Gold approaches $4,170, silver gains 3% as bond rally lifts precious metals - Kitco PM Report - Kitco
This story deserves to be shared
Send it to someone who'd care, or post it on your networks.
(Kitco NewsWire) - Gold and silver prices are sharply higher in late U. S. trading Thursday, as falling Treasury yields, a weaker U. S. dollar and renewed safe-haven demand helped precious metals recover from Wednesday's inflation-driven selloff. A stronger-than-expected U. S. producer inflation report failed to reverse the rally in government bonds, with concerns over heavily indebted artificial intelligence companies drawing capital into Treasuries. At the time of writing, spot gold was trading near $4,168.70 an ounce, up $64.20, or 1.56%, while spot silver was trading near $57.310, up $1.800, or 3.24%. North American equities closed higher after recovering from sharp early losses, as falling Treasury yields and strength outside the technology sector offset continuing concerns about AI infrastructure spending. The S&P 500 advanced 0.3%, recovering from an early decline of approximately 0.6%. The Dow Jones Industrial Average gained 1.1%, supported by health care, retail and other defensive shares. The Nasdaq Composite finished 0.1% higher after reversing an intraday loss of approximately 1.4%.
This article is an excerpt. To read the full content, visit the original source. Kitco
Related articles
Gold holds near $4,170 as inflation keeps December Fed tightening in play - Kitco AM Report - Kitco
(Kitco NewsWire) – Spot gold prices were near steady and spot silver prices were modestly higher in early U. S. trading Friday, as a softer dollar and lower Treasury yields on the week continued to support precious metals following Thursday's rebound. Federal Reserve Chair Kevin Warsh refrained from signaling an October rate increase during overnight remarks at the International Monetary Fund meetings, reducing immediate tightening expectations despite persistent inflation pressure. At the time of writing, spot gold was trading near $4,172.10 an ounce, up $2.30, or 0.06%, while spot silver was trading near $57.630, up $0.330, or 0.57%. Market positioning remains divided between stubborn inflation and growing concerns about economic resilience. September CPI rose 0.6% on the month and 3.7% annually, while Thursday's producer-price report showed a 1.3% monthly increase and a 6.3% annual gain, the largest monthly rise since March 2022. Producer energy prices jumped 10.8%, adding to concerns that elevated crude and fuel costs could prolong inflation.
Gold, silver rebound as Treasury yields tumble despite hot PPI - Kitco AM Report - Kitco
(Kitco NewsWire) – Spot gold and silver prices are solidly higher in early U. S. trading Thursday, rebounding from Wednesday's sharp losses as falling Treasury yields, a weaker U. S. dollar and renewed safe-haven demand outweighed another upside U. S. inflation surprise. A technology-led global equity selloff pushed investors toward government bonds and bullion, even as September producer prices rose much faster than expected. At the time of writing, spot gold was trading near $4,147.50 an ounce, up $43.00, or 1.05%, while spot silver was trading near $56.620, up $1.10, or 1.99%. Market positioning remains caught between persistent inflation and growing concerns about the sustainability of the AI-driven equity rally. September producer prices surged 1.3% on the month and 6.3% from a year earlier, the largest monthly advance since March 2022. Producer energy prices jumped 10.8%, including a 20.3% increase in gasoline. The report followed Wednesday's stronger-than-expected CPI, which showed headline inflation rising 0.6% on the month and 3.7% annually. September retail sales increased 0.8%, exceeding forecasts, although sales excluding autos and gasoline rose just 0.2%.
Ethiopia opens 600-tonne precious metals refinery as it targets Africa’s gold-processing business - Business Insider Africa
Prime Minister Abiy Ahmed inaugurated the National Precious Metals Refinery on 10 October at the Bole Lemi Special Economic Zone in Addis Ababa. The facility was established through a partnership between Ethiopian Investment Holdings and Sam Precious Metals, a Dubai-headquartered company that also operates in Egypt.
0 comments
No comments yet. Be the first to share your thoughts!