Gold Market
Gold steadied near $4,450 an ounce on Monday after suffering its steepest loss in over two months, as Fed Chair Kevin Warsh's commitment to fighting inflation drove bets on a September rate rise.
Gold snapped a five-week winning streak, falling 3.4% as Fed comments on inflation and possible tightening spooked markets. Despite the drop, gold remains up 30% year-over-year.
Crude oil posted its first weekly decline in three weeks as improved flows through the Strait of Hormuz eased supply fears. Brent fell over 5%, WTI over 4%. The move has implications for gold.
Gold fell more than 3% on Friday as Federal Reserve Chair Kevin Warsh’s remarks on inflation boosted expectations for a September interest rate increase. A stronger dollar added to the decline.
Gold prices dropped more than 2.5% on Friday after Federal Reserve Chair Kevin Warsh delivered hawkish remarks at Jackson Hole. A rising US dollar and higher Treasury yields pushed the yellow metal lower.
Gold traded little changed near $4,604 an ounce on Friday as investors looked ahead to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium for clues on interest rate policy.
Spot gold turned higher on Thursday, trading near $4,610 after touching a weekly low of $4,566. The dollar softened and Wall Street rallied on strong Nvidia earnings, while Fed officials sounded hawkish at Jackson Hole.
Gold and silver opened higher on the MCX on Thursday, supported by falling oil prices and a softer dollar, as traders look ahead to Fed Chair Kevin Warsh's Jackson Hole speech.
Gold and silver futures edged higher on the MCX on Wednesday as market participants looked ahead to the US PCE inflation report for signals on the Federal Reserve's interest rate outlook.