Oil prices hold gains ahead of US-China trade talks
Oil prices held on to last week's gains early on Monday as investors waited for U.S.-China trade talks to be held in London later in the day.
ADVERTISEMENT Brent crude futures were flat at $66.47 a barrel at 0008 GMT. U.S. West Texas Intermediate crude was trading up 1 cent at $64.59.
The prospect of a U.S.-China trade deal supported prices as three of Donald Trump's top aides were set to meet with counterparts in London on Monday for the first meeting of the U.S.-China economic and trade consultation mechanism.
The announcement on Saturday followed a rare Thursday call between the two countries' top leaders, with both under pressure to dial down tensions as China's export controls on rare earths disrupt global supply chains. Oil prices posted their first weekly gain in three weeks on the news.
A U.S. jobs report showing unemployment held steady in May appeared to increase the odds of a Federal Reserve interest rate cut, further supporting last week's gains. Inflation data from China on Monday morning will give a reading of domestic demand in the world's largest crude importer.
The economic data and the prospect of a trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced another big output hike for July on May 31.
ADVERTISEMENT HSBC expects OPEC+ to accelerate supply hikes in August and September, which are likely to raise downside risks to the bank's $65 per barrel Brent forecast from the fourth quarter of 2025, according to a research note on Friday. Capital Economics researchers said they believe this "new faster pace of (OPEC+) production rises is here to stay".
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Time of India
22 minutes ago
- Time of India
Gold price prediction: Bullion surges toward key resistance as Iran conflict and Trump's tariff threats drive investors to gold—here's what to expect next
Gold prices surge amid Iran tensions and Trump tariff warning : What's driving investor fear?- Gold prices jumped in early Asian trading hours on Thursday, May 26, 2025, as rising geopolitical tensions and trade uncertainty pushed investors toward safe-haven assets. With Middle East conflict fears intensifying and U.S. President Donald Trump signaling a potential new round of trade tariffs, gold surged as markets turned risk-averse. Spot gold prices rose 0.6% to $3,374.94 an ounce, while August gold futures rallied 1.5% to $3,394.60/oz by 01:24 ET (05:24 GMT), according to The metal has already gained strength this week, largely due to uncertainty around U.S.-China trade negotiations and persistent geopolitical instability. Why are gold prices rising today? Several global triggers are fueling the gold rally. Here's a simple look at the top drivers: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kein Scherz: So kosten Wärmepumpen 2025 fast nichts Wärmepumpe Vergleich Mehr erfahren Undo Middle East tensions : Reports suggest that Israel could be preparing for military action against Iran, and the U.S. is pulling diplomatic staff from Iraq. This has created major geopolitical uncertainty. Trump tariff threats : President Donald Trump has announced plans to send tariff warning letters to several major economies in the next two weeks, adding fuel to global trade fears. Flight to safety : With rising risks, investors are pulling out of stocks and shifting into safe-haven assets like gold. Weaker U.S. dollar : A falling dollar makes gold cheaper for international buyers, boosting demand. Rate cut expectations : Softer U.S. inflation data has traders betting on a Fed rate cut later this year, which tends to support gold prices. What is the gold price today? As of today, here's where gold stands in the market: Spot gold : $3,374.94 per ounce (+0.6%) Gold futures (August delivery) : $3,394.60 per ounce (+1.5%) Resistance zone : Analysts are watching the $3,380 level closely for a potential breakout. These figures show strong momentum for gold as it inches closer to breaking past key chart levels. Live Events Is this a good time to buy gold? That depends on your investment goals, but here are a few things to keep in mind: Technical indicators show strength , with gold trading just below major resistance. If global tensions escalate , gold could shoot higher as panic drives demand. However, if peace talks resume or tariffs ease , prices might pull back. For short-term traders, the next 24–48 hours could be critical. For long-term investors, today's jump reinforces gold's value during times of uncertainty. Why are rising Iran tensions boosting gold prices? Heightened fears of military conflict between Iran and Israel have directly fueled the demand for gold, which is traditionally seen as a safe-haven during global crises. Several reports suggest Israel is preparing to attack Iran if nuclear discussions between the U.S. and Iran collapse. This follows President Trump's recent statement that Iran would not be allowed to enrich more uranium, casting further doubt over the future of ongoing nuclear talks. Adding to the pressure, Trump ordered the withdrawal of U.S. personnel from Iraq and other Middle Eastern nations, intensifying market concerns over a possible escalation. Iranian officials have also threatened to retaliate against U.S. bases in the region if tensions turn into armed conflict. How is the trade outlook under Trump affecting gold and global markets? In a move that shook market confidence, Trump announced he will send letters to major global economies within the next two weeks outlining new U.S. tariff plans. So far, the U.S. has only formalized a trade deal with the United Kingdom, and has shared only limited information about a recently announced framework with China. This uncertainty has rattled global investors, increasing the demand for gold and other precious metals. With trade talks still lacking clarity and more tariffs possibly on the horizon, investors are seeking stability in assets like gold and platinum. What's happening with other precious and industrial metals? The weak U.S. dollar and overall market caution gave a boost to other metals as well. Here's how they performed: Platinum futures rose 0.8% to $1,251.65/oz — the highest in over four years. Silver futures gained 0.7%, trading at $36.515/oz, near a 13-year peak. Copper prices also moved higher, with LME copper futures up 0.5% at $9,699.70/ton, and U.S. copper futures climbing 0.4% to $4.8242/pound. These gains reflect broader concerns, from weaker global currencies to shifts in industrial demand. 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The volatile mix of Trump's aggressive trade posture, ongoing Middle East tensions, and currency pressures is pushing money into traditional safe-havens. Even as Goldman Sachs analysts caution about platinum's future, the broader precious metals market is seeing renewed interest. The key now will be how events unfold — particularly around Iran and the outcome of trade negotiations. What to watch next in the gold market? If you're keeping an eye on gold, here are a few key events to track: Any new developments between Israel and Iran Updates on Trump's tariff letters and global reactions U.S. Producer Price Index (PPI) data coming up Federal Reserve commentary on interest rates Each of these factors could impact gold prices in the coming days and weeks. Gold is once again proving itself as the go-to safe-haven when markets get shaky. With geopolitical risks and economic uncertainty on the rise, today's rally could just be the beginning. If tensions worsen, we could see gold breaking through its current ceiling and heading even higher. Stay tuned and watch the key levels. The gold market is heating up—and investors are taking notice. FAQs: Q1: Why are gold prices rising in May 2025? Gold prices are rising due to Iran-U.S. tensions and Trump's new trade tariff plans. Q2: Will platinum prices stay high in 2025? Goldman Sachs says platinum's rise may not last due to weak demand and strong supply.


Hindustan Times
33 minutes ago
- Hindustan Times
Most G7 members ready to lower Russian oil price cap without US
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Time of India
39 minutes ago
- Time of India
US producer prices holds at 2.6% in May; wholesale prices rose 0.1% from April, Fed seen staying cautious on rate cuts
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