Election Uncertainty and Economic Data Drive Gold's Ascent
Gold prices are approaching record highs as investors focus on the upcoming U.S. presidential election and key economic data releases. The precious metal’s value has increased by about a third this year, driven by central bank purchases and safe-haven demand amid global conflicts. The tight race between Kamala Harris and Donald Trump is creating uncertainty, […]
El-Erian: Dollar Diversification Fuels Gold's Unprecedented Rally
Mohamed El-Erian attributes the recent surge in gold prices to a deliberate move by global financial institutions to diversify away from the US dollar. This trend is driven by central banks slowly reducing their dollar reserves and a gradual shift away from the dollar-based payment system. Recent events, such as Russia’s economic resilience despite sanctions […]
BlackRock: Opportunity Cost of Holding Gold is Falling
As interest rates decline, the relative appeal of gold is increasing, according to BlackRock’s Karim Chedid. He notes that gold’s non-yielding nature is less of a drawback in this environment, positioning it as a valuable diversification hedge for investors seeking to balance their portfolios.
High Prices Reshape China's Gold Consumption Patterns in 2024
China’s gold consumption dropped 11.18% in the first three quarters of 2024 due to high prices deterring jewelry purchases. While gold jewelry demand fell 27.53%, purchases of gold bars and coins increased by 27.14%. Despite a slight dip in domestic gold production, overall output rose 3.2% year-on-year.
Gold Rally Pauses: Money Managers Raise Net-Long Positions in Gold
Gold prices retreated slightly from record highs after Israel’s restrained strikes on Iran eased geopolitical tensions and reduced safe-haven demand. While gold remains supported by factors like expected Fed rate cuts and central bank buying, the targeted nature of Israel’s response has opened the door for potential de-escalation in the Middle East conflict.
Gold Prices Pause Ahead of Key U.S. Economic Indicators
Gold prices dipped slightly Monday morning as investors await key U.S. economic data that could influence the Federal Reserve’s interest rate decisions. Despite reaching record highs recently, gold faced pressure from a stronger dollar and rising Treasury yields. Analysts remain optimistic, with UBS projecting gold to hit $2,900/oz within 12 months, driven by expectations of […]
Gold On The Verge Of Revaluation!
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Gold Rush Fizzles: Miners Struggle Despite Bullion Boom
Gold miners are struggling to capitalize on record-high gold prices due to rising operational costs, particularly in labor and other expenses. Newmont Corp., the world’s largest gold miner, reported disappointing earnings, revenue, and profit margins in the third quarter, causing its stock to plummet. This suggests that the gold mining industry may be facing challenges […]
Is Silver the New Gold? Industry Demand Challenges Traditional Hierarchies
Silver prices have reached historic highs on the Multi Commodity Exchange. Anil Agarwal from Vedanta Group highlighted the increasing industrial importance of silver. Demand has doubled, driven by its use in various industries. Hindustan Zinc, part of Vedanta, is a significant producer, and a new industrial park in Rajasthan aims to boost local industries and […]
Kremlin's Economic Gambit: 21% Interest Rate to Tame Runaway Inflation
Russia’s central bank has raised its key interest rate to a record-high 21% in response to persistent inflation, which reached 8.6% year-on-year in September. The bank cited strong domestic demand outpacing supply capabilities and increasing inflation expectations as reasons for the rate hike. This move comes as Russia’s economy continues to grow, driven by oil […]