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Spot gold and silver prices are sharply higher in late-afternoon U.S. trading Thursday, as a softer U.S. dollar, lower crude oil prices and easing Treasury yields helped precious metals extend their rebound after the Federal Reserve's first rate hike in more than 3 years.
The Federal Reserve's commitment to bring inflation down to its 2% target is creating some much-needed confidence in the long end of the yield curve as 10-year bond yields fall back below 5.00%; however, according to one fund manager, gold remains the ultimate safe-haven insurance play.
Gold ETF inflows across North America surged to levels that shocked even veteran commodity watchers, but a simultaneous spike in real yields now puts the entire trade on trial.
The gold market continues to trade near its session highs, solidly above $4,300 an ounce, and could see further safe-haven demand as the U.S. housing sector remains extremely fragile, with the number of consumers starting the process of buying a new home stalling, according to the latest report from the National Association of Realtors (NAR).
Spot gold and silver prices are higher in early U.S. trading Thursday, as lower crude oil prices and a modest pullback in Treasury yields helped precious metals recover after the Federal Reserve delivered its first rate hike in three years and signaled that more tightening may still be needed.
Gold prices are trading near session highs on Thursday morning following the release of better than expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists' forecasts.
Gold prices are trading near session highs this morning after the latest data showed the U.S. housing market delivering a weaker-than-expected performance last month.Housing starts fell 2.6% in July to a seasonally adjusted annual rate of 1.275 million units, the Commerce Department announced on Thursday. The data was worse than expected as economists looked for a rise to 1.310 million units.
The gold market is once again holding its own above critical near-term support, even as the U.S. manufacturing sector appears to be more resilient than economists had expected, according to the latest regional data from the Philadelphia Federal Reserve.