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Spot gold and silver prices are sharply lower in late-afternoon U.S. trading Thursday, as hotter wholesale inflation, a crude-oil surge and a jump in Treasury yields overwhelmed safe-haven demand tied to the U.S.-Iran war.
Gold is outperforming other precious metals despite the headwinds of higher energy prices and rising Fed hike expectations, but Commodity Trading Advisors (CTA) and major funds could become sellers if gold breaks key support levels, according to commodity analysts at TD Securities.In a Thursday note, TD Securities' Ryan McKay and Bart Melek wrote that while gold has given up some of its recent gains, it continues to outperform the precious complex in relative terms.
Investment demand has been a critical pillar of support for gold in recent years and, while the unsustainable rise in global sovereign debt remains a key driver in the precious metal's long-term uptrend, one research firm is warning investors to keep an eye on another pillar that has weakened.
Hawkish ECB put additional pressure on precious metals markets today.
While the recent headline may give the impression that central banks are selling off some of their gold reserves, the gold has merely changed location in response to the rising perceived risk of sanctions and seizure, according to Rhona O'Connell, Head of Market Analysis for EMEA & Asia at StoneX.“News headlines last week captured the public's imagination with the reports of the Netherlands' central bank repatriating gold from North America into Europe,” wrote Rhona O'Connell, Head of Market Analysis for EMEA & Asia on Wednesday.
The gold market is off its lows but remains under pressure as the U.S. housing market continues to stabilize, with existing-home sales falling to their lowest level since February.
Kalshi has received approval for and launched perpetual futures on precious metals gold and silver, the company told CNBC exclusively. The prediction market platform first received approval to launch perpetuals, or "perps," tied to cryptocurrencies in late May.
Spot gold and silver prices are sharply lower in early U.S. trading Thursday, after hotter U.S. wholesale inflation, steady jobless claims and a 25-basis-point ECB rate hike reinforced the global higher-for-longer rate trade. At the time of writing, spot gold was trading near $4,362.30 an ounce, down 0.87%, while spot silver was trading at $64.920, down 3.34% on the session.
SEC filings for AAAU aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.