Gold sees wildest price swings since 2016
NEW YORK – The gold market is seeing the biggest price swings since late 2016 as traders and investors struggled to read when the Federal Reserve may cut interest rates.
Bullion futures settled little changed in New York Monday just days after the metal surged near the highest since 2013 on bets the Fed will lower borrowing costs either at the end of this month or later. The appetite for gold began to wane after data on Friday showed US payrolls topped economists’ estimates, weakening the case for policy makers to reduce rates.
Until Friday, gold had been on a tear since Fed officials last month opened the door to a rate cut, boosting the appeal of the metal that doesn’t pay interest. While the latest jobs data fueled doubts policy makers will reduce borrowing costs this month, President Donald Trump continued to apply pressure on Fed Chair Jerome Powell to do just that, saying the current monetary policy has put the US at a disadvantage versus Europe.
Powell and James Bullard, who was the only dissenting vote in favor of a rate cut at the Fed’s meeting in June, are scheduled to address events this week, potentially providing some clue on the policy makers’ next move.
“Between Friday’s job report and waiting to hear what he has to say tomorrow, gold is kind of in a no man’s land,” Bob Haberkorn, senior market strategist at RJO Futures in Chicago, said by phone Monday, referring to Powell.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation