Gold falls on strong US jobs data and improved trade outlook
Synopsis
Gold prices declined. A strong United States jobs report reduced expectations of interest rate cuts. Optimism grew regarding United States-China trade relations. This also impacted gold's safe-haven appeal. Donald Trump aides are meeting Chinese officials in London. Discussions aim to resolve trade disputes. Russia claimed its forces advanced in Ukraine amid peace talk tensions.
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Hindustan Times
31 minutes ago
- Hindustan Times
Asian shares climb, dollar eases ahead of US-China talks
TOKYO -Shares jumped and the dollar pared recent gains on Monday as Asian markets reacted to better-than-expected U.S. jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.7%, with Australia's markets shut for a holiday. Japan's Nikkei stock index rose 0.9%. But pan-region Euro Stoxx 50 futures pointed to a decline while U.S. stock futures, the S&P 500 e-minis, slid 0.2%. Sentiment was weighed down by a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies. The dollar slid 0.3% against the yen to 144.46, trimming its 0.9% jump on Friday. The European single currency was up 0.2% on the day at $1.1417. Sterling traded at $1.3553, up 0.3%. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-U.S. economic and trade consultation mechanism. CHINA EXPORT GROWTH SLOWS U.S. job growth slowed in May by less than had been forecast, data showed on Friday. But dour economic readings from China added to evidence the trade war is taking a toll. China's export growth slowed to a three-month low in May, while factory-gate deflation deepened to its worst level in two years, separate reports showed on Monday. Even so, trade optimism lifted Chinese shares. Hong Kong's Hang Seng Index rose 0.8%, touching the 24,000-point level for the first time since March 21. China's blue-chip CSI300 Index added 0.2%. Attention now turns to U.S. inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. The Fed is in a blackout period ahead of its June 18 policy decision. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the U.S. economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognizant that in the U.S. there are protests in L.A. and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Gold was little changed at $3,311.65 per ounce after a 1.3% slide on Friday. U.S. crude was steady at $64.54 a barrel following a 1.9% surge late last week.
New Indian Express
35 minutes ago
- New Indian Express
Trump's new travel ban takes effect as tensions escalate over immigration enforcement
WASHINGTON: President Donald Trump's new ban on travel to the U.S. by citizens from 12 mainly African and Middle Eastern countries took effect Monday amid rising tension over the president's escalating campaign of immigration enforcement. The new proclamation, which Trump signed last week, applies to citizens of Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. It also imposes heightened restrictions on people from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela who are outside the U.S. and don't hold a valid visa. The new ban does not revoke visas previously issued to people from countries on the list, according to guidance issued Friday to all U.S. diplomatic missions. However, unless an applicant meets narrow criteria for an exemption to the ban, his or her application will be rejected starting Monday. Travelers with previously issued visas should still be able to enter the U.S. even after the ban takes effect. While many of the listed countries send few people to the United States, Haiti, Cuba and Venezuela had been major sources of immigration in recent years.
News18
an hour ago
- News18
Vietnamese Bride Receives 100 Civet Cats As Part Of Lavish Dowry
Last Updated: A Vietnamese bride received a lavish dowry of 100 civet cats, valued at $70,000, plus gold, cash, and real estate. In a unique and extravagant gesture, a bride in Vietnam was gifted an unusual dowry by her parents: 100 civet cats. These animals play a key role in producing Kopi Luwak, one of the priciest and most exclusive coffees globally, making the dowry both bizarre and lavish. As reported by the South China Morning Post (SCMP), the 22-year-old bride, whose identity remains undisclosed, was presented with an extravagant dowry that included not only 100 civet cats but also gold bars, large sums of cash, company shares, and several high-value real estate properties. The 100 female civet cats alone are valued at approximately $70,000, the publication added. Alongside the animals, the bride's lavish dowry also featured 25 gold bars, $20,000 in cash, company shares worth around $11,500, seven properties, and various other assets. In response, the groom's family presented a bride price consisting of 10 gold bars, $7,600 in cash, and a collection of diamond jewellery. Speaking to the SCMP, the bride's father shared that his intention behind the unusual dowry was to provide his daughter with income-generating assets to support her financial independence. 'My daughter graduated from business school and is more than capable of managing these resources," he said. 'Regardless of how it's done, the goal is to ensure her independence," he also stated. He added that it was completely her choice whether to keep and raise the civet cats or sell them. Online reactions to the extravagant dowry were mixed. Many praised the gesture, noting that it stood in stark contrast to more conventional dowry customs in other parts of the world. Supporters applauded the forward-thinking approach of giving business-oriented assets, arguing that empowering a daughter to manage her enterprise is far more valuable than simply giving her cash. Not everyone shared the enthusiasm. Critics raised ethical concerns about the use of wildlife, pointing out the potential for animal exploitation. They urged greater consideration of the moral implications of involving animals in both commerce and marital traditions. In Vietnam, civet cats are seen as valuable assets, with a single female typically priced around $700, and pregnant ones commanding over $1,000. These animals are essential to the production of Kopi Luwak, a premium coffee made using beans that have been eaten, digested, and excreted by civets before being collected, cleaned, and roasted. Apart from their role in coffee production, civets are also prized for their meat, considered a luxury delicacy in both China and Vietnam. Additionally, they are used in traditional Chinese medicine, further contributing to their high market value.
