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Gold futures price

Gold Futures Surge Past $2,100 on Expectations of Fed Interest Rate Cut in June

by Chief editor of world-today-news.com March 4, 2024

written by Chief editor of world-today-news.com

Gold futures prices surged past the $2,100 level, supported by expectations that The US Federal Reserve (Fed) will cut interest rates in June.

At 10:29 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in April. added $13.20 or 0.63% to $2,108.90/ounce.

Gold prices also received positive factors from the weakening of the dollar. This increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies.

In addition, investors are relieved of their concerns about inflation. After the United States released the Personal Consumption Expenditure (PCE) price index that was in line with analysts’ expectations.

Investors will be keeping an eye on Fed Chairman Jerome Powell’s statement this week.

Mr. Powell will deliver his semi-annual statement on US monetary policy and economic conditions to Congress. He is scheduled to deliver a statement to the House of Representatives Financial Services Committee on March 6, before addressing the Senate Banking Committee on March 7.

The market is keeping an eye on Mr. Powell’s statement. This will take place before the Fed’s monetary policy meeting on March 19-20 to find signals indicating the Fed’s interest rate direction.

The US Department of Labor will release February non-agricultural employment figures on Friday.

Analysts predict that Employment figures increased by just 190,000 jobs in February. This slowed from the level of 353,000 jobs in January. And it is expected that the unemployment rate will remain stable at 3.7% in February.

2024-03-04 15:43:43
#Gold #futures #prices #surge #speculation #Fed #cut #interest #rates #June

March 4, 2024 0 comments

Business

Gold Futures Prices Rebound Above $2,050 as US Economy Expands Lower than Expected in 3rd Quarter

by Chief editor of world-today-news.com December 21, 2023

written by Chief editor of world-today-news.com

Gold futures prices rebounded above the $2,050 level after the US economy expanded lower than expected in the 3rd quarter of 2023, which will be a supporting factor for the US Federal Reserve (Fed) to stop raising interest rates. and begin reducing interest rates next year.

At 10:10 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. added $6.90 or 0.33% to $2,054.60/ounce.

In addition, gold prices also received positive factors from the weakening of the dollar. and the fall in US government bond yields.

A weaker dollar increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields It will help reduce the opportunity cost of holding gold. This is because gold is an asset that has no return in the form of interest.

The U.S. Department of Commerce today released its third estimate for 3rd quarter 2023 gross domestic product (GDP), saying the U.S. economy expanded 4.9% in the quarter. This was lower than analysts’ estimates of 5.1%, while the first and second estimates were 4.9% and 5.2%, respectively.

The US economy expanded 2.2% and 2.1% in the first and second quarters, respectively.

CME Group’s FedWatch Tool indicates that investors expect the Fed to start cutting interest rates at its March 2024 meeting. And the Fed will cut interest rates 6 times in 2024, cutting interest rates by 0.25% each time, for a total of 1.50%, more than the Fed has signaled to cut interest rates 3 times, by 0.25% each time, for a total of 0.75%.

Investors will be keeping an eye on the Personal Consumption Expenditures (PCE) price index due to be released on Friday. The PCE index is the Fed’s preferred measure of inflation. Because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).

Analysts expect that the Headline PCE index, which includes food and energy categories, rose 2.8% year-on-year in November from 3.0% in October.

When compared monthly, it is expected that the general PCE index will not change in November. or increased by 0.0% from the level of 0.0% as well in October.

As for the Core PCE Index (Core PCE), which does not include food and energy categories. It is expected to increase 3.4% in November year-on-year from 3.5% in October.

On a monthly basis, it is expected that the core PCE index increased 0.2% in November after also increasing 0.2% in October.

2023-12-21 15:23:44
#Gold #futures #prices #continue #rebound #exceeding

December 21, 2023 0 comments

Business

Gold Futures Prices Surge to Approach $2,060 on Weakening Dollar and Falling US Government Bond Yields

by Chief editor of world-today-news.com December 19, 2023

written by Chief editor of world-today-news.com

Gold futures prices continued to surge, approaching $2,060 today. The positive factor was the weakening of the dollar. and the fall in US government bond yields.

At 10:44 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. added $17.10 or 0.84% to $2,057.60/ounce.

In addition, gold prices are supported by expectations of an interest rate cut by the Federal Reserve (Fed) next year.

Analysts expect that the Headline PCE index, which includes food and energy categories, rose 2.8% year-on-year in November from 3.0% in October.

When compared monthly, it is expected that the general PCE index will not change in November. or increased by 0.0% from the level of 0.0% as well in October.

As for the Core PCE Index (Core PCE), which does not include food and energy categories. It is expected to increase 3.4% in November year-on-year from 3.5% in October.

On a monthly basis, it is expected that the core PCE index increased 0.2% in November after also increasing 0.2% in October.

2023-12-19 15:54:57
#price #gold #futures #continued #surge #reaching

December 19, 2023 0 comments

Business

Gold futures prices flow continuously. Recently, it dropped more than 30 dollars, close to falling out.

by Chief editor of world-today-news.com December 8, 2023

written by Chief editor of world-today-news.com

Gold futures fell more than 1%, nearing the $2,010 level after the United States revealed strong non-agricultural employment numbers. This raises concerns about the prospect of lowering interest rates by the US Federal Reserve (Fed).

At 12:47 a.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. minus $33.50 or 1.64% to $2,012.90/ounce.

In addition, gold prices have been pressured by the strengthening of the dollar. and the rebound in US government bond yields. After the release of non-agricultural employment numbers today

A stronger dollar reduces the attractiveness of gold. By making gold contracts more expensive for holders of other currencies Meanwhile, a rebound in US government bond yields will increase the opportunity cost of holding gold. This is because gold is an asset that has no return in the form of interest.

Investors still put almost 100% of their weight on the forecast. The Fed will announce that interest rates will remain steady at next week’s meeting. But lose weight in predicting that The Fed will cut interest rates at the earliest at its March 2024 meeting. After the United States revealed higher-than-expected non-agricultural employment figures.

The latest CME Group’s FedWatch Tool indicates that investors give a 98.2% weight to the expectation that the Fed will maintain interest rates at 5.25-5.50% at its meeting on Dec. 12-13, 2023, and a 92.2% weight at The Fed will maintain interest rates in January 2024.

However, investors gave only 45.6% weight to the Fed to cut interest rates by 0.25% to 5.00-5.25% at its March 2024 meeting. from the original weight of 55.4% yesterday

In addition, investors weigh 51.7% that the Fed will maintain interest rates at 5.25-5.50% at its March 2024 meeting. from the original weight of only 35.4% yesterday

The US Department of Labor revealed that Non-agricultural employment figures increased by 199,000 jobs in November. This was higher than analysts’ expectations of 180,000 jobs and up from 150,000 jobs in October.

The unemployment rate dropped to 3.7%, lower than analysts’ expectations of 3.9%.

Meanwhile, workers’ average hourly wages rose 4.0% year-on-year in November. In line with analysts’ forecasts.

compared monthly The average hourly wage for workers rose 0.4%, beating analysts’ expectations of 0.3%.

Hourly wages are important data for the Fed to look for signs of inflation.

As for the numbers on the labor market entry rate in the United States, which shows the ratio of the labor force to the total population is at 62.8%.

2023-12-08 17:53:55
#Gold #futures #prices #flow #continuously #dropped #dollars #close #falling

December 8, 2023 0 comments

Business

The price of gold futures has continued to surge, most recently exceeding $2,040.

by Chief editor of world-today-news.com November 28, 2023

written by Chief editor of world-today-news.com

Gold futures prices continue to rise. It most recently surpassed the $2,040 level today. The positive factor was the weakening of the dollar. and the prediction that The Federal Reserve (Fed) has ended the cycle of raising interest rates.

At 11:57 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in December. added $28.10, or 1.40%, to $2,040.50/ounce.

The Dollar Index measures the dollar’s movement against six major basket currencies. Dropped to the lowest level in 3 months today. and is likely to fall by more than 3% this month, which will be the biggest decline in 1 year.

A weaker dollar increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies.

Investors speculate that the Fed has ended its cycle of raising interest rates. After raising interest rates 11 times since the start of the interest rate hike cycle in March 2022, As a result, the Fed raised interest rates by 5.25%.

The latest CME Group’s FedWatch Tool indicates that investors expect the Fed to maintain interest rates at 5.25-5.50% at its meetings in December 2023, January 2024, March 2024 and May. 2024 before reducing the interest rate by 0.25% to the level of 5.00-5.25% at the June 2024 meeting.

Investors will also be keeping an eye on the Personal Consumption Expenditures (PCE) price index due to be released on Thursday. The PCE index is the Fed’s preferred measure of inflation. Because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).

Analysts predict that the PCE index will slow down in October. This will be a supporting factor for the Fed to stop raising interest rates.

The general PCE index, which includes food and energy categories, is expected to increase 3.1% in October year-on-year from 3.4% in September.

On a monthly basis, it is expected that the general PCE index increased 0.1% in October from 0.4% in September.

As for the basic PCE index, which does not include food and energy categories. It is expected to increase 3.5% in October year-on-year from 3.7% in September.

On a monthly basis, it is expected that the core PCE index increased 0.2% in October from 0.3% in September.

2023-11-28 17:19:07
#price #gold #futures #continued #surge #exceeding

November 28, 2023 0 comments

Business

Gold Futures Prices Stable as Investors Await Fed’s Monetary Policy Meeting Results

by Chief editor of world-today-news.com September 20, 2023

written by Chief editor of world-today-news.com

Gold futures prices adjust narrowly While investors are keeping an eye on the results of the Federal Reserve’s (Fed) monetary policy meeting tonight.

At 7:42 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in December. minus $1.0 or 0.05% to $1,952.70/ounce.

Investors put almost 100% of their weight in the forecast. The Fed will hold interest rates steady at its meeting tonight.

CME Group’s latest FedWatch Tool indicates that investors are 99.0% positive that the Fed will maintain interest rates at 5.25-5.50% at tonight’s meeting. and weighting only 1.0% that the Fed will raise interest rates by 0.25% to the level of 5.50-5.75%

In addition, in this round of the monetary policy meeting The Fed will release its policy interest rate forecast (dot plot) as well as its forecasts for inflation, unemployment and US economic growth.

Meanwhile, Fed Chairman Jerome Powell will hold a news conference after the meeting to explain the Fed’s interest rate direction.

2023-09-20 12:52:24
#Gold #futures #prices #adjust #narrowly #Investors #eye #Fed #meeting

September 20, 2023 0 comments

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