Gold Demand Rose in Second Quarter on Continued ETF Inflows, Report Says
Total gold demand for the three months ended June 30 rose 3% on year to 1,249 metric tons, the World Gold Council said Thursday in a new report on gold-demand trends.
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New York Times
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Yahoo
an hour ago
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Gold heads for weekly loss on stronger dollar
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Yahoo
an hour ago
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Gold heads for weekly loss on stronger dollar
By Anmol Choubey (Reuters) -Gold prices traded flat on Friday, but were on track for a weekly loss as pressure from a stronger dollar outweighed support from trade uncertainty caused by U.S. tariffs. Spot gold was steady at $3,287.65 per ounce, as of 0242 GMT. Bullion is down 1.5% so far this week. U.S. gold futures eased 0.3% to $3,337.20. The dollar index hit its highest level since May 29, making gold more expensive for other currency holders. [USD/] "Gold has been in a $3,250 to $3,450 range for about two months now and we see it heading towards the bottom end of the range and perhaps breaking it," said Marex analyst Edward Meir, adding that the dollar's strength was driven by the Federal Reserve's hawkish stance, which also weighed on the bullion. The Fed held interest rates steady in the 4.25%-4.50% range on Wednesday and dampened hopes for a September rate cut. Trump signed an executive order on Thursday imposing "reciprocal" tariffs ranging from 10% to 41% on imports from dozens of countries and foreign locations ahead of a Friday trade deal deadline. He increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve to negotiate a broader deal. "If various countries cannot renegotiate these tariff rates lower, we could see prices move higher again if trade tensions increase," Meir said. Meanwhile, U.S. inflation increased in June as tariffs on imports started raising the cost of some goods. Focus now shifts to U.S. jobs data due later in the day for more cues on Federal Reserve's rate-cut path. Gold thrives in a low-interest rate environment as it is a non-yielding asset. Spot silver fell 0.6% to $36.53 per ounce, platinum was down 0.2% to $1,291.55 and palladium held steady at $1,191.95. All three metals were headed for weekly losses. Sign in to access your portfolio
