Gold – Business News Updates https://newsdaily.business Fri, 27 Jan 2023 05:33:37 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png Gold - Business News Updates https://newsdaily.business 32 32 Why gold prices are up, what investors should do https://newsdaily.business/2023/01/27/why-gold-prices-are-up-what-investors-should-do/ https://newsdaily.business/2023/01/27/why-gold-prices-are-up-what-investors-should-do/#respond Fri, 27 Jan 2023 05:33:37 +0000 https://newsdaily.business/2023/01/27/why-gold-prices-are-up-what-investors-should-do/ On Tuesday, gold prices hit an all-time high of Rs 57,322 per 10 grams (999 variety) in India. From around Rs 50,000 per 10 grams in October, the price of the yellow metal has risen by nearly 14%. Why are gold prices rising? While prices moved in the range of Rs 48,000 to Rs 52,000 […]]]>


On Tuesday, gold prices hit an all-time high of Rs 57,322 per 10 grams (999 variety) in India. From around Rs 50,000 per 10 grams in October, the price of the yellow metal has risen by nearly 14%.

Why are gold prices rising?

While prices moved in the range of Rs 48,000 to Rs 52,000 per 10 grams in the first 10 months of 2022, the past three months have witnessed a clear upward trend, in line with rising fears of a recession in some developed markets, and decline in inflation and the consequent slowdown in the pace of interest rate hikes.

While many expect that the US Federal Reserve may even go for a rate cut in 2023, there is a view that demand for gold will rise as people turn to it in times of recession.

In India, in addition to these global factors, prices have risen on account of high domestic demand and the rupee’s decline against the dollar.

“There is a strong demand in the Indian market for gold. While people were postponing their demand during the Covid period, it has been good over the past six months. Also, as the rupee has weakened against the dollar, it increases the landed cost of gold in India, resulting in higher prices. We have seen that as prices go up, demand rises further, as people anticipate more hikes in rates,” said Hareesh V Nair, head of commodity research at Geojit Financial Services.

Will the price rise continue?

Gold is one commodity which has given a sustained appreciation in value year after year, rising by around 88% in the past 10 years. Prices are expected to show an uptrend in the coming years.

Nair said the broad trend for gold prices is positive amid economic and other geopolitical uncertainties.

Also, at a time when fixed deposits are earning below inflation returns and equities have been volatile, many investors see gold as a hedge against inflation. Investors hold 98.21 tonnes of the RBI’s Sovereign Gold Bonds worth Rs 56,296 crore at the current market price. They also hold Rs 21,455 crore in gold exchange-traded funds (ETF) of mutual funds (as of December 2022), according to Association of Mutual Funds in India data.

What should investors do?

Experts feel that investors should keep investing in gold as per their asset allocation and buy on dips for the long term, going for gold ETF and sovereign gold bonds.

Experts are of the opinion that unless gold is purchased for consumption as jewellery, investment should be in paper form, as it is cheaper and takes away the risk of storage. While Gold ETFs are open-ended funds that allow investors to invest without physically holding gold, many prefer RBI’s gold bonds, as they even offer an annual interest of 2.50%.

Financial planners say that gold should form 5-10% of the overall portfolio. Even the RBI holds 785.35 metric tonnes of gold, which is 7.07% of its forex portfolio as of September 2022.

What is gold demand in India like?

Considering the size of the middle class in India, it is not a surprise that 50% of gold demand originates here, as per a World Gold Council report.

In India with its huge population, gold, and specifically gold jewellery, plays a central role, acting both as adornment and investment. In fact, for decades, India was the largest consumer of gold before being overtaken by China in 2009. In 2021, India bought 611 tonnes of gold jewellery, second only to China (673 tonnes) but comfortably ahead of all other gold-consuming markets.

Somasundaram PR, Regional CEO, India, World Gold Council, said, “India is a strong pillar of support for the global gold markets as the second-largest consumer of gold jewellery.”





Read More:Why gold prices are up, what investors should do

2023-01-27 02:30:46

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New PNG government goes for gold https://newsdaily.business/2023/01/26/new-png-government-goes-for-gold/ https://newsdaily.business/2023/01/26/new-png-government-goes-for-gold/#respond Thu, 26 Jan 2023 23:32:56 +0000 https://newsdaily.business/2023/01/26/new-png-government-goes-for-gold/ Author: Ronald May, ANU 2022 was an election year in Papua New Guinea (PNG), so electoral politics dominated much of the first half of the year. Polling took place over three weeks in July, with more than 3600 candidates contesting the 118 open and provincial seats. This includes seven new electorates created due to a […]]]>


Author: Ronald May, ANU

2022 was an election year in Papua New Guinea (PNG), so electoral politics dominated much of the first half of the year. Polling took place over three weeks in July, with more than 3600 candidates contesting the 118 open and provincial seats. This includes seven new electorates created due to a review of electoral boundaries.

Indonesia's President Joko Widodo, Papua New Guinea Prime Minister James Marape and Canadian Prime Minister Justin Trudeau arrive to attend the 29th APEC Economic Leaders’ Meeting during the APEC 2022 summit in Bangkok, Thailand, 18 November 2022 (Photo: Reuters/Diego Azubel).

As in other recent national elections, polling was marred by logistical problems, inaccurate rolls and, in some parts of the country, vote buying, intimidation of voters, theft of ballot boxes and election-related violence. The previous election in 2017 was widely described as the worst in the country’s history, but some commentators saw the 2022 election as a further decline.

In early August, with 99 of the seats declared after an extension of the counting process, the National Parliament met to elect a prime minister. As leader of the party with the greatest number of endorsed candidates elected, outgoing Prime Minister James Marape was invited to form a government and was re-elected unopposed as Prime Minister. As has been the case after every election in PNG since independence, he heads a coalition government, which includes seventeen parties and some independents.

The new Parliament will include two women parliamentarians — a small number in a house of 118 members, but two more than the 2017–2022 Parliament.

The return of Marape’s coalition government led by the Pangu Pati seems likely to ensure a continuity of the broad policy objectives set out by Marape upon replacing Peter O’Neill as prime minister in 2019. Marape is likely to focus on gaining better returns for PNG from foreign investment in big resource projects.

In the mining and petroleum sector, some progress was made towards the long-awaited reopening of the lucrative Porgera gold mine. In September 2022 it incorporated New Porgera into a new joint venture between Barrick Gold (the original mining lease holder), state enterprise Kumul Mineral Holdings and province-based Mineral Resources Enga. New Porgera has applied for a special mining lease and there are plans to re-open the mine in January with the goal of achieving production by June 2023.

The P’nyang liquefied natural gas project also moved a step closer to completion with the signing of an agreement between ExxonMobil subsidiary Esso PNG P’nyang and the PNG government. In Morobe Province, a position paper from the provincial government was submitted to the national government concerning the controversial Wafi Golpu mining project. In November 2022 it was reported that the provincial government had withdrawn its opposition to the project and that a memorandum of agreement was imminent.

Constitutionally-mandated consultations between the PNG government and the Autonomous Bougainville Government continued. They followed the November 2019 non-binding referendum on the future status of Bougainville — in which Bougainvilleans returned a 97.7 per cent vote for independence.

President of the Autonomous Bougainville Government Ishmael Toroama has called for the recognition of Bougainville’s independence by 2027, but it is far from clear whether the National Parliament — with whom the ultimate power rests — will accede to this. Prime Minister Marape’s proposal that there be a nation-wide consultation before a parliamentary decision was opposed by Toroama.

Sensitivities were highlighted in October 2022 when Australian Deputy Prime Minister and Defence Minister Richard Marles, while visiting PNG to discuss a new Australia–PNG defence agreement, was asked about Australia’s position on Bougainville. His response, that Australia’s role ‘is to support the Prime Minister and the government of PNG in the decisions that it makes’, was reported locally as ‘Australia backs PNG on Bougainville’, provoking an angry response from President Toroama.

The 2023 budget presented to parliament in December 2022 forecasts strong growth in revenue in 2023, primarily due to strong commodity export prices but also due to a controversial 45 per cent corporate tax on banks. The budget provides for substantial increases in expenditure on education and law and justice, but forecasts a smaller fiscal deficit than in 2022. The debt to GDP ratio is forecast to reach 52.3 per cent in 2023 but to reduce by around 1 per cent per year thereafter. GDP growth in 2023 is forecast at 4.0 per cent.

In October 2022 PNG was selected as one of four countries and one region to receive attention under the US Strategy to Prevent Conflict and Promote Stability set up under the 2019 Global Fragility Act. PNG is set to have a ten-year plan ‘to address fragility using all arms of US government’ in defence, diplomacy and development.

Late in 2022, the findings of a study by the United Nations Population Fund and the University of Southampton were leaked, estimating the population of PNG at 17 million compared to the official estimate for 2022 of 9.3 million. The report has been greeted with some scepticism, but there is widespread agreement that PNG urgently needs a national census. The last one, in 2021, was declared a ‘failure’ by then prime minister Peter O’Neill.

Following a year dominated by electoral politics, Marape is set to prioritise these key policy objectives for PNG in 2023.

Dr Ronald May is Emeritus Fellow of the Australian National University.

This article is part of an EAF special feature series on 2022 in review and the year ahead. 



Read More:New PNG government goes for gold

2023-01-26 23:00:34

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Outlook on gold as it hits fresh 9-month high as market awaits US Q4 GDP https://newsdaily.business/2023/01/26/outlook-on-gold-as-it-hits-fresh-9-month-high-as-market-awaits-us-q4-gdp/ https://newsdaily.business/2023/01/26/outlook-on-gold-as-it-hits-fresh-9-month-high-as-market-awaits-us-q4-gdp/#respond Thu, 26 Jan 2023 11:30:51 +0000 https://newsdaily.business/2023/01/26/outlook-on-gold-as-it-hits-fresh-9-month-high-as-market-awaits-us-q4-gdp/ Equity market overview Some equity markets reopened in Asia after the Lunar Year holiday. The Hang Seng and Kospi posted strong gains. In South Korea, fourth quarter (Q4) gross domestic product (GDP) fell for the first time since Q2 2020, by 0.4%. The market awaits US gross domestic product for the fourth quarter. Economists expect […]]]>


Equity market overview

Some equity markets reopened in Asia after the Lunar Year holiday.

The Hang Seng and Kospi posted strong gains. In South Korea, fourth quarter (Q4) gross domestic product (GDP) fell for the first time since Q2 2020, by 0.4%.

The market awaits US gross domestic product for the fourth quarter. Economists expect a 2.6% rise in Q4 quarter-on-quarter (QoQ). Also, at 1.30pm, initial jobless claims expectations are for 205,000 new claimants last week.

Durable goods orders are forecast to rise by 2.5% in December month-on-month (MoM). At 3pm, new home sales for the month of December are expected to fall by 2% MoM.

Earnings

The world’s largest spirits maker Diageo said net sales rose 9.4% in the six months to 31 December, beating analyst forecasts for a 7.9% rise. Net sales grew 19% in North America, primarily driven by a favourable impact from foreign exchange. European net sales grew 13%.

Britvic recorded strong Christmas trading, with December revenue up 9%, led by the UK which showed a 13.8% increase. Its competitor Fevertree said full-year revenue rose 11% to £344 million and it expects revenue to grow between 13 and 18% in 2023.

In the US, Tesla shares rose by nearly 6% in extended hours. The electric car maker reported earnings of $1.19 per share after the US market close yesterday. That’s four cents higher than analysts’ expectations. Revenue was just short of expectations at $24.32 billion.

In a call to investors, CEO Elon Musk said he expected a “pretty difficult recession this year,” but demand for Tesla vehicles “will be good despite probably a contraction in the automotive market as a whole”, adding that, absent external disruptions, 2023 deliveries could hit two million vehicles.

IBM posted earnings of $3.60 per share in the fourth quarter, broadly in line with analysts’ expectations. Total revenue was flat at $16.70bn in the period, compared with analysts’ estimates of $16.13 billion. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.

In terms of guidance, the company expects annual revenue growth in the mid-single digits on constant currency terms, weaker than the 12% it reported last year. Besides earnings, IBM announced 3,900 layoffs, or 1.5% of the group’s workforce. The layoffs will cause a $300 million charge in the current quarter.

American Airlines is set to report its quarterly earnings before market open today. Analysts forecast EPS at 84 cents, estimates that American Airlines could easily top.

In a filing earlier this month, the airline company said it expected to earn between $1.12 to $1.17 per share in the period, far more than its previous estimate of 50 cents to 70 cents. These earnings will in any case represent a rebound from the $1.42 loss per share recorded in the same quarter last year.

Visa is expected to post its Q1 earnings after the closing bell tonight. Analysts anticipate earnings of just over $2 per share on revenue of $7.70bn.

The market also awaits earnings from Intel, Dow and Comcast.

On Friday, Chevron will report its earnings for Q4, and it is expected to post record profit for 2022, more than $37bn, double what it recorded the previous year. Ahead of its earnings, Chevron announced it was tripling its share buyback programme to $75 billion, with a quarterly dividend of 6%. It didn’t set a timetable for the buybacks.

The announcement goes against last year’s call by the Biden administration to invest in production to reduce energy prices for consumers and raise investments in renewable energy. Unsurprisingly, the White House wasn’t long to express its disapproval. A White House spokesperson said that “For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it.”

Commodities

Yesterday afternoon the EIA reported a small increase in crude oil inventories. Crude stocks rose by 500,000, contrasting with the cumulative 27 million barrel increase of the first two weeks of the year.

Gasoline stocks rose by 1.8 million barrels, distillates stocks fell by 500,000.



Read More:Outlook on gold as it hits fresh 9-month high as market awaits US Q4 GDP

2023-01-26 08:03:43

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Gold price hits record highs in Japan, eyes on other currencies https://newsdaily.business/2023/01/25/gold-price-hits-record-highs-in-japan-eyes-on-other-currencies/ https://newsdaily.business/2023/01/25/gold-price-hits-record-highs-in-japan-eyes-on-other-currencies/#respond Wed, 25 Jan 2023 23:28:46 +0000 https://newsdaily.business/2023/01/25/gold-price-hits-record-highs-in-japan-eyes-on-other-currencies/ (Kitco News) Gold priced in Japanese yen traded at record-high levels in Japan Wednesday, according to local prices and media reports. The precious metal reached a new record high of 8,977 yen (USD $69.28) per gram, which was higher than the previous record of 8,969 yen (USD $69.22) per gram seen […]]]>



(Kitco News) Gold priced in Japanese yen traded at record-high levels in Japan Wednesday, according to local prices and media reports.

The precious metal reached a new record high of 8,977 yen (USD $69.28) per gram, which was higher than the previous record of 8,969 yen (USD $69.22) per gram seen in April 2022, Jiji Press reported citing prices at a major precious metals seller Tanaka Kikinzoku Kogyo K.K.

Market analysts see recession fears and concerns around inflation as the key triggers driving demand.

Spot gold priced in yen per ounce is currently trading very close to record high levels seen in April 2022. In April of last year, spot gold priced in Japanese yen was at a record high of above 254,220 yen (USD $1,962) an ounce. On Wednesday, the highest level reached in spot prices was 252,600 yen (USD $1,950) an ounce.

In the meantime, the Japanese yen has been attracting some investor flows versus the U.S. dollar on recession fears and markets looking for the Federal Reserve to pause its historic monetary policy tightening cycle. The USD/JPY pair was last trading below the ¥130 level.

As gold rallies in most currencies, analysts also start to forecast record highs in the U.S. dollar.

“A significant global macroeconomic reset and eventual Federal Reserve pivot leans favorably toward the benchmark precious metal continuing doing what it typically does — outperforming most commodities,” said Bloomberg Intelligence senior macro strategist Mike McGlone on Wednesday. “Gold appears ripe to resume its enduring bull market.”

McGlone added that once gold breaches the $2,000 an ounce level, it might never look back.

“Gold may have a performance advantage at about half the per ounce price of the S&P 500 at the start of 2023, particularly if the U.S. enters a recession. The enduring history of booms that go bust when excessive liquidity is removed may set the stage for the metal to breach $2,000 an ounce resistance and never look back,” he noted.

Gold priced in U.S. dollars is seeing its best January since 2012, trading near nine-month highs and up more than 6% year-to-date.

“The precious metal certainly remains on a roll, securing five consecutive weekly gains, and could push higher if the fundamental drivers remain unchanged,” said FXTM senior research analyst Lukman Otunuga. “Gold bulls continue to draw confidence from U.S. recession fears and expectations around a less aggressive Federal Reserve.”

China’s biggest publicly traded brokerage Citic Securities said in a report published last week that it is looking at gold hitting record highs this year, citing central banks’ gold buying as one of the most reliable bullish signals.

“Purchases by global central banks are one of the most reliable indicators signaling gains in bullion prices,” said Ao Chong, an analyst at Citic Securities in Beijing. “Gold prices are expected to retain momentum and will be underpinned by easing expectations about the Fed’s interest-rate increases, the continuation of geopolitical conflicts and economic recession.” 



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Read More:Gold price hits record highs in Japan, eyes on other currencies

2023-01-25 22:23:00

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Inflation Tops 50% As Iran Starts Offering Gold On Stock Market https://newsdaily.business/2023/01/25/inflation-tops-50-as-iran-starts-offering-gold-on-stock-market/ https://newsdaily.business/2023/01/25/inflation-tops-50-as-iran-starts-offering-gold-on-stock-market/#respond Wed, 25 Jan 2023 05:26:38 +0000 https://newsdaily.business/2023/01/25/inflation-tops-50-as-iran-starts-offering-gold-on-stock-market/ Despite haphazard state measures such as injecting dollars into the currency market and selling gold on the stock market, inflation is soaring and the rial maintains a downward trend.  The point-to-point inflation rate reported by the Statistical Center of Iran (SCI) for the past Iranian month, which ended on January 20, has surpassed 50 percent, […]]]>


Despite haphazard state measures such as injecting dollars into the currency market and selling gold on the stock market, inflation is soaring and the rial maintains a downward trend. 

The point-to-point inflation rate reported by the Statistical Center of Iran (SCI) for the past Iranian month, which ended on January 20, has surpassed 50 percent, with food inflation hitting an average of over 70 percent. 

The SCI put overall inflation at 51 percent, taking into account 12 groups of goods and services. The highest jump was reported in the hotel and restaurant sector with 78.5 percent, followed by food. 

The SCI announced food inflation to be over 70 percent, considering the rise in prices of bread and cereals, red meat, dairy products, fruits, etc. The inflation for edible oils and fats was about 248 percent in comparison with the corresponding period of the previous year. Most of the rise was due to the government’s elimination of subsidies for essential goods – factored in the supply chain in the form of cheap dollars for importers. The lowest inflation in the group of food items was reported for tea, coffee, cocoa, soft drinks and fruit juice with an average of 32 percent. 

Medicines and healthcare services recorded a 54-percent increase followed by price increases for transportation and clothing with 46.9 and 45.7, respectively. 

The figures indicated a slower rise in prices as the inflation of food items even reached 100 percent in some provinces in previous months. Most price increases happened since early May when the government scrapped a food import subsidy to save around $15 billion annually. The move immediately triggered a massive rise in prices for basic food staples, such as bread, dairy products, cooking oil and meat. Although the government has repeatedly said its oil exports are steadily increasing despite sanctions by the United States, economic conditions keep deteriorating, with Iran’s battered currency, the rial, hitting historic lows in recent months.

The government has taken a slew of measures in the past months to curb inflation and control the freefall of the rial. It replaced the governor of the central bank about a month ago, and has kept injecting dollars into the market to balance out demand. On Tuesday, it started offering gold coins on the stock market and also launched a system for nominally fixed exchange rates for its nosediving currency, which has lost at least 50 percent of its value since mid-2021. 

On Tuesday, one dollar was exchanged for over 440,000 rials to the US dollar, bouncing back from a low of 450,000 in the past couple of days. 

The government started selling gold on the stock market in the form of securities. As per the plan, people can buy up to five gold coins weighing about two grams each (called quarter gold coins in Iran as a full gold coin is about eight grams) at current prices, but they only receive a document for their purchase and will have to wait until the government announces the date when they can receive their coins. People tend to rush for such governmental schemes because by the time they get their coins, the price will be higher as the rial falls, and they can gain a little profit. This way the government gets large amounts of money and only gives people some certificates for their purchase. The government plans to sell 450,000 of these two-gram coins on the stock market in the next 10 days. This will amount to nearly a ton of gold.

Moreover, this week, the government pumped $305 million into the currency market over two days, after rial fell to a historic low of 450,000 against the US dollar.

Earlier in the week, the parliament approved the outlines of the budget bill for the next Iranian year – starting March 21 — without considering its unrealistic assumptions. The deficit in the current budget that the government admits is about 4,760 trillion rials – more than ten billion dollars. But the real deficit will be perhaps twice as much, with rosy estimates of oil sales and staggering tax collection.



Read More:Inflation Tops 50% As Iran Starts Offering Gold On Stock Market

2023-01-25 00:58:40

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XAU/USD drops beneath $1930 on better-than-expected US PMIs https://newsdaily.business/2023/01/24/xau-usd-drops-beneath-1930-on-better-than-expected-us-pmis/ https://newsdaily.business/2023/01/24/xau-usd-drops-beneath-1930-on-better-than-expected-us-pmis/#respond Tue, 24 Jan 2023 23:29:41 +0000 https://newsdaily.business/2023/01/24/xau-usd-drops-beneath-1930-on-better-than-expected-us-pmis/ Gold price tumbled 0.50% on Tuesday after the release of US PMI data. US S&P Global PMIs remained in contractionary territory but appeared to bottom out. The US Federal Reserve is expected to raise rates by 25 bps, as CME FedWatch Tool shows. Gold Price Analysis: On a pullback before resuming its uptrend. Gold price […]]]>


  • Gold price tumbled 0.50% on Tuesday after the release of US PMI data.
  • US S&P Global PMIs remained in contractionary territory but appeared to bottom out.
  • The US Federal Reserve is expected to raise rates by 25 bps, as CME FedWatch Tool shows.
  • Gold Price Analysis: On a pullback before resuming its uptrend.

Gold price struggles to continue its rally after hitting a new 9-month high at $1,942.51, retreats to the $1,930s area, as Wall Street prepares to open on a lower note. Factors like a risk-off impulse, and the greenback erasing earlier losses, weighs on the XAU/USD. Therefore, the XAU/USD exchanges hands at $1,928.39.

Risk aversion is underpinning the US Dollar

The US cash equity market is poised for a lower open. The XAU/USD main driver so far in the day has been the American Dollar (USD), which, according to the US Dollar Index (DXY), which tracks the buck’s value vs. a basket of six currencies, is bottoming around 102.000, and so far is up 0.13%, at 102.150. Contrarily, US Treasury bond yields, namely the 10-year benchmark note rate, which usually influences Gold’s price, are unchanged at 3.532%.

US S&P Global PMIs were better than expected, weighing on Gold’s price

The US economic docket featured January’s PMIs, revealed by S&P Global, with the Services PMI coming at 46.6 vs. 44.7 expected, while Manufacturing rose by 46.8 vs. estimates of 46.2. The S&P Global Composite, which measures both indices, increased by 46.6, higher than the foreseen 45 figure. Even though US business activity remains in contractionary territory, the downward trend moderated.

“The worry is that, not only has the survey indicated a downturn in economic activity at the start of the year, but the rate of input cost inflation has accelerated into the new year, linked in part to upward wage pressures, which could encourage a further aggressive tightening of Fed policy despite rising recession risks,” Chris Williamson, a chief business economist at S&P Global Market Intelligence, said in a statement.

After the release of US data, the XAU/USD continues to extend its losses towards the $1,920 region.

US Federal Reserve to raise rates by 25 bps on next weeks

Aside from this, the US Federal Reserve (Fed) would feature its first monetary policy meeting from January 31 – February 1, in which the US Central Bank is estimated to hike rates by 25 bps, which would lift the Federal Funds rate (FFR) at the 4.50% – 4.75% range. The CME FedWatch Tool, odds for a 25 bps hike are 96.6%, with eight days ahead. For the March meeting, traders expect the Fed to raise rates to the 4.75% – 5.00% range. The slowdown in interest rate increases was spurred by inflation tempering in December, after the core Consumer Price Index (CPI) edged towards 5.7%, after peaking in September of 2022 at 6.6%.

Gold Technical Analysis

From a technical perspective, the XAU/USD daily chart suggests that the yellow metal uptrend remains unchanged. The ongoing pullback toward the $1,920 area could be a respite for XAU’s bulls after the Relative Strength Index (RSI) reached overbought conditions. Once the RSI exits from the oversold area, that would be the reason to resume the uptrend. Therefore, the XAU/USD first resistance would be $1,950, followed by the $2,000 mark. As an alternate scenario, if Gold struggles, its next support would be $1,900, followed by the 20-day Exponential Moving Average (EMA) at $1,883.75.



Read More:XAU/USD drops beneath $1930 on better-than-expected US PMIs

2023-01-24 21:00:00

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China steps up gold imports in 2022: Swiss gold imports at 4-year highs, Russia gold imports rise https://newsdaily.business/2023/01/24/china-steps-up-gold-imports-in-2022-swiss-gold-imports-at-4-year-highs-russia-gold-imports-rise/ https://newsdaily.business/2023/01/24/china-steps-up-gold-imports-in-2022-swiss-gold-imports-at-4-year-highs-russia-gold-imports-rise/#respond Tue, 24 Jan 2023 23:25:50 +0000 https://newsdaily.business/2023/01/24/china-steps-up-gold-imports-in-2022-swiss-gold-imports-at-4-year-highs-russia-gold-imports-rise/ (Kitco News) China imported more gold from Switzerland last year and stepped up gold purchases from Russia, according to the latest import data releases. Swiss exports of gold to China were at four-year highs in 2022, with China taking in 524 tonnes of gold worth around $33 billion. This is a […]]]>



(Kitco News) China imported more gold from Switzerland last year and stepped up gold purchases from Russia, according to the latest import data releases.

Swiss exports of gold to China were at four-year highs in 2022, with China taking in 524 tonnes of gold worth around $33 billion. This is a massive increase from 354 tonnes reported in 2021 and the most since 2018, according to Swiss customs data.

China is the world’s number one gold consumer, followed by India, with a focus on retail investment and jewelry demand.

In a separate dataset published by Russia’s customs agency over the weekend, China also increased its purchases of Russian gold. China bought 6.6 tons of gold from Russia in 2022, which is an increase of 67% from 2021, local Russian media reported.

China’s central bank also stepped up gold purchases at the end of last year, buying 30 tons of gold in December, which followed its November purchase of 32 tons of gold — the People’s Bank of China’s first officially recorded purchase since September 2019. China’s gold reserves now total 2,010 tons.

Lower gold prices in 2022, economic uncertainty, and inflation worries spurred additional buying from countries.

Swiss exports to Turkey, Singapore, and Thailand also hit multi-year highs last year. Switzerland is known as the world’s biggest gold refining hub.

Singapore imported 69 tonnes of gold from Switzerland, more than doubling its 2021 total and buying the most since 2017. Thailand purchased 92 tonnes, which was the most since 2013.

Switzerland also exported 188 tonnes to Turkey, which was the most on record, which goes back to 2012.

Meanwhile, Swiss exports to India slowed to 224 tonnes in 2022 from 507 tonnes in 2021.


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Read More:China steps up gold imports in 2022: Swiss gold imports at 4-year highs, Russia gold imports rise

2023-01-24 22:34:00

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Gold Coast building empty for decades https://newsdaily.business/2023/01/24/gold-coast-building-empty-for-decades/ https://newsdaily.business/2023/01/24/gold-coast-building-empty-for-decades/#respond Tue, 24 Jan 2023 22:13:56 +0000 https://newsdaily.business/2023/01/24/gold-coast-building-empty-for-decades/ “They’re obviously paying for upkeep, trash, landscaping and whatever else,” Stenzel says. “It looks fine. I know, first-world problems, right?” The building is up to date on its property taxes. In the past 20 years, according to Cook County records, the owners have paid a total of just over $1 million. Last year’s bill was […]]]>


“They’re obviously paying for upkeep, trash, landscaping and whatever else,” Stenzel says. “It looks fine. I know, first-world problems, right?”

The building is up to date on its property taxes. In the past 20 years, according to Cook County records, the owners have paid a total of just over $1 million. Last year’s bill was $73,176.

The tax bill is mailed to John Brown, a real estate investor who over the years has run firms called Belden Properties, JAB Properties and Ashton Properties, listed phone numbers for which have been disconnected or do not answer. Crain’s reached out to Brown via mail and through the last phone number the Department of Buildings has for him, from some 2013 paperwork, but Brown did not respond.

Brown has owned the building since 1990, either in his name or in the name of one or more legal entities called JAB, according to the Cook County clerk. What he paid for it is not clear from the records.

Signs of the building being occupied are scant. Few windows have curtains or other coverings, the wrought-iron gate on Dearborn and a gate between garage doors on the alley are padlocked, and on a few walk-bys in the past few weeks, a Crain’s reporter saw only a few lights on in the left side of the third and fourth floors. The conditions are essentially the same as when the same reporter checked the building a decade ago.

The Chicago Tribune reported in 2005 that the building “has been vacant for about 10 years.” As it’s been empty or mostly so ever since, it seems the vacancy now stretches to 28 years.

In the 2005 article—for which Brown declined to comment—the Tribune reported that the building, which at some point in the past was a 50-room hotel, was being converted to condominiums when its west side, the street face, collapsed.

That portion was later rebuilt, and what’s seen from the sidewalk now is a classic Chicago facade of brick and stone with inset balconies.

In the 2006 permit for rebuilding the facade, Brown’s firm also got permission to convert the building from 27 dwelling units down to 10 and to update the electrical plumbing and climate systems. Five years later, a permit was issued for a new elevator.

Since then, crickets.

“It’s a nice-looking building. Everyone wonders about it,” says Nancy Joyce, an @properties agent who lives in Old Town but passes the house, on a block where she used to live, often.

Theories abound, but Crain’s could not document any of them.

If the building is buttoned-up and clean, does it matter that nobody seemingly lives there? It shows no signs of blight or becoming a house where drug deals and worse go down.

Stenzel sees it as a loss of potential property tax revenue for the city. That may be true, but it’s hard to calculate given that many details about the building are opaque.

Kinney estimated that the units in the building would, “bare minimum, start at $500,000, $600,000,” based largely on location, because the interior finishes, if there are any, aren’t known.

Nearby condos that have sold in the past six months in that price range have an average tax bill of about $9,500, Crain’s calculated. If the 10 units in the ghost building all had a tax bill that size, the annual bill would be about $95,000, compared to last year’s $73,000 bill.

But this estimate is limited by the lack of information. It’s possible some or all of the units would have higher bills.

Much about the building remains a mystery, particularly why Brown has kept the building empty for so long and how he can afford to do so.

In the meantime, Joyce says, “isn’t it fascinating to wonder what exactly is going on there?”



Read More:Gold Coast building empty for decades

2023-01-24 20:39:06

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An Alternate View Of The Gold Market (NYSEARCA:GLD) https://newsdaily.business/2023/01/24/an-alternate-view-of-the-gold-market-nysearcagld/ https://newsdaily.business/2023/01/24/an-alternate-view-of-the-gold-market-nysearcagld/#respond Tue, 24 Jan 2023 17:24:47 +0000 https://newsdaily.business/2023/01/24/an-alternate-view-of-the-gold-market-nysearcagld/ Wirestock/iStock via Getty Images The gold market has run up sharply since the early days of November 2022. Those gains have been driven by expectations of a recession, softening inflation, a slowing in the Fed’s pace of interest rate hikes, and an eventual reduction in the federal funds rate by the end of 2023. These […]]]>


Fed, america finance, The Federal Reserve (<a src=

Wirestock/iStock via Getty Images

The gold market has run up sharply since the early days of November 2022. Those gains have been driven by expectations of a recession, softening inflation, a slowing in the Fed’s pace of interest rate hikes, and an eventual



Read More:An Alternate View Of The Gold Market (NYSEARCA:GLD)

2023-01-24 16:24:53

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Gold prices today surge to new high, rise above key level https://newsdaily.business/2023/01/24/gold-prices-today-surge-to-new-high-rise-above-key-level/ https://newsdaily.business/2023/01/24/gold-prices-today-surge-to-new-high-rise-above-key-level/#respond Tue, 24 Jan 2023 05:22:23 +0000 https://newsdaily.business/2023/01/24/gold-prices-today-surge-to-new-high-rise-above-key-level/ Gold rates in India rose to new high today, tracking firm global rates. In domestic futures market, MCX gold rose 0.4% to ₹57050 per 10 gram while silver jumped 0.5% to ₹68301 per kg.  In global markets, supported by a weaker US dollar, spot gold rose 0.2% to $1,935.69 per ounce. Investors await US fourth […]]]>


Gold rates in India rose to new high today, tracking firm global rates. In domestic futures market, MCX gold rose 0.4% to 57050 per 10 gram while silver jumped 0.5% to 68301 per kg.  In global markets, supported by a weaker US dollar, spot gold rose 0.2% to $1,935.69 per ounce. Investors await US fourth quarter GDP growth estimates due later this week. Among other precious metals, spot silver gained 0.4% to $23.54 per ounce.

The US dollar has softened in recent weeks on rising bets of lower rate hikes. A weaker greenback makes dollar-priced bullion more affordable for many buyers.

“COMEX Gold ended Monday’s session on a flat note after falling to as low as $1912/oz. In today’s early session Comex gold is trading firm near $1936/oz gaining by around 0.40%. Yesterday the yellow metal witnessed a wild move as price initially corrected towards $1912/oz on strong US Dollar and rising bond yields. However, the dollar pared the gains that supported gold to reclaim $1928/oz and closed on a flattish note,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

“Traders will focus on a slew of economic data from the US this week before the FOMC meeting next week. PMIs from the Euro area, UK and US will be the focus today followed by the U.S. fourth-quarter GDP report on Thursday,” he added.

 

 

 


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Read More:Gold prices today surge to new high, rise above key level

2023-01-24 04:11:46

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