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Update: Gold Edges Lower as the Dollar Steadies
(Updates prices.)Gold prices eased midafternoon Friday, remaining rangebound as the dollar steadied.Gold for June delivery was last seen down US$19.30 to US$4,523.20 per ounce.The price of the metal has traded within a tight US$200 range for the past month, sticking above US$4,500 despite fears of rising interest rates as inflation surges with the war on Iran hiking energy costs. However the price of oil has moderated from the four-year highs touched in April, lowering concerns central banks will need to raise interest rates to slow price rises."Gold holds above US$4,500, trading within a relatively narrow range after finding renewed support earlier in the week as crude oil prices eased amid ongoing US-Iran talks. Lower oil prices helped reduce pressure on central banks to hike rates while stabilizing the long end of the yield curve," Saxo Bank noted.The dollar was mostly steady early, with the ICE dollar index last seen down 0.04 points to 99.22. Treasury yields were mixed, with the yield on the U.S. two-year note up 4.4 basis points to 4.134%, while the 10-year note was paying 4.562%, down 1,1 points.
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Sectors
Sector Update: Energy Stocks Mixed Friday Afternoon
Energy stocks were mixed Friday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.2%.The Philadelphia Oil Service Sector Index was shedding 0.3%, and the Dow Jones US Utilities Index was up 0.6%.Front-month West Texas Intermediate crude oil was falling 1.3% to $95.07 a barrel, and the global benchmark Brent crude contract was decreasing 0.1% to $102.48 a barrel. Henry Hub natural gas futures fell 4.2% to $2.89 per 1 million BTU.In sector news, Intercontinental Exchange (ICE) and OKX said Friday that they are collaborating to launch perpetual futures contracts tied to oil benchmarks. The new perpetual futures contracts will be underpinned by Intercontinental Exchange's Brent Crude and WTI Crude energy benchmarks, the companies said.In corporate news, Matador Resources (MTDR) shares added 0.5% after the company said Thursday it acquired 5,154 net undeveloped acres in the Delaware Basin for about $1.14 billion in a recent Bureau of Land Management oil and gas lease sale.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported. TotalEnergies shares were down 1.3%.Frontline (FRO) shares fell 3.3% after the company reported Q1 adjusted earnings below analyst expectations.
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Sectors
Sector Update: Financial Stocks Higher Friday Afternoon
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.1%.Bitcoin (BTC-USD) was declining 0.9% to $76,888, and the yield for 10-year US Treasuries was down 1.4 basis points at 4.57%.In economic news, Kevin Warsh was sworn in as chair of the US Federal Reserve in a ceremony at the White House, media outlets reported Friday. Warsh returns to the Fed after serving as a board member from 2006 to 2011, the reports said.The University of Michigan consumer sentiment index was revised down to 44.8 for May from 48.2 preliminary, compared with expectations for a no revision in a Bloomberg survey and a drop from the final 49.8 in April.The Conference Board's measure of leading indicators rose by 0.1% in April following a 0.6% decrease in March.In corporate news, JPMorgan Chase (JPM) is in discussions with investors over a deal to offload some of its risk exposure to over $4 billion in private equity-linked net asset value loans, the Financial Times reported. JPMorgan shares rose 1.4%.Citigroup (C) plans to direct a substantial portion of its wealth management hiring toward Asia, Reuters reported, citing an interview with Andy Sieg, head of the bank's global wealth business. Citi shares added 0.6%.KKR-backed (KKR) space company OHB and weapons manufacturer KNDS are considering moving their planned share sales to avoid a clash with SpaceX's (SPCX) initial public offering in the US, Bloomberg reported. KKR shares were down 0.5%.
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