Metals News
Global Gold Demand Hits Eight-Year High in Q1, Fueled by Investment and Central Banks
Global gold demand reached its highest first quarter level in eight years, with a 3% increase to 1,283.3 metric tons, the strongest since 2016. This surge was driven by robust investments in the over-the-counter market, where trades more than tripled to 136.4 metric tons from last year's 42.7 metric tons, and record-breaking purchases by central banks. Joe Cavatoni of the World Gold Council highlighted the significant ongoing role of gold in emerging-market central banks' reserve portfolios, suggesting a strong outlook for the remainder of the year.
FTX Alum Buys Titanic's Gold Watch for Record $1.5 Million
Patrick Gruhn, a German fintech entrepreneur and former FTX executive, purchased a gold pocket watch recovered from the Titanic for nearly $1.5 million at an auction, setting a record for Titanic memorabilia. The watch, which once belonged to American tycoon John Jacob Astor IV, was bought as a gift for his wife, Maren Gruhn, and will be displayed in museums. This sale was conducted by Henry Aldridge & Son, a renowned auction house specializing in Titanic items.
Record Increase in U.S. Labor Costs Points to Continued Inflationary Pressure
U.S. labor costs surged by 1.2% in the first quarter, marking the largest increase in a year and exceeding economists' forecasts, according to the Bureau of Labor Statistics. This rise in the employment cost index, a key indicator of wage and benefit costs, suggests ongoing wage pressures that contribute to persistent inflation. The data, which surprised markets, led to a drop in stock-index futures, an increase in Treasury yields, and a strengthening of the dollar.
Rising Pay and Benefits Signal Potential Inflation Challenges for Fed
In the first quarter of this year, the pace of pay and benefits growth for American workers increased, potentially heightening inflation concerns for the Federal Reserve. According to the Labor Department's Employment Cost Index, compensation rose by 1.2%, up from 0.9% in the previous quarter. This steady year-over-year growth rate of 4.2% could influence the Fed's decisions on interest rates, particularly with inflation fears looming as they conclude their latest policy meeting.
HBAR - Real World Asset Tokenization is Here
Tune in today for a much-requested update on Hedera Hashgraph with Brandon Hargreaves.