Gold prices hovered near their lowest level in two months on Thursday, as expectations of aggressive U.S. policy tightening boosted the dollar and added pressure on non-yielding bullion. Spot gold fell 0.1 percent to $1,885.06 per ounce by 1:04 p.m. GMT. It hit $1,871.81, its lowest since Feb. 17 earlier in the session. U.S. gold…
Swiss Gold Exports to the United States Rocketed in March
LONDON—Swiss shipments of gold to the United States surged in March to their highest since May 2020, Swiss customs data showed, as investors spooked by Russia’s invasion of Ukraine and the threat of a global economic slowdown stocked up on bullion. Switzerland’s exports to Britain, which like the United States is a centre for gold…
Is There a Case for the Pre-1914 Gold Standard? Yes, If You Believe Inflation Is a Bad Thing
Commentary The Russian central bank recently announced that it will stop buying gold at a fixed rate and will instead buy it at the negotiated rate from banks. Following the numerous sanctions imposed on Russia, the ruble had fallen tremendously against the U.S. dollar, to get out of such a situation it had announced that it would buy gold…
Russia’s Central Bank Says It Will Stop Buying Gold at a Fixed Price
April 8, 2022
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Russia’s central bank said on Thursday that due to a “significant change in market conditions” it would buy gold from commercial banks at a negotiated price from April 8. On March 25, the bank had said it would buy gold at a fixed price of 5,000 rubles a gram until June 30. Since that announcement,…
Gold Subdued as Robust Dollar Dims Appeal; Focus on Fed Minutes
Gold prices were subdued on Wednesday in choppy trade as a robust dollar and the prospect the Federal Reserve could raise interest rates aggressively kept non-yielding bullion near a one-week low. Spot gold XAU= was 0.1 percent lower to $1,921.60 per ounce by 8 a.m. EDT (1200 GMT). U.S. gold futures GCv1 were down 0.2…
Gold Set for Biggest Quarterly Gain in Nearly 2 Yrs on Ukraine Crisis, Inflation Fears
Gold on Thursday was headed for its biggest quarterly gains since the coronavirus pandemic-led surge in mid-2020 as concerns over soaring consumer prices and the Ukraine crisis bolstered bullion’s safe-haven appeal. Spot gold XAU= was up 0.4 percent at $1,940.95 per ounce by 12:22 p.m. EDT (1622 GMT). For the month, bullion was up about…
Sanctioned Russian Bank VTB Sees Strong Demand for Gold Bars
Russia’s second-largest lender VTB, hit by Western sanctions over Moscow’s actions in Ukraine, has sold one tonne of gold to customers this month and expects demand to increase, the state-controlled bank said on Wednesday. Russia scrapped a 20% value-added tax on gold buying for individuals on March 1 as people rushed to park their savings…
Silver Stocks Roaring in 2022
Commentary Inflation fears have helped remove some of the tarnish from silver stocks, putting a shine back into precious metal firms. Silver prices surged this month, shooting up from just below $23 an ounce to over $25 an ounce. The move was unusual for silver, which typically follows bullish movements in gold and other precious…
US Treasury Says Gold-Related Transactions Involving Russia Are Strictly Prohibited
The United States is targeting Russian gold reserves and has warned that gold-related transactions involving the country are strictly prohibited. The move, done in coordination with the European Union and G7, is aimed at further restricting Moscow’s ability to use its international reserves to prop up its currency, thus avoiding the impact of sanctions, and fund President Vladimir…
Gold Slips 1 Percent as Powell’s Hawkish Stance Bolsters Yields
Gold prices fell over 1 percent on Tuesday after the U.S. Federal Reserve Chair Jerome Powell hinted at big rate hikes down the year to curb soaring inflation, sending Treasury yields higher. Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion. Spot gold XAU= was…
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