Kitco News

SHANGHAI, Aug 13 (Reuters) - The U.S. dollar-Chinese yuan has become the most-traded currency ​pair in Hong Kong, surpassing ‌the Hong Kong dollar-U.S. dollar for the first time in April, the financial ​hub's Treasury Markets Association ​said. Average daily foreign exchange turnover in ⁠Hong Kong rose to $908.2 billion ​in April, the TMA said in ​its semi-annual survey published this week.

(Kitco NewsWire) - Spot gold and silver prices are higher in early U.S. trading Wednesday, after July CPI matched expectations and left the market split on whether the Federal Reserve will raise rates at its September meeting. At the time of writing, spot gold was trading near $4,427.72 an ounce, up 1.36%, while spot silver was trading at $66.20, up 2.51% on the session. This morning’s CPI report gave precious metals a rate-relief bid without removing the Fed risk.

(Kitco NewsWire) - Spot gold and silver prices are higher in late-afternoon U.S. trading Wednesday, after a cooler July CPI report cut September Federal Reserve rate-hike expectations and helped Treasury yields ease. At the time of writing, spot gold was trading near $4,406.20 an ounce, up 0.90%, while spot silver was trading at $65.140, up 0.89% on the session. North American equity markets finished mostly higher.

NEW YORK, Aug 11 (Reuters) - The U.S. dollar was steady on Tuesday ahead of Wednesday's highly anticipated consumer inflation report for July, which could shape near-term expectations for Federal Reserve policy. Traders trimmed bets on a September Fed hike after Friday's jobs report showed employers unexpectedly cut payrolls last month. A resurgence ​in inflation could revive those hike bets as the central bank continues to battle price pressures that ​remain stubbornly above its 2% annual target.

Gold stalled for the first time since its breakout out of the $4,000 - $4,200 range Tuesday as it made a two-month high and then reversed giving back earlier gains. August futures ended the day with a loss of $20.80 or 0.47% at $4,427. Other than yesterday, today’s closing price is still the highest since June 5th. The movers of gold in Tuesday’s session were based upon fundamental and technical forces, a shift from a market that recently has been driven purely of fundamentals.

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NEW YORK, Aug 14 (Reuters) - Investors head into next week weighing familiar concerns over interest rates, inflation and geopolitical tensions against another robust earnings season ​that continues to keep stocks supported.

GREENVILLE, South Carolina, Aug 14 (Reuters) - Kevin Warsh took over as head of the Federal Reserve in May with monetary policy at a crossroads, officials divided over whether they would need to hike interest rates to control inflation and President Donald Trump demanding lower rates to ​stimulate the economy. Recent data, however, may have set up the U.S. central bank for an extended do-nothing stance. The labor market is not booming.

Aug 14 (Reuters) - Gold prices ‌steadied on Friday after pulling back from a more than two-month high, as investors booked profits following a rally fuelled by softer U.S. inflation data and fading expectations for a ​Federal Reserve rate hike in September. Spot gold was little changed at $4,351.45 an ​ounce by 1113 GMT after the contract fell 1.3% in the ⁠previous session. U.S. gold futures for December delivery fell 0.3% to $4,407.70 per ounce.

(Kitco News) - The gold market is rallying after the latest data showed American consumers’ spending declining more than expected last month. U.S. retail sales fell -0.6% in July following an unrevised reading of 0.2% in June, the U.S. Commerce Department announced on Friday. The data was far worse than expectations, as the consensus of economists projected a 0.1% increase in July’s headline number.