(Bloomberg) — Gold advanced as traders assessed the Federal Reserve’s interest-rate path after fresh US economic data and the minutes of the central bank’s meeting last month.
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Prices paid to US producers rose in September by more than expected, suggesting inflationary pressures will take time to moderate and keeping the Fed on its aggressive rate-hike path. Fed officials committed to raising rates to a restrictive level in the near term and holding them there to get inflation back to their target, though several said it would be important to “calibrate” hikes to mitigate risks, according to minutes from their Sept. 20-21 gathering released Wednesday.
The dollar and Treasury yields slipped after the release of the minutes, lifting bullion, which rose as much as 0.7%.
“The market is grasping for any sign of dovishness and are looking at the word ‘calibrate’,” said Tai Wong, a senior trader at Heraeus Precious Metals in New York.
The precious metal has had a lackluster year, with prices down almost 19% from their March highs due mainly to monetary tightening by global central banks. It continues to be caught in movements in currency and rates markets, which were roiled by comments from Bank of England Governor Andrew Bailey on removing emergency market support by the end of the week.
All eyes will be on critical US inflation data later in the week. A higher-than-expected consumer price index print could weigh on the metal if investors anticipate more hawkish action by the Fed.
Spot gold was up 0.5% at $1,674.05 an ounce as of 2:39 p.m. in New York, after earlier falling as much as 0.3%. Bullion for December delivery slipped 0.5% to settle at $1,677.50 on the Comex. The Bloomberg Dollar Spot Index was down 0.1%. Silver and platinum, fell, while palladium rose.
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(Bloomberg) — The Group of Seven aims to enhance policy cooperation in an effort to address a further slowdown in the global economic recovery as risks continue to mount, according to a draft communique.Most Read from BloombergHere’s How Weird Things Are Getting in the Housing MarketIntel Is Planning Thousands of Job Cuts in Face of PC SlumpPutin Says All Infrastructure at Risk After Nord Stream HitAlex Jones Must Pay $965 Million for His Sandy Hook LiesUS Core Inflation Seen Returning to 40-Ye
Gold and silver prices end slightly lower on Thursday as U.S. Treasury yields climbed in the wake of stronger than expected U.S. September consumer price inflation data.
EIA projected 2022 power sales would rise to 1,507 billion kWh for residential consumers, 1,372 billion kWh for commercial customers as more people return to work in offices and 1,013 billion kWh for the industrial sector. EIA said natural gas' share of power generation would rise from 37% in 2021 to 38% in 2022 before sliding to 36% in 2023. Nuclear power's share will slide to 19% in 2022, from 20% in 2021, before rising back to 20% in 2023.
A U.S. transportation security agency said Wednesday it plans to issue new cybersecurity requirements for some key aviation systems after several U.S. airport websites earlier this week were hit with apparently coordinated denial-of-service attacks. The Transportation Security Administration (TSA) said Monday's cyberattacks that were allegedly organized by pro-Russian hackers "did not disrupt airport operations or access to information." TSA noted it previously "updated its aviation security programs to require airport and airline operators designate a cybersecurity coordinator and report cybersecurity incidents, conduct a cybersecurity assessment, and develop remediation measures and incident response plans."
(Reuters) -Banks that accept deposits from cryptocurrency companies should be aware of increased liquidity risks, particularly if firms are highly interconnected with other digital asset businesses, said Michael Barr, the Federal Reserve's vice chair of supervision, in a speech on Wednesday. Barr said the Fed is working with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp to highlight the risks to banks of concentrating their deposits in the crypto industry, warning that banks could experience deposit fluctuations linked to price swings in the broader crypto market.
European Central Bank policymakers are closing in on a deal to change rules governing trillions of euros worth of loans to banks in a move that will shave tens of billions of euros off in potential banking profits, sources close to the discussion said. Euro zone banks sit on 2.1 trillion euros ($2.04 trillion) of cash handed out by the ECB at ultra-low, sometimes even negative interest rates, in the hopes that doing so would help kick-start the economy. But after a string of unexpectedly quick and big rate hikes banks can now simply park this cash back at the ECB, earning a risk-free profit, irking policymakers who see it as gaming the system.
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(Bloomberg) — US stocks fell with investors bracing for Thursday’s reading on consumer prices. Treasuries gained, while UK markets were roiled once again by confusion over the country’s policies.Most Read from BloombergIntel Is Planning Thousands of Job Cuts in Face of PC SlumpHere’s How Weird Things Are Getting in the Housing MarketPutin Says All Infrastructure at Risk After Nord Stream HitAlex Jones Must Pay $965 Million for His Sandy Hook LiesUS Core Inflation Seen Returning to 40-Year High
Gold prices on Friday fell more than 1% and face their worst week in nearly two months, dragged lower by a stronger U.S. dollar and worries over the Federal Reserve potentially continuing with big rate hikes to curb inflation. Spot gold was down 0.8% at $1,651.89 per ounce by 10:33 a.m. EDT (1433 GMT). The U.S. dollar rose 0.4% against its rivals, making bullion more expensive for overseas buyers.
The stock market took it literally on Thursday with a massive rally following an inflation reading that everyone agreed was way too hot. The CPI rose 0.4% in September, up from 0.1% in August, and above estimates for 0.2%. Core consumer prices, which don’t include food and energy, rose 0.6%, above forecasts for 0.4%, and unchanged from August.
Nio (NYSE: NIO) stock has tanked more than 40% in the last month, far outpacing the approximately 14% decline in the S&P 500 index. Nio shares continue to slide today, down 2.5% as of 11:25 a.m. ET. Nio doesn't yet do business in the U.S., but the prospect for the Federal Reserve to have to raise rates even more than hoped has global implications.
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