Tiagong Pet Rock aka Babarian Relic is rocketing de woh, right Boss John? Dun miss the Boat.....

[k1976]

https://www.businesstimes.com.sg/co.../gold-set-fourth-weekly-rise-us-rate-cut-bets



GOLD prices slipped on Friday (Jul 19), but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut US interest rates in September lifted appeal for non-yielding bullion.

Spot gold was down 0.4 per cent at US$2,434.38 per ounce, as at 0047 GMT, after scaling an all-time high of US$2,483.60 on Wednesday. Prices were up 1 per cent for the week.

US gold futures fell 0.8 per cent to US$2,435.70.

 

[k1976]

Markets see a 98 per cent chance of a US rate cut in September, according to the CME FedWatch Tool.

Zero-yield bullion’s appeal tends to shine in a low-interest rate environment.

Earlier this week, Fed chair Jerome Powell said recent inflation readings “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target in a sustainable fashion, suggesting a turn to rate cuts may not be far off.

 

[k1976]

Among wealthy investors under the age of 43, 45 per cent own gold as a physical asset, and another 45 per cent are interested in holding it, according to a recent study by Bank of America Private Bank.

Spot silver fell 1.4 per cent to US$29.65 per ounce, platinum eased 0.6 per cent at US$961.80 and palladium dropped 0.3 per cent to US$927.20. REUTERS

 

[k1976]

Gold clings to record high on growing US rate-cut bets
Gold clings to record high on growing US rate-cut bets
FILE PHOTO: A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

18 Jul 2024 06:31PM (Updated: 18 Jul 2024 08:12PM)
Bookmark
Share
Gold prices firmed on Thursday to hover near a record peak hit in the previous session, as traders ramped up bets of an earlier start to interest-rate cuts by the U.S. Federal Reserve, constraining gains in the dollar and Treasury yields.

Spot gold was up 0.3 per cent at $2,464.90 per ounce as of 1155 GMT, having hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures also climbed 0.3 per cent to $2,468.20.

"Gold continues to shine on growing speculation around lower U.S. interest rates this year. Recent dovish comments by Fed officials, complemented with a broadly weaker dollar and subdued Treasury yields have sweetened appetite for the precious metal," said FXTM senior research analyst Lukman Otunuga. [USD/]

Further signs of the U.S. labour markets cooling and more dovish remarks by Fed officials could keep this upside momentum alive, opening doors to fresh all-time highs, Otunuga added.

Fed Governor Christopher Waller and New York Fed President John Williams both noted the shortening horizon toward looser monetary policy. Separately, Richmond Fed President Thomas Barkin said he was "very encouraged" on broadening declines in inflation.

Lower rates increase the appeal of non-yielding bullion.

Gold price will continue to trade higher during the second half of 2024, analysts said in a brief review conducted by LBMA.

According to the World Gold Council, global physically backed gold exchange-traded funds recorded their second consecutive month of inflows in June.

However, "the surge in (gold) price has stifled the physical markets in south and southeast Asia, with buying evaporating and some selling coming back. This is not unusual and the buyers will return once they have acclimatised to the new range," said StoneX analyst Rhona O'Connell in a note.

Over the next six to 12 months, Citi expects gold to rise $2,700-$3,000 per ounce and silver to climb $38 per ounce.

 

[k1976]

UK Gold Coin Sales Jump on Concerns Over Labour Fiscal Plans
Royal Mint sees investor preference shift away from gold bars
The precious metal hit an all-time high earlier this week







Gold coins sit at The Royal Mint.
Gold coins sit at The Royal Mint.Photographer: Jason Alden/Bloomberg
By Jack Wittels
July 18, 2024 at 9:15 PM GMT+8
Updated on July 18, 2024 at 11:48 PM GMT+8


Sales of tax-exempt gold coins by the UK’s Royal Mint jumped in the last quarter as investors fretted about potential changes to fiscal policy by an expected new Labour government.

The total value of gold coins that don’t attract capital gains sold on the Mint’s website jumped by 9% during April-June from a year earlier, according to Stuart O’Reilly, market insight manager at the money producer.

 

[k1976]

Record gold prices are in a ‘different world’ than silver and copper. Here’s why.


https://www.google.com/amp/s/www.ma...rld-than-silver-and-copper-heres-why-fe2c5c20


Published: July 18, 2024 at 2:18 p.m. ET
By Myra P. Saefong

Gold has outpaced performances by silver and copper this month

Gold’s rise to fresh record highs this month has left both silver and copper in the dust, with the yellow metal rising to its own tune, buoyed by its use as a hedge against inflation and by central-bank purchases, but also offering hints on the prospects for the industrial metals.

“Gold is in a very different world than other commodities,” Paul Wong, market strategist at Sprott Asset Management, told MarketWatch. “When you consider the buying power of central banks and sovereigns … and their reasons for buying [gold], you have near-price-insensitive committed buyers with the financial means to drive prices higher.”

On Thursday, gold futures settled lower, with the August contract GCQ24 at $2,456.40 an ounce on Comex. Prices reached a record-high settlement of $2,467.80 Tuesday and an all-time intraday high of $2,488.40 Wednesday.

That’s not the case this time around. Silver SI00 SIU24 traded 2.2% higher month to date Thursday and was up nearly 26% for the year so far based on the most-active futures contracts, according to Dow Jones Market Data. It ended at $30.22 Thursday, down nearly 7% from this year’s settlement high. Copper HG00 HGU24 settled at $4.28 Thursday, down almost 18% from its record-high close, down 2.5% for the month and up 10% year to date.