79 before closing down 0.6% on the day. U.S. gold futures eased 0.3% to $1,784.70 per ounce. The dollar fell 0.3% against its rivals after rising 0.8% overnight, making greenback-denominated gold less expensive for other currency holders. "Gold…
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Britain’s High Court rules against Venezuela’s Maduro in $1 bln gold battle

Britain’s High Court rules against Venezuela’s Maduro in $1 bln gold battle

LONDON, July 29 (Reuters) - Britain's High Court has rejected President Nicolas Maduro's latest efforts to gain control of more than $1 billion of Venezuela's gold reserves stored in the Bank of England's underground vaults in London. The court ruled on Friday that previous decisions by the Maduro-backed Venezuelan Supreme Court aimed at reducing opposition leader Juan Guaido's say over the gold, should be disregarded. It marked the latest victory for Guaido, who has won a series of legal clashes over the bullion after the British government recognised him rather than Maduro as the Latin American country's president. "I have ... concluded…
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Gold faces fourth monthly drop as firm dollar, U.S yields weigh

Gold faces fourth monthly drop as firm dollar, U.S yields weigh

July 29 (Reuters) - Gold prices were set on Friday for a fourth consecutive monthly drop, pressured by strong performances in the greenback and U.S. bond yields and aggressive monetary policies from top central banks. Spot gold inched up 0.2% to $1,758.94 per ounce, as of 0337 GMT. U.S. gold futures rose 0.3% to $1,775.10. Gold remains inversely correlated to the dollar and yields, rather than being a gold story in itself, OANDA senior analyst Jeffrey Halley said, adding that their recent dips provided some support to bullion this week. The metal is set for its best week since mid-May,…
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EU executive proposes import ban on Russian gold

EU executive proposes import ban on Russian gold

The European Commission, the EU executive, formally proposed on Friday its latest package of sanctions against Moscow, including an import ban on Russian gold, and legal tweaks to prevent current measures from hampering food shipments. First reported by Reuters in June, the new measures are considered "a maintenance and alignment package," the Commission said in a statement. Officials privately referred to it as a "sixth-and-a-half" set of sanctions for its limited scope compared with six previous rounds imposed since Russia's invasion of Ukraine on Feb. 24 that hit Russian financial services, oil or coal. "Today's package will introduce a new…
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India raises import tax on gold to 12.5% from 7.5%

India raises import tax on gold to 12.5% from 7.5%

MUMBAI, July 1 (Reuters) - India has raised its basic import duty on gold to 12.5% from 7.5%, the government said on Friday, as the world's second biggest consumer of the precious metal tries to dampen its demand and bring down the trade deficit. India fulfils most of its gold demand through imports, which were putting pressure on the rupee that hit a record low earlier on Friday. The duty hike would lift prices and moderate demand in India, which could weigh on global prices . But it could stoke under-the-counter buying and drive-up appetite for precious metal smuggled into the country, trade officials said. "The sudden rise in prices…
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Gold demand to falter as Chinese buying weakens, Metals Focus says

Gold demand to falter as Chinese buying weakens, Metals Focus says

LONDON, June 8 (Reuters) - Demand for gold will dip this year, mainly due to weaker jewellery sales and retail investment in China due to COVID-19 lockdowns and an economic slowdown, consultants Metals Focus said. Supply of gold, meanwhile, will rise slightly as mines expand production and recycling increases, Metals Focus said in its annual Gold Focus report. It predicted the gold price would average $1,830 an ounce in 2022, up 1.7% from $1,799 last year. On Wednesday, it was trading at around $1,850 an ounce. The consultancy expects a soft landing for the global economy, but higher interest rates…
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Gold hits 1-month high as dollar weakens, set for weekly gain

Gold hits 1-month high as dollar weakens, set for weekly gain

June 3 (Reuters) - Gold prices scaled a one-month peak on Friday, riding on a weaker U.S. dollar that has also put bullion on track for a third straight weekly gain. Spot gold was steady at $1,867.33 per ounce, as of 0539 GMT, after hitting its highest level since May 9 of $1,873.79. Gold prices have risen about 0.8% so far this week. U.S. gold futures edged up 0.1% to $1,872.10. The dollar edged lower, making greenback-priced bullion more attractive for overseas buyers. "We think prices have seen an important low around $1,828 this week, and with bullish momentum having…
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Gold prices gain as dollar weakness lifts appeal

Gold prices gain as dollar weakness lifts appeal

May 30 (Reuters) - Gold prices rose on Monday as the U.S. dollar weakened, but recent gains are unlikely to stave off another monthly fall for greenback-priced bullion. Spot gold was up 0.4% at $1,860.77 per ounce, as of 0451 GMT. U.S. gold futures also climbed 0.4% to $1,865.00. "With the three-day holiday in the United States, which means lower liquidity than usual, and a lack of top-tier data until Wednesday, we may find that gold will remain nailed to its tight range around $1,850 unless a new catalyst arrives," City Index senior market analyst Matt Simpson said. Federal government…
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Gold hits over 1-week high as dollar weakens

Gold hits over 1-week high as dollar weakens

May 23 (Reuters) - Gold prices climbed on Monday to their highest in more than a week, helped by a weaker dollar, although higher U.S. Treasury yields capped gains in greenback-priced bullion. Spot goldrose 0.5% to $1,854.57 per ounce by 0532 GMT. Prices hit their highest since May 12 at $1,855.91 earlier in the session. U.S. gold futures gained 0.6% to $1,853.50. "The jury is still out as to whether gold has weathered the storm in the medium term, or is (it) merely rallying in response to a sustained pullback by the U.S. dollar," OANDA senior analyst Jeffrey Halley said.…
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Gold faces fourth weekly loss as burgeoning dollar saps appeal

Gold faces fourth weekly loss as burgeoning dollar saps appeal

May 13 (Reuters) - Gold prices hovered near a three-month low on Friday and were set for their fourth straight weekly fall, as the strongest dollar in two decades dampened demand for greenback-priced bullion. Spot gold was up 0.2% at $1,825.94 per ounce, as of 0513 GMT, in choppy trade. Earlier in the session, it hit its lowest since Feb. 7. U.S. gold futures were flat at $1,824.80. "The fall through support by gold at $1,835.00, and the sell-off in other precious metals overnight, leave gold vulnerable to deeper losses and a potential test of support at $1,780.00 an ounce,"…
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Gold stabilises after rising 1% following U.S. inflation data

Gold stabilises after rising 1% following U.S. inflation data

May 12 (Reuters) - Gold steadied on Thursday, after U.S. inflation data lifted prices over 1% in the previous session, as traders were cautious about the Federal Reserve's policy stance amid fears of a build-up in underlying inflation pressures. Spot gold was nearly flat at $1,852.36 per ounce, as of 0350 GMT. U.S. gold futures were little changed at $1,853.30 U.S. consumer price growth slowed sharply in April as gasoline eased off record highs, suggesting inflation has probably peaked, although it is likely to stay hot for a while and keep the Fed's foot on the brakes. Bullion prices hit…
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Firmer dollar, yields weigh on gold; U.S. jobs data on tap

Firmer dollar, yields weigh on gold; U.S. jobs data on tap

May 6 (Reuters) - Gold prices edged lower on Friday, tracking a third straight weekly loss as the U.S. dollar and Treasury yields rallied on a hawkish U.S. Federal Reserve stance, with investors awaiting U.S. jobs data due later in the day. Spot gold fell 0.1% to $1,875.66 per ounce, as of 0307 GMT, while U.S. gold futures were steady at$1,875.40. Bullion has declined about 1% so far this week. The dollar was headed for a fifth winning week versus major peers as benchmark U.S. Treasury yields resumed climb having hit their highest since November 2018 in the previous session.…
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Swiss gold exports to the United States rocketed in March

Swiss gold exports to the United States rocketed in March

Swiss shipments of gold to the United States surged in March to their highest since May 2020, Swiss customs data showed, as investors spooked by Russia's invasion of Ukraine and the threat of a global economic slowdown stocked up on bullion. Switzerland's exports to Britain, which like the United States is a centre for gold investment and trading, also rose, while shipments of gold to China and India, the biggest consumer markets, fell sharply. Switzerland is the world's biggest refining and transit centre for gold, an asset typically seen as a safe place to store wealth in times of economic…
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Gold hits over one-week low as firm bond yields, dollar weigh

Gold hits over one-week low as firm bond yields, dollar weigh

April 20 (Reuters) - Gold prices fell on Wednesday to their lowest in more than a week, as a elevated U.S. dollar and Treasury yields continued to weigh on demand for bullion. Spot gold was down 0.3% at $1,944.06 per ounce, as of 0430 GMT, after hitting its lowest since April 11. U.S. gold futures fell 0.7% to $1,944.80. On Tuesday, prices had fallen up to 1.8% as a stronger dollar and rising Treasury yields overshadowed safe-haven inflows into the metal. "With the U.S. dollar still firm today, and with China declining to lower its 1- and 5-year loan prime…
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Gold falls, eyes best quarter in six on Ukraine crisis

Gold falls, eyes best quarter in six on Ukraine crisis

March 31 (Reuters) - Gold fell in range-bound trade on Thursday, but the safe-haven metal was set for its biggest quarterly gain since September 2020, as the Russia-Ukraine conflict lifted bullion's appeal. Spot gold was down 0.6% at $1,921.55 per ounce by 0507 GMT. U.S. gold futures fell 0.7% to $1,925.00. The metal has gained about 5% so far in the quarter and 0.7% in the month. "Gold traders are balancing out with potential for further gains based on geopolitical risk and possibly inflation, and the dangerous outlook for gold holdings with rising interest rates and the net result has…
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Gold gains as dollar, yields weaken; Russia-Ukraine optimism weighs

Gold gains as dollar, yields weaken; Russia-Ukraine optimism weighs

March 30 (Reuters) - Gold prices rose on Wednesday, supported by a dip in the U.S. dollar and Treasury yields, though signs of progress in Russia-Ukraine peace talks dented the metal's appeal as a safe haven and kept gains in check. Spot gold was up 0.3% at $1,925.75 per ounce, as of 0453 GMT, after the metal hit its lowest since Feb. 28 on hopes for a negotiated end to the Ukraine conflict. U.S. gold futures rose 0.6% to $1,930.10. "(Weaker) dollar has provided a level of support for gold... bond prices bounced from a key level of support yesterday…
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UK’s Johnson says pressure could be applied to Putin’s gold reserves

UK’s Johnson says pressure could be applied to Putin’s gold reserves

LONDON, March 24 (Reuters) - Britain and its western allies will increase the economic pressure on Russia and are looking to see if more can be done to prevent President Vladimir Putin from accessing his gold reserves, Prime Minister Boris Johnson said on Thursday. Ahead of a NATO meeting in Brussels, Johnson told LBC Radio that Putin had already crossed a red line and that he should appear before the International Criminal Court. "We need to do more," he said. "And so we need to do more economically. Can we do more to stop him using his gold reserves for instance, in…
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Gold range-bound as markets eye Ukraine crisis, Fed policy stance

Gold range-bound as markets eye Ukraine crisis, Fed policy stance

March 24 (Reuters) - Gold prices were in a range-bound trade on Thursday, as markets exercised caution over the Russia-Ukraine conflict and ahead of U.S. inflation data that could offer fresh clues about the policy stance from the U.S. Federal Reserve. Spot gold was down 0.2% at $1,939.93 per ounce, as of 0517 GMT. U.S. gold futures were up 0.2% at $1,941.10. "The war has dragged on for a long time and resolution seems close and people are looking at what the Fed has come now to speak about - they want to actually tackle high inflation, which means the…
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Gold steady as Ukraine worries counter bets on Fed rate hikes

Gold steady as Ukraine worries counter bets on Fed rate hikes

March 23 (Reuters) - Gold prices held steady on Wednesday as worries over the Ukraine crisis supported demand for the safe-haven metal, although calls from U.S. Federal Reserve officials for sharper interest rate hikes to combat inflation weighed on market sentiment. Spot gold was little changed at $1,920.84 per ounce by 0558 GMT. U.S. gold futures were flat at $1,921.30. "Potential for higher interest rates globally is weighing on (gold). At the same time, the desire for safe havens in the face of the geopolitical conflict in Ukraine is supportive," said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.…
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Gold rises as Ukraine crisis escalates

Gold rises as Ukraine crisis escalates

March 21 (Reuters) - Gold prices rose on Monday, lifted by safe-haven demand as the Ukraine crisis showed no signs of abatement, although the gains were capped by the U.S. Federal Reserve's plan of aggressive measures to combat inflation. Spot gold   was up 0.2% to $1,925.46 per ounce by 0316 GMT. U.S. gold futures were down 0.2% to $1,925.80. "A little bit of safe-haven flows (are) going into gold today because Ukraine officially rejected the deadline from Russia," said Matt Simpson, senior market analyst at City Index. Ukraine on Monday rejected Russian calls to surrender the port city of Mariupol,…
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Swiss gold exports to China ease from five-year high

Swiss gold exports to China ease from five-year high

LONDON, March 17 (Reuters) - Swiss exports of gold to China in February eased from the previous month's five-year high, but shipments to India recovered, Swiss customs data showed on Thursday. China and India are the largest consumers of gold and Switzerland is the biggest refining and transit centre. In the first two months of this year Switzerland exported 119.9 tonnes of gold, worth about $7 billion, to mainland China and Hong Kong. That compares with only 3.1 tonnes in the same period of 2021. Switzerland shipped 44.9 tonnes of gold to India in January and February, compared with 94.7…
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Gold prices register drop

Gold prices register drop

March 14 (Reuters) - Gold prices fell on Monday as U.S. rate-hike expectations lifted Treasury yields to their highest in a month, while hopes of progress in Russia-Ukraine peace talks further assuaged bullion's safe-haven appeal. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion. Spot gold was down 0.5% at $1,976.31 per ounce by 0457 GMT. U.S. gold futures shed 0.3% to $1,979.40. "One key reason is surging Treasury yields. Also market seems to be pricing in on the FOMC (Federal Open Market Committee) meeting on Wednesday at which the U.S.…
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Gold drops as risk appetite rebounds on oil price decline

Gold drops as risk appetite rebounds on oil price decline

March 10 (Reuters) - Gold prices fell on Thursday as traders moved away from safe-haven bets after global shares rallied following a retreat in oil prices. Spot gold were down 0.5% at $1,981.96 per ounce by 0603 GMT after slumping as much as 1%. U.S. gold futures were unchanged at $1,988.60. Gold pulled back about 3% in the previous session, its worst intraday decline since January 2021 and dropping from levels that hovered near record high hit in August 2020. "Suspect there are still plenty of long positions put on in the last couple of days out there that are…
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Palladium hits 7-1/2-month peak as Russia-Ukraine conflict deepens

Palladium hits 7-1/2-month peak as Russia-Ukraine conflict deepens

March 4 (Reuters) - Palladium prices rose on Friday to a 7-1/2-month peak on supply concerns, while safe-haven demand kept gold on course for a fourth weekly gain in five, after Russia attacked a nuclear power plant in Ukraine, the largest of its kind in Europe. Spot palladium   was up 0.4% at $2,785.59, as of 0430 GMT. Earlier in the session, it hit its highest since mid-July at $2,835.48. Russia accounts for 40% of the global production of the auto-catalyst metal used by automakers in catalytic converters to curb emissions. The metal has gained 18% so far this week in…
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Oil leads mad rush to resources, stagflation a risk

Oil leads mad rush to resources, stagflation a risk

SYDNEY, March 3 (Reuters) - Oil prices sped higher on Thursday as the war in Ukraine drove a mad dash for resources in an ominous sign for global inflation, while Asian shares eked out gains after reassuring comments from the Federal Reserve helped Wall Street bounce. Brent crude topped $117 per barrel and is now up almost 20% on the week, while everything from coal to natural gas and aluminium are on fire as Western nations tighten sanctions on Russia.  "Russia supplies around 30% of Europe's gas and oil imports and accounts for around 11% of world oil production," said Shane Oliver,…
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Palladium gains as Ukraine crisis escalates; gold eases

Palladium gains as Ukraine crisis escalates; gold eases

March 2 (Reuters) - Palladium rose on Wednesday, extending gains after hitting a seven-month peak in the previous session as the Russia-Ukraine crisis worsened, while gold fell after the dollar strengthened. Auto-catalyst metal palladium rose 1.5% to $2,619.86 as of 0550 GMT. Russia accounts for 40% of palladium production globally. "The kind of shortages or price jumps we've seen in vehicles around these supply-chain and shipping disruptions, not surprising that palladium was already edging higher," said Ilya Spivak, a currency strategist at DailyFX. The war and the sanctions imposed by Western nations on Russia significantly cut off access to Russian…
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Crude jumps, stocks slip, rouble crashes to record low on tough Russian sanctions

Crude jumps, stocks slip, rouble crashes to record low on tough Russian sanctions

TOKYO, Feb 28 (Reuters) - Crude oil jumped while the rouble plunged nearly 30% to a record low on Monday after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system. Safe-haven demand boosted bonds along with the dollar and yen while the euro sank after Russian President Vladimir Putin put nuclear-armed forces on high alert on Sunday, the fourth day of the biggest assault on a European state since World War Two.  The ramp-up in tensions heightened fears that oil supplies from the world's second-largest producer could be…
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Gold slips from 8-month peak as prospect of Ukraine summit dims appeal

Gold slips from 8-month peak as prospect of Ukraine summit dims appeal

Feb 21 (Reuters) - Gold eased after hitting a more than eight-month high on Monday, as a plan for the U.S. and Russian presidents to hold a summit on the Ukraine crisis dented safe-haven demand, while looming Federal Reserve rate hikes further pressured the metal. Spot gold   fell 0.3% to $1,891.33 per ounce by 0514 GMT, retreating from a session peak of $1,908.02 - its highest since June 3. U.S. gold futures   were down 0.3% to $1,894.20. U.S. President Joe Biden has accepted in principle a summit with Russia's Vladimir Putin over the Ukraine crisis, after the foreign ministers of…
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Gold slips on prospect of U.S.-Russia talks over Ukraine, Platinum set for best week since June

Gold slips on prospect of U.S.-Russia talks over Ukraine, Platinum set for best week since June

Feb 17 (Reuters) - Gold prices slipped from the $1,900 level on Friday, as a potential Russia-U.S. meeting next week spurred expectations of a diplomatic solution to the standoff over Ukraine.  Spot gold   fell 0.4% to $1,890.05 per ounce, as of 0456 GMT, after touching its highest in eight months at $1,902.22 earlier in the session. The metal on Thursday rose above $1,900 for the first time since June as investors rushed to the safety of bullion after Ukraine tensions heightened. U.S. gold futures  dropped 0.5% to $1,892.30. U.S. stock futures bounced on Friday and selling pressure eased in Asian…
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Swiss gold exports to China surge to highest since December 2016

Swiss gold exports to China surge to highest since December 2016

LONDON, Feb 17 (Reuters) - Swiss exports of gold to mainland China surged in January to their highest since December 2016, but shipments of bullion to India fell, Swiss customs data showed on Thursday. China and India are the largest consumers of gold while Switzerland is the biggest refining and transit centre. Strong demand from China has helped to support gold prices, which are up about 4% this year at around $1,890 an ounce.
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Gold jumps over 1% as Ukraine-Russia conflict escalates

Gold jumps over 1% as Ukraine-Russia conflict escalates

Feb 17 (Reuters) - Gold jumped more than 1% on Thursday, as Russian news reports of a mortar fire in eastern Ukraine led investors towards safe-haven assets, while dovish signals from U.S. Federal Reserve's minutes of meeting also underpinned bullion. Spot gold   climbed 1.2% to $1,890.95 per ounce as of 0942 GMT, after hitting its highest since June 11 of $1,892.91 earlier. U.S. gold futures   also gained 1.2% to $1,893.60. "Gold benefited from renewed tensions in Eastern Europe. Palladium is likely to move in a similar way, but the moves are driven by supply concerns, while gold benefits from its…
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Gold reserves at Venezuelan central bank down to new 50-year low

Gold reserves at Venezuelan central bank down to new 50-year low

CARACAS (Reuters) - The Venezuelan central bank's gold reserves dropped seven tonnes last year to a new 50-year low, according to financial statements published by the bank. The quantity of gold bars at the bank's vaults in Caracas fell to an equivalent of 79 tonnes, down from 86 tonnes equivalent at the end of 2020. Authorities have not provided details on the destination of the gold, which has been used in the past to shore up national finances amid a prolonged economic and social crisis. The value of the reserves through December last year was $4.56 billion, $493 million less than at…
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Gold flat as easing Ukraine tensions offset support from subdued yields

Gold flat as easing Ukraine tensions offset support from subdued yields

Feb 16 (Reuters) - Gold was flat on Wednesday, after hitting an eight-month high in volatile trade last session, as easing Russia-Ukraine tensions countered support from weaker bond yields. Spot gold was little changed at $1,852.62 per ounce, as of 0415 GMT. U.S. gold futures dropped 0.1% to $1,854.10. Gold prices touched their highest level since June last year on Tuesday, before reversing course to close almost 1% lower. Asian shares rallied, as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base from exercises.   The dollar firmed slightly,…
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Gold lacklustre as dollar gains ground with cenbanks in focus

Gold lacklustre as dollar gains ground with cenbanks in focus

Feb 3 (Reuters) - Gold prices hovered on Thursday below the previous session's one-week high, as the U.S. dollar regained ground ahead of major central bank meetings as their economies grapple with broadening inflationary risks. Spot gold was down 0.1% at $1,805.58, as of 0539 GMT, after rising to $1,810.86 in the previous session, its highest since Jan. 27. U.S. gold futures fell 0.2% to $1,806.10. Markets expect the Bank of England to raise interest rates again and signal further unwinding of its pandemic stimulus later in the day, while the European Central Bank is set to keep policy unchanged…
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Gold steady as improved risk appetite counters weaker dollar, yields

Gold steady as improved risk appetite counters weaker dollar, yields

Feb 2 (Reuters) - Gold prices were steady on Wednesday, hovering close to the$1,800 psychological level, as a weaker dollar and lower U.S. bond yields countered risk appetite spurred by less-hawkish comments from Federal Reserve officials. Spot gold was at $1,798.21 per ounce, as of 0449 GMT. In the previous session, bullion had touched $1,805.43 as investment demand strengthened. U.S. gold futures were down 0.2% to $1,798.60. "The shift towards a more risk-on approach by investors is probably gold-negative, however, the resultant weakness in the dollar helps gold, and the decrease in U.S. TIPS yields has provided support for gold,"…
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India’s gold demand to keep rising after big jump in 2021 – WGC

India’s gold demand to keep rising after big jump in 2021 – WGC

India's gold consumption is expected to rise further in 2022 after jumping 79% last year as pent-up demand and an improvement in consumer confidence are seen boosting retail jewellery sales, the World Gold Council (WGC) said. Gold consumption in 2022 will likely be 800-850 tonnes versus 797.3 tonnes last year, the highest in six years, Somasundaram PR, regional chief executive officer of WGC's Indian operations, told Reuters. Indian demand has averaged 769.7 tonnes over the last 10 years. A rise in consumption by the world's second-biggest gold consumer would help global prices, but could widen India's trade deficit and put…
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Gold set for biggest weekly fall, Dollar index highest since July 2020

Gold set for biggest weekly fall, Dollar index highest since July 2020

Jan 28 (Reuters) - Gold was flat on Friday and set for its sharpest weekly decline since November, as markets digested the U.S. Federal Reserve's policy tightening policy plan that led to a surge in dollar and Treasury yields. Spot gold was unchanged at $1,797.71 per ounce by 0532 GMT. U.S. gold futures was up 0.2% at $1,798.80. The metal fell about 2% for the week, its worst fall since Nov. 26. "Now the expectation is of five rate hikes. In a sense, market expectations of monetary policy have turned increasingly hawkish, which is negative for gold because we've seen…
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China’s net gold imports via Hong Kong surge in 2021

China’s net gold imports via Hong Kong surge in 2021

Jan 27 (Reuters) - China's net gold imports via Hong Kong surged in 2021 despite a dip in December from the previous month, as consumers stocked up on bullion to shield against economic risks. Net imports for last year stood at 334.1 tonnes, their highest since 2018 and an over sevenfold leap from 40.9 tonnes in the prior year. Net imports dipped for the second consecutive month to 25.446 tonnes in December from 45.321 tonnes in November, Hong Kong Census and Statistics Department data showed on Thursday. Imports fell again as jewellers are expecting cool demand for gold in the…
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Gold eases as higher yields, dollar outweigh Ukraine uncertainty

Gold eases as higher yields, dollar outweigh Ukraine uncertainty

Jan 27 (Reuters) - Gold prices extended losses on Thursday, as safe-haven demand driven by concerns over Ukraine was countered by strength in the U.S. dollar and Treasury yields as the Federal Reserve signalled interest rate hikes starting in March. Spot gold dropped 0.3% to $1,812.87 per ounce by 0537 GMT, after closing 1.6% lower on Wednesday in its worst session since Nov. 22. U.S. gold futures fell 0.9% to $1,813.40. "It's confirmed that they're (the Fed) going to raise rates. And that's why we see the bump up in Treasury bills. And of course, people are selling gold," said…
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Gold holds ground as Ukraine risks offset Fed rate views

Gold holds ground as Ukraine risks offset Fed rate views

Jan 26 (Reuters) - Gold prices were steady on Wednesday as investors refrained from making big bets ahead of a decision on the pace of policy tightening by the U.S. central bank, while tensions surrounding Ukraine kept bullion near the previous session's 10-week high. Spot gold held its ground at $1,847.11 per ounce, as of 0547 GMT, after hitting its highest level since Nov. 19 on Tuesday. U.S. gold futures were down 0.2% at $1,848.30. Gold will be supported "as long as they (the Fed) don't spook the markets with anything new, as long as they don't advance the narrative…
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Gold rises on inflation, geopolitical risks; focus on Fed meet

Gold rises on inflation, geopolitical risks; focus on Fed meet

Jan 24 (Reuters) - Gold prices rose on Monday, as investors sought cover of the safe-haven metal against inflation risks and concerns about Russia-Ukraine discord, while markets await cues on rate hikes from the U.S. Federal Reserve policy meeting this week. Spot gold was up 0.3% at $1,837.91 per ounce, as of 0723 GMT. U.S. gold futures were up 0.3% at $1,836.60. "Market is waiting for the (FOMC) statements. Crude oil is increasing, so inflation is expected to increase which is underpinning gold prices," said Jigar Trivedi, a commodities analyst at Mumbai-based broker Anand Rathi Shares. The Fed will tighten…
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Gold prices edge higher on weaker yields, set for second weekly gain, Silver on track for best week in a year

Gold prices edge higher on weaker yields, set for second weekly gain, Silver on track for best week in a year

Jan 21 (Reuters) - Gold prices edged higher on Friday and were set for a second weekly gain, as safe-haven demand and lower U.S. bond yields lifted the metal's appeal, while investors look forward to a Federal Reserve meeting for clues to its tightening timeline. Spot gold was up 0.1% at $1,840.59 per ounce, as of 0414 GMT, inching towards Thursday's two-month high of $1,847.72. U.S. gold futures dipped 0.1% at $1,840.80. Benchmark U.S. 10-year Treasury yields fell, reducing the opportunity cost of holding non-yielding bullion. Gold managed to hold its ground even as the U.S. Fed became more hawkish,…
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Gold holds near two-month high as firmer yields counter softer dollar

Gold holds near two-month high as firmer yields counter softer dollar

Jan 20 (Reuters) - Gold prices were flat on Thursday, with a weaker dollar countering pressure from firm bond yields, while traders awaited clues on the pace of interest rate hikes from the Federal Reserve's policy meeting next week. Spot gold was unchanged at $1,839.25 per ounce by 0558 GMT, after hitting its highest since Nov. 22 at $1,843.94 earlier. Prices jumped the most in three months on Wednesday. U.S. gold futures fell 0.2% at $1,840.10. Although there is some profit-taking after Wednesday's jump, the Russia-Ukraine situation may still fuel a gold rally, as investors look for safe-haven assets to…
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Gold dips as Treasury yields advance on U.S. rate-hike prospects

Gold dips as Treasury yields advance on U.S. rate-hike prospects

Jan 19 (Reuters) - Gold prices dipped on Wednesday towards the previous session's one-week low as the prospect of aggressive rate hikes by the U.S. Federal Reserve sent benchmark Treasury yields to two-year highs, reducing the appeal of non-yielding bullion. Spot gold was down 0.1% at $1,812.27 per ounce, as of 0513 GMT, after falling to a one-week low of $1,805 an ounce on Tuesday. U.S. gold futures dipped 0.1% to $1,811.10. "We seem to be coiling up for some kind of breakout, likely on the downside, as the handoff occurs where inflation expectations start to slow down while nominal…
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Gold steady as higher yields, dollar counter inflation risks

Gold steady as higher yields, dollar counter inflation risks

Jan 17 (Reuters) - Gold prices held steady on Monday as market participants gauged the global economic policy outlook, with inflation-based demand for bullion countering hawkish comments from U.S. Federal Reserve officials, supporting the dollar and Treasury yields. Gold is considered an inflationary hedge, but the metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion. Spot gold was steady at $1,819.34 per ounce, as of 0615 GMT. U.S. gold futures edged up 0.2% to $1,819.70. "Gold has been locked in sideways consolidation for a while now, the market is still undecided…
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