Gold market news covering gold prices, bullion trading, gold ETFs, precious metals investing, and gold market analysis.
Gold prices steadied near $4,160 an ounce following a stock market selloff driven by concerns over the artificial intelligence investment boom. A global bond rally pushed U.S. Treasury yields lower, supporting the non-yielding metal, while the U.S. Dollar Index declined 0.5% as investors shifted assets toward fixed income.
Economist Peter Schiff argues that recent US inflation data proves the Federal Reserve has lost control of prices, making gold a bargain despite its short-term price drop. The commentary contends that higher inflation should boost gold's appeal as an inflation hedge, contrary to market reactions driven by rate hike expectations.
Hong Kong plans to launch a central gold clearing platform in the first quarter of next year to boost its status as a global hub. Financial Services Minister Christopher Hui stated the system will handle physical delivery and payments, aiming to connect Asian liquidity with international market standards.
The Indian Express reports current gold prices in India, noting stable rates for 24K, 22K, and 18K gold at Rs 14,744 per gram. Citing market experts, the piece analyzes futures recovery trends and identifies West Asian tensions as a key driver influencing investor sentiment and potential price stabilization in the domestic market.
The article argues that China's sustained gold purchases aim to reduce reliance on US dollar assets and mitigate financial risks associated with Western sanctions. It distinguishes between the central bank's strategic reserve management and household demand driven by domestic economic uncertainty.
The article reports rising gold prices in India, citing specific per-gram rates for various carats. It links these market movements to escalating geopolitical tensions, including a US Navy blockade of Iranian maritime traffic and Houthi attacks in Saudi Arabia, which have destabilized regional shipping lanes.
BlackRock's head argues that gold mining firms' aggressive share buybacks are reckless and undisciplined. The commentary contends that companies should prioritize investing in new mine production rather than returning capital to shareholders, especially as gold prices are expected to rise.
Gold and silver funds rebounded sharply, with GLD rising 1.79% and SLV jumping 3.39%. Mining shares led the recovery, gaining over 4%, as prediction markets assigned high probabilities to gold touching $4,200 and silver reaching $58 in October following Wednesday's inflation-driven sell-off.
Gold fell below US$4,100 and silver plunged approximately 6% on Wednesday after US inflation data came in hotter than expected. The stronger dollar and rising Treasury yields reduced demand for precious metals, causing significant losses in major funds like GLD and SLV.