4/4/23, 4:41 PM Gold races past $2,000/oz after weaker U.S. data WATCH LIVE META L S Gold races past $2,000/oz after weaker U.S. data WATCH LIVE A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Akos Stiller | Bloomberg | Getty Images Gold extended gains on Tuesday and crossed the key $2,000 level as the dollar and yields fell, while weaker U.S. economic data emboldened bets for slower rate hikes despite mounting concerns over oil-led inflation. Spot gold climbed 1.8% to $2,020.04 per ounce after reaching its highest since March 9, 2022 of $2,024.79 earlier. U.S. gold futures gained 1.9% to $2,038.30. MARKETS CNBC TV https://www.cnbc.com/2023/04/04/gold-prices-ease-as-traders-gauge-opec-output-cuts-weak-us-data.html WATC H L I S T MENU 1/4 4/4/23, 4:41 PM Gold races past $2,000/oz after weaker U.S. data RELATED INVESTING NEWS WATCH LIVE JPMorgan says more banks could run out of reserves like SVB if pace of this deposit flight continues A DAY AG O Tracking gold's gains, silver jumped 4.02% to $24.96 per ounce, platinum rose 3.41% to $1,019.24, while palladium was down 0.09% at $1,458.50. "We're in this very positive backdrop for gold in which we have the slowing of economic data along with inflationary pressures remaining elevated," said David Meger, director of metals trading at High Ridge Futures. Burnishing gold's appeal, especially amongst traders holding other currencies, the dollar added to its losses after data showed U.S. job openings in February dropped to a near two-year low while factory orders also dipped. A surge in oil prices this week after a surprise output cut by OPEC+ has helped zeroyield gold, traditionally considered the preferred inflation hedge, shake off the usual pressure from the likelihood of interest rate hikes that could be implemented to rein in rising price pressures. "From a technical perspective, the gold price is likely to remain strong and stabilize at its current level or even higher. The $2,050 mark could act as an important resistance level, and if breached, prices could quickly soar towards its all-time high," said Alexander Zumpfe, a precious metals dealer at Heraeus. Markets now see about a 40% chance of the Federal Reserve hiking rates by a quarter basis point in May, with a roughly 60% chance of a pause. But Han Tan, chief market analyst at Exinity, said more rate hikes could cause gold to unwind some of its recent gains. MARKETS CNBC TV https://www.cnbc.com/2023/04/04/gold-prices-ease-as-traders-gauge-opec-output-cuts-weak-us-data.html WATC H L I S T MENU 2/4 4/4/23, 4:41 PM Gold races past $2,000/oz after weaker U.S. data WATCH LIVE Subscribe to CNBC PRO Licensing & Reprints CNBC Councils Select Personal Finance CNBC on Peacock Join the CNBC Panel Supply Chain Values Select Shopping Closed Captioning Digital Products News Releases Internships Corrections About CNBC Ad Choices Site Map Podcasts Careers Help Contact News Tips Got a confidential news tip? We want to hear from you. GET IN TOUCH Advertise With Us PLEASE CONTACT US CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox SIGN UP NOW Get this delivered to your inbox, and more info about our products and services. Privacy Policy Do Not Sell My Personal Information CA Notice Terms of Service MARKETS CNBC TV https://www.cnbc.com/2023/04/04/gold-prices-ease-as-traders-gauge-opec-output-cuts-weak-us-data.html WATC H L I S T MENU 3/4 4/4/23, 4:41 PM Gold races past $2,000/oz after weaker U.S. data WATCH LIVE © 2023 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by MARKETS CNBC TV https://www.cnbc.com/2023/04/04/gold-prices-ease-as-traders-gauge-opec-output-cuts-weak-us-data.html WATC H L I S T MENU 4/4
