Precious Metals
Gold Jumps to 5th Straight Weekly Gain
Gold prices scaled their highest levels since late April on Friday and were on track for a fifth consecutive weekly gain amid anticipation of slower rate…
Gold prices scaled their highest levels since late April on Friday and were on track for a fifth consecutive weekly gain amid anticipation of slower rate hikes from the U.S. Federal Reserve and fears of a possible recession.
Spot gold was little changed at $1,929.70 per ounce. Prices rose 0.5% this week so far. U.S. gold futures rose 0.4% to $1,931.80.
Fed funds futures are pricing in a smaller 25-basis-point interest rate increase by the U.S. central bank at the conclusion of its two-day meeting on Feb. 1, after recent economic data showed signs of cooling inflation.
Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion.
The U.S. dollar was 0.1% higher but was set for a weekly decline, making gold a more attractive bet for those holding other currencies.
However, several Fed policymakers have recently signaled they will push on with more interest rate hikes, with a few supporting a top policy rate of at least 5% to curtail inflation despite signs the economy is slowing.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
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EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
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Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…