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Update: Gold Sharply Higher As the U.S. and Iran Reach a Truce, Easing Inflation Worries

(Updates prices.)Gold rose midafternoon Monday, climbing for a second day as the U.S. dollar and yields fell after Iran and the United States agreed to a truce in their war, pushing oil prices lower and easing inflation fears that have pushed investors away from the precious metal.Gold for July delivery was last seen up US$114.30 to US$4,353.10 per ounce.The price of the metal has slumped 19% since the United States and Israel launched their war on Iran on Feb. 28. With the high oil prices that followed the closing of the Strait of Hormuz, the choke point for a fifth of daily oil demand, boosting inflation, investors turned to the dollar as a hedge against potential interest-rates by central banks and away from gold."Gold and other hard assets rallied strongly after the announcement of an interim peace deal, as easing concerns over energy prices helped reduce the inflation threat that has weighed heavily on the sector throughout the Middle East conflict. Lower oil prices have also prompted traders to scale back expectations for further interest-rate hikes, providing an additional tailwind for precious metals," Saxo Bank noted.The dollar traded lower early, with the ICE dollar index last seen down 0.16 points to 99.59. Treasury yields also fell, with the U.S. two-year note last seen paying 4.068%, down 2.5 basis points, while the yield on the 10-year note was down 1.6 points to 4.473%.

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Sectors

Gold Sharply Higher As the U.S. and Iran Reach a Truce, Easing Inflation Worries

Gold rose for a second day early Monday as the U.S. dollar and yields fell after Iran and the United States agreed to a truce in their war, pushing oil prices lower and easing inflation fears that have pushed investors away from the precious metal.Gold for July delivery was last seen up US$124.80 to US$4,363.60 per ounce.The price of the metal has slumped 19% since the United States and Israel launched their war on Iran on Feb. 28. With the high oil prices that followed the closing of the Strait of Hormuz, the choke point for a fifth of daily oil demand, boosting inflation, investors turned to the dollar as a hedge against potential interest-rates by central banks and away from gold."Gold and other hard assets rallied strongly after the announcement of an interim peace deal, as easing concerns over energy prices helped reduce the inflation threat that has weighed heavily on the sector throughout the Middle East conflict. Lower oil prices have also prompted traders to scale back expectations for further interest-rate hikes, providing an additional tailwind for precious metals," Saxo Bank noted.The dollar traded lower early, with the ICE dollar index last seen down 0.26 points to 99.49. Treasury yields also fell, with the U.S. two-year note last seen paying 4.052%, down 4.1 basis points, while the yield on the 10-year note was down 3.3 points to 4.457%.

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Sectors

Update: Gold Rises Off a Seven-Month Low on Hopes a U.S.-Iran Peace Deal is Near

(Updates prices.)Gold traded sharply higher midafternoon on Friday, rising off a seven-month low on expectations Iran is ready to sign a peace deal with the United States, promising to lower the high oil prices that have raised inflation and boosted the U.S. dollar and bond yields.Gold for July delivery was last seen up US$124.80 to US$4,238.80 per ounce after falling to the lowest since Nov. 20 a day earlier.The rise comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, who is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war, easing the high oil prices that have boosted inflation and threatened to force central banks to raise interest rates."Before the market can look beyond the next headline and refocus on longer-term supportive themes, investors need confidence that the inflation genie is being pushed back into the bottle. For that to happen, markets will need a peace agreement signed and endorsed by both sides," Saxo Bank wrote.The dollar was lower, with the ICE dollar index last seen down 0.12 points to 99.74. Treasury yields rose, bearish for gold since it pays no interest. The U.S. two year note was last seen paying 4.087%, up 1.5 basis points, while the yield on the 10-year note was up 1.0 points to 4.482%.

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Sectors

Gold Rises Off a Seven-Month Low on Hopes a U.S.-Iran Peace Deal is Near

Gold traded sharply higher early on Friday, rising off a seven-month low on expectations Iran is ready to sign a peace deal with the United States, promising to lower the high oil prices that have raised inflation and boosted the U.S. dollar and bond yields.Gold for July delivery was last seen up US$108.00 to US$4,222.00 per ounce after falling to the lowest since Nov. 20 a day earlier.The rise comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, who is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war, easing the high oil prices that have boosted inflation and threatened to force central banks to raise interest rates."Before the market can look beyond the next headline and refocus on longer-term supportive themes, investors need confidence that the inflation genie is being pushed back into the bottle. For that to happen, markets will need a peace agreement signed and endorsed by both sides," Saxo Bank wrote.The dollar was steady early, with the ICE dollar index last seen down 0.02 points to 99.83. Treasury yields rose, bearish for gold since it pays no interest. The U.S. two year note was last seen paying 4.093%, up 2.1 basis points, while the yield on the 10-year note was up 1.7 points to 4.489%.

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Sectors

Update: Gold Rises on a Restart of Iranian Talks; U.S. Wholesale Inflation Rose More Than Expected in May

(Adds detail on restart of talks with Iran and updates prices.)Gold rose off a six-month low midafternoon on Thursday, rising for the first time in five session as U.S. wholesale price inflation rose more than expected last month while the dollar and yields fell after U.S. President Trump canceled planned attacks on Iran and talks between the two are resuming.Gold for July delivery was last seen up US$10.00 to US$4,143.30 per ounce, rising off the lowest since Nov.24 and recovering from session lows of US$4,046.20.The Wall Street Journal reported Trump canceled the strikes after Iran's leadership and other parties in the talks approved "discussions and final points" for talks to end the war. The U.S. blockade of Iran's ports will remain in place until a final deal is reached..The U.S. Bureau of Labor Statistics on Thursday reported the Producer Price Index (PPI) rose by 1.1% in May, down from 1.4% annualized in April but ahead of expectations for a rise of 0.7%, according to MarketWatch. Core PPI, excluding volatile foods, energy, and trade services, rose 0.8% monthly, down form 1% in April but again ahead of expectations for a rise of 0.5%.The report follows the Wednesday release of the U.S. Consumer Price Index that rose at a 4.2% annualized rate in May, up from 3.8% a month earlier. The rise in oil prices that has followed the U.S. war on Iran keeps inflation hot and pushes traders to the dollar as a hedge against the threat central banks will need to hike interest rates to slow rising prices.The dollar fell following Trump's comments, with the ICE dollar index last seen down 0.12 points to 99.83. Treasury yields were sharply lower, with the US. two-year note last seen paying 4.085%, down 7.5% basis points, while the yield on the 10-year note was down 8.0 points to 4.479%.

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Sectors

Gold Trading at a Seven-Month Low on a Higher Dollar After U.S. Wholesale Prices Rose More Than Expected in May

Gold fell to a seven-month low early on Thursday, dropping for a fifth-straight session as U.S. wholesale price inflation rose more than expected last month, boosting the dollar.Gold for July delivery was last seen down US$48.30 to US$4,085.00, the lowest since Nov.18.The U.S. Bureau of Labor Statistics on Thursday reported the Producer Price Index (PPI) rose by 1.1% in May, down from 1.4% annualized in April but ahead of expectations for a rise of 0.7%, according to MarketWatch. Core PPI, excluding volatile foods, energy, and trade services, rose 0.8% monthly, down form 1% in April but again ahead of expectations for a rise of 0.5%.The report follows the Wednesday release of the U.S. Consumer Price Index that rose at a 4.2% annualized rate in May, up from 3.8% a month earlier. The rise in oil prices that has followed the U.S. war on Iran keeps inflation hot and pushes traders to the dollar as a hedge against the threat central banks will need to hike interest rates to slow rising prices.Gold's "decline gathered further pace on Wednesday following the strong US inflation print and renewed gains in oil prices after fresh attacks in the Middle East", Saxo Bank noted.The dollar rose following the PPI report, with the ICE dollar index last seen up 0.11 points to 100.05. Treasury yields were lower, with the US. two-year note last seen paying 4.15%, down 0.8 basis points, while the yield on the 10-year note was down 2.6 points to 4.533%.

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Sectors

Update: Gold Falls to the Lowest in More than Six Months as U.S. Inflation Rose Again in May

(Updates prices.)Gold traded at the lowest in more than six months early on Tuesday as the metal falls out of favor with traders, who are moving to the dollar as a hedge as a report showed U.S. inflation rose again last month, heightening expectations the Federal Reserve will raise interest rates to check rising prices.Gold for July delivery was last seen down US$155.80 per ounce to 4,1130.80 per ounce, the lowest since Nov.24.The drop comes as the U.S. Bureau of Labor Statistics reported the May Consumer Price Index (CPI) rose at a 4.2% annualized rate, up from 3.8% in April but matching expectations, according to Marketwatch. Core CPI, excluding volatile food and energy, rose 2.9% annualized, up from 2.8% a month earlier and again matching consensus expectations.The rise in costs has come on higher energy prices as the U.S. war on Iran blocked the Strait of Hormuz, keeping much of the 20% of daily oil exports supplied by Persian Gulf nations off the market. The bureau said rising oil prices accounted for over 60% of the monthly rise in costs.High inflation is raising worries the Federal Reserve will need to boost interest rates to slow demand, bearish for gold since it pays no interest. The CME FedWatch Tool currently expects the central bank's policy committee will leave rates unchanged when it meets next week but the probability of rate hike in September is rising."A slump in precious metals gathered momentum on Tuesday ... as rising US inflation concerns and growing expectations of Federal Reserve rate hikes continued to pressure sentiment. The move is forcing investors with long-held bullish positions to reassess the outlook, particularly as higher inflation and tighter monetary policy create a less supportive environment for non-yielding assets," Saxo Bank wrote.Still, the dollar edged higher, with the ICE dollar index last seen up 0.03 points to 99.94. Treasury yields rose, with the U.S. two-year note last seen paying 4.143%, up 0.8 basis points, while the yield on the 10-year note was up 3.5 points to 4.557%.

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Sectors

Gold Falls to the Lowest in More than Six Months as U.S. Inflation Rose Again in May

Gold traded at the lowest in more than six months early on Tuesday as the metal falls out of favor with traders, who are moving to the dollar as a hedge as a report showed U.S. inflation rose again last month, heightening expectations the Federal Reserve will raise interest rates to check rising prices.Gold for July delivery was last seen down US$100.80 per ounce to 4,185.60 per ounce, the lowest since Nov.25.The drop comes as the U.S. Bureau of Labor Statistics reported the May Consumer Price Index (CPI) rose at a 4.2% annualized rate, up from 3.8% in April but matching expectations, according to Marketwatch. Core CPI, excluding volatile food and energy, rose 2.9% annualized, up from 2.8% a month earlier and again matching consensus expectations.The rise in costs has come on higher energy prices as the U.S. war on Iran blocked the Strait of Hormuz, keeping much of the 20% of daily oil exports supplied by Persian Gulf nations off the market. The bureau said rising oil prices accounted for over 60% of the monthly rise in costs.High inflation is raising worries the Federal Reserve will need to boost interest rates to slow demand, bearish for gold since it pays no interest. The CME FedWatch Tool currently expects the central bank's policy committee will leave rates unchanged when it meets next week but the probability of rate hike in September is rising."A slump in precious metals gathered momentum on Tuesday ... as rising US inflation concerns and growing expectations of Federal Reserve rate hikes continued to pressure sentiment. The move is forcing investors with long-held bullish positions to reassess the outlook, particularly as higher inflation and tighter monetary policy create a less supportive environment for non-yielding assets," Saxo Bank wrote.Still, the dollar eased early, with the ICE dollar index last seen down 0.05 points to 99.86. Treasury yields were mixed, with the U.S. two-year note last seen paying 4.129%, down 0.6 basis points, while the yield on the 10-year note was up 0.9 points to 4.531%.

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Sectors

Update: Gold Falls to a Six-Month Low Even as the Dollar Moves Down

(Updates prices.)Gold fell to at a six-month low midafternoon on Tuesday even as the dollar weakened.Gold for July delivery was last seen down US$74.00 to US$4.289.40 per ounce, the lowest since Dec.10.The price of the metal has dropped 7.7% over the past month as investors turn to the dollar to hedge against the threat of higher interest rates as inflation rises due to the high oil prices that have followed the U.S. war on Iran. The war has blocked the Strait of Hormuz and shut in much of the 20% of daily oil demand supplied by Persian Gulf nations."Rising expectations of further US rate hikes, together with higher bond yields and a stronger dollar, continue to create a challenging backdrop for bullion," Saxo Bank wrote.The dollar eased, with the ICE dollar index last seen down 0.15 points to 99.89. Treasury yields also eased, with the U.S. two-year note last seen paying 4.135%, down 3.1 basis points, while the yield on the 10-year note is down 3.4 points to 4.534%.

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Sectors

Gold Steady at a Five-Month Low as the Dollar Moves Lower

Gold was mostly steady at a five-month low early on Tuesday as the dollar weakened.Gold for July delivery was last seen down US$2.00 to US$4.36140 per ounce, the lowest since Jan. 2.The price of the metal has dropped 7.7% over the past month as investors turn to the dollar to hedge against the threat of higher interest rates as inflation rises due to the high oil prices that have followed the U.S. war on Iran. The war has blocked the Strait of Hormuz and shut in much of the 20% of daily oil demand supplied by Persian Gulf nations."Gold stabilised after a two-day slump that saw prices break below key technical support, triggering additional selling from short-term momentum-driven traders. However, rising expectations of further US rate hikes, together with higher bond yields and a stronger dollar, continue to create a challenging backdrop for bullion," Saxo Bank wrote.The dollar eased early, with the ICE dollar index last seen down 0.34 points to 99.71. Treasury yields also eased, with the U.S. two-year note last seen paying 4.151%, down 1.5 basis points, while the yield on the 10-year note is down 1.8 points to 4.55%.

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Sectors

Update: Gold Gives Up All Its Gains This Year as Rising Oil Prices Heighten Inflation Worries

(Updates prices.)Gold fell to a fresh five-month low midafternoon on Monday, falling for a second day as oil prices rose again after Iran and Israel traded strikes on the weekend, heightening concerns central banks will need to raise interest rates to combat the inflation that has followed higher energy costs.Gold for June delivery was last seen down US$5.00 to US$4,360.30 per ounce, the lowest since Jan. 2.The drop comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. The renewed hostilities are testing the two-month ceasefire between Iran and the United States, as talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily and boosting inflation.May U.S. consumer price data will be released on Wednesday, with the consensus estimate expecting the Consumer Price Index to rise to 4.2% annualized from a 3.8% pace in April."Gold ... extended Friday's selloff as renewed Israeli strikes on Iran pushed oil prices higher, reigniting inflation concerns. On Friday, an already weakened precious metals market tumbled after a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve may need to hike rates in 2026.," Saxo Bank wrote.The drop comes even as the dollar moved lower, with the ICE dollar index last seen down 0.08 points to 99.99, falling off the highest since March 30. Treasury yields rose, with the yield on the U.S. two-year note last seen up 1.9 basis points to 4.166%, while the 10-year note was paying 4.556%, up 3.4 basis points.

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Sectors

Gold Gives Up All Its Gains This Year as Rising Oil Prices Heighten Inflation Worries

Gold fell to a fresh five-month low early on Monday, falling for a second day as oil prices rose again after Iran and Israel traded strikes on the weekend, heightening concerns central banks will need to raise interest rates to combat the inflation that has followed higher energy costs.Gold for June delivery was last seen down US$8.20 to US$4,357.10, the lowest since Jan. 2.The drop comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. The renewed hostilities are testing the two-month ceasefire between Iran and the United States, as talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily oil demand and ending the largest-ever supply shock and boosted inflation.May U.S. consumer price data will be released on Wednesday, with the consensus estimate expecting the Consumer Price Index to rise to 4.2% annualized from 3.8% in April."Gold ... extended Friday's selloff as renewed Israeli strikes on Iran pushed oil prices higher, reigniting inflation concerns. On Friday, an already weakened precious metals market tumbled after a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve may need to hike rates in 2026.," Saxo Bank wrote.The drop comes even as the dollar moved lower, with the ICE dollar index last seen down 0.12 points to 99.95, falling off the highest since March 30. Treasury yields were mostly steady, with the yield on the U.S. two-year note last seen unchanged at 4.147%, while the 10-year note was paying 4.532%, up 0.1 basis points.

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Mining & Metals

Update: Gold Falls as the Dollar and Yields Rise After an Unexpected Surge in May U.S. Employment

(Updates prices.)Gold traded sharply lower midafternoon Friday, falling to the lowest this year as the dollar and yields climbed as the United States reported an unexpected jump in May employment.Gold for July delivery was last seen down US$137.20 to US$4.367.80 per ounce, the lowest since Jan.2.The U.S. Bureau of Labor Statistics reported the country added 172,000 jobs in May, up from 115,000 a month earlier and well ahead of expectations for a rise of 80,000 new positions according to Marketwatch. The unemployment rate held steady at 4.3%.Gold has been pressured by the rising oil prices that have followed the U.S. war on Iran, with buyers concerned central banks will need to raise interest rates to combat rising energy inflation. Traders have turned away from gold as a store of value amid the inflation worries, preferring the dollar as a hedge against a rise in rates.The dollar rose off overnight lows following the data, with the ICE dollar index last seen up 0.63 points to 100.04 after earlier touching 99.16. Treasury yields were sharply higher, with the yield on the U.S. two-year note last seen up 12.7 basis points to 4.176%, while the 10-year note was paying 4.546%, up 6.5 points.

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Sectors

Gold Falls as the Dollar and Yields Rise After an Unexpected Surge in May U.S. Employment

Gold traded lower early on Friday as the dollar and yields climbed as the United States reported an unexpected jump in May employment.Gold for July delivery was last seen down US$28.50 to US$4.476.50 per ounce.The U.S. Bureau of Labor Statistics reported the country added 172,000 jobs in May, up from 115,000 a month earlier and well ahead of expectations for a rise of 80,000 new positions according to Marketwatch. The unemployment rate held steady at 4.3%.Gold has been pressured by the rising oil prices that have followed the U.S. war on Iran, with buyers concerned central banks will need to raise interest rates to combat rising energy inflation. Traders have turned away from gold as a store of value amid the inflation worries, preferring the dollar as a hedge should central banks raise interest rates to slow rising prices.The dollar rose off overnight lows following the data, with the ICE dollar index last seen up 0.1 points to 99.51 after earlier touching 99.16. Treasury yields were sharply higher, with the yield on the U.S. two-year note last seen up 10.2 basis points to 4.151%, while the 10-year note was paying 4.539%, up 5.8 points.

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Sectors

Update: Gold Trading Higher as the Dollar and Yields Fall as Israel and Lebanon Agree to a Ceasefire

(Updates prices.)Gold prices were higher midafternoon on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.Gold for July delivery was last seen up US$40.50 to US$4,507.40 per ounce.The rise comes as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The rise in oil prices that has followed the start of the war has boosted inflation, raising worries central banks will need to hike interest rates, bearish for gold since it pays no interest. However oil traded sharply lower Thursday following the ceasefire agreement."Gold fell to test its 200-day moving average once again on Wednesday as higher oil prices kept inflation concerns elevated following renewed tensions in the Middle East. Those losses were reversed in early trading on Thursday after Israel and Lebanon announced a conditional ceasefire. Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," Saxo Bank noted.The dollar fell off a two-month high as oil prices weakened, with the ICE dollar index last seen down 0.15 points to 99.39. Treasury yields also fell, with the U.S. two-year note last seen paying 4.053%, down 3.3 basis points, while the yield on the 10-year note was down 2.7 points to 4.473%.

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Sectors

Gold Trading Higher as the Dollar and Yields Fall as Israel and Lebanon Agree to a Ceasefire

Gold prices rose early on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.Gold for July delivery was last seen up US$59.10 to US$4,526.00 per ounce.The rise comes as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The rise in oil prices that has followed the start of the war has boosted inflation, raising worries central banks will need to hike interest rates, bearish for gold since it pays no interest. However oil traded sharply lower Thursday following the ceasefire agreement."Gold fell to test its 200-day moving average once again on Wednesday as higher oil prices kept inflation concerns elevated following renewed tensions in the Middle East. Those losses were reversed in early trading on Thursday after Israel and Lebanon announced a conditional ceasefire. Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," Saxo Bank noted.The dollar fell off a two-month high as oil prices weakened, with the ICE dollar index last seen down 0.3 points to 99.23. Treasury yields also fell, with the U.S. two-year note last seen paying 4.043%, down 4.3 basis points, while the yield on the 10-year note was down 4.5 points to 4.455%.

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Sectors

Update: Gold Falls as the Dollar Rises to a Two-Month High as the U.S. and Iran Trade Strikes

(Updates prices.)Gold traded lower midafternoon on Wednesday as the dollar rose to a two-month high after oil prices rose following fresh hostilities between the United States and Iran, renewing worries energy inflation will force central banks to raise interest rates.Gold for July delivery was last seen down US$53.8 to US$4,466.10 per ounce.The drop comes as oil prices rose for a third day on fresh hostilities between Iran and the United States. The Wall Street Journal reported Iran launched attacks on Kuwait and Bahrain and the United States attacked Iran's military ground control stations on Qeshm Island and struck at an empty oil tanker attempting to run its blockade of Iranian ports and load oil at Iran's Kharg Island."Gold trades lower as the market continues to take its cues from oil, with the latest rise in crude prices weighing on bullion through its inflationary impact. Higher energy costs have underpinned bond yields and the dollar while reducing expectations for Federal Reserve rate cuts," Saxo Bank noted.The dollar rose to the highest since April 7, with the ICE dollar index last seen up 0.31 points to 99.48. Treasury yields also rose, with the U.S. two-year note last seen up 4.0 basis points to 4.094%, while the 10-year note was paying 4.496%, up 5.0 points.

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Sectors

Gold Rises as the Dollar Rises to a Two-Month High as the U.S. and Iran Trade Strikes

Gold prices fell early on Wednesday as the dollar rose to a two-month high after oil prices rose following fresh hostilities between the United States and Iran, renewing worries energy inflation will force central banks to raise interest rates.Gold for July delivery was last seen down US$32.30 to US$4,487.60 per ounce.The drop comes as oil prices rose for a third day on fresh hostilities between Iran and the United States. The Wall Street Journal reported Iran launched attacks on Kuwait and Bahrain and the United States attacked Iran's military ground control stations on Qeshm Island and struck at an empty oil tanker attempting to run its blockade of Iranian ports and load oil at Iran's Kharg Island."Gold trades lower as the market continues to take its cues from oil, with the latest rise in crude prices weighing on bullion through its inflationary impact. Higher energy costs have underpinned bond yields and the dollar while reducing expectations for Federal Reserve rate cuts," Saxo Bank noted.The dollar rose to the highest since April 7, with the ICE dollar index last seen up 0.26 points to 99.48. Treasury yields also rose, with the U.S. two-year note last seen up 4.4 basis points to 4.094%.

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Mining & Metals

Update: Gold Trading Higher Following Reports Peace Negotiations Between Iran and the U.S. are Continuing

(Updates prices.)Gold rose midafternoon Tuesday but fell back from early highs as the dollar rose.Gold for July delivery was last seen up US$14.50 to US$4,520.80 per ounce, after earlier touching US$4,571.30.The rise comes as Reuters on Tuesday, citing Iranian media, reported Iran is considering a fresh U.S. proposal to end the war and reopen the critical Strait of Hormuz, while U.S. President Trump said on Monday talks were continuing. This is a day after the two sides traded strikes and Iran was said it would not continue talks as long as Israel continued to attack its Hezbollah allies in Lebanon.Hope for an end to the war is lowering oil prices and easing fears over the rise in inflation that has followed the closure of the Strait since the war began on Feb. 28, blocking the exports from Persian Gulf nations that supplied a fifth of daily oil demand. Traders have turned away from gold as a store of value amid the inflation worries, preferring the dollar as a hedge should central banks raise interest rates to slow rising prices."Gold continues to take its cues from the oil market given crude's influence on inflation expectations and, by extension, interest rates, bond yields and the dollar," Saxo Bank noted.The dollar was higher, with the ICE dollar index last seen up 0.06 points to 99.26. Treasury yields rose, with the U.S. two-year note last seen paying 4.053%, up 1.8 basis points, while the yield on the 10-year note was up 0.5 points to 4.458%.

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Sectors

Gold Trading Higher Following Reports Peace Negotiations Between Iran and the U.S. are Continuing

Gold rose early Tuesday as the dollar weakened following reports Iran is reviewing a fresh U.S. offer to end their war and reopen the Strait of Hormuz.Gold for July delivery was last seen up $55.90 to US$4,562.20 per ounce.The rise comes as Reuters on Tuesday, in citing Iranian media, reported Iran is considering a fresh U.S. proposal to end the war and reopen the critical Strait of Hormuz, while U.S. President Trump said on Monday talks were continuing. This is a day after the two sides traded strikes and Iran was said it would not continue talks as long as Israel continued to attack its Hezbollah allies in Lebanon.Hope for an end to the war is lowering oil prices and easing fears over the rise in inflation that has followed the closure of the Strait since the war began on Feb. 28, blocking the exports from Persian Gulf nations that supplied a fifth of daily oil demand. Traders have turned away from gold as a store of value amid the inflation worries, preferring the dollar as a hedge should central banks raise interest rates to slow rising prices."Gold continues to take its cues from the oil market given crude's influence on inflation expectations and, by extension, interest rates, bond yields and the dollar," Saxo Bank noted.The dollar fell early, with the ICE dollar index last seen down 0.13 points to 99.07. Treasury yields were steady, with the U.S. two-year note last seen paying 4.037%, up 0.4 basis points, while the yield on the 10-year note was down 0.9 points to 4.444%.

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