Latest news with #AlexanderZumpfe
International Business Times
2 days ago
- Business
- International Business Times
Gold Edges Higher as Rate Cut Hopes Grow; Silver Hits 13-Year Peak on Industrial Demand
Gold offered a glimmer of hope for many investors who kept an eye on the tumultuous markets this week. Amid mounting jobless claims and softer labor data in the U.S., expectations for a Federal Reserve interest rate were reinforced. That helped gold recover a bit of lost ground and lay the foundation for a weekly gain even as uncertainty of a more general sort continued to roil world financial markets. Spot gold was up 0.2% to $3,359.26 an ounce on Friday at 11:51 GMT. For the week, bullion rose 2.1%, as lackluster economic data weighed on the dollar and fueled talk of interest-rate cuts. U.S. gold futures also rose 0.2% to $3,382.70. Investors were responding to a report from the Labor Department on Thursday that said unemployment claims had surged to a seven-month high. Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, said the labor market signals outweighed President Donald Trump's recent phone call with Chinese President Xi Jinping in impacting gold. The leaders talked about trade and the supply chains for critical minerals, but the effect on investor sentiment was limited. The next big market driver is the U.S. non-farm payrolls release later Friday. Analysts anticipate the addition of about 130,000 jobs in May, with the unemployment rate expected to remain 4.2%. Markets are, in turn, likely to rely more upon the notion that the Federal Reserve may not wait as long as it once did to deliver rate cuts if the numbers disappoint. Gold, which is popular as a safe store of wealth during times of economic and political turmoil, typically rises when interest rates are low. The decline in yields makes non-yielding assets like gold more attractive. In the meantime, it has been Silver's time to shine this week. While it fell 0.1% on Friday to $36.11 an ounce, it earlier hit its most in more than 13 years. Analysts point to strong industrial demand and tight supply as driving the rally. Platinum rose too, gaining 2.4% to $1,157.11 — its highest level since March 2022. Palladium rose 1.5 percent to $1,020.75. Short-term gold potential is safely on hold, but investors are starting to look at undervalued metals.
USA Today
11-04-2025
- Business
- USA Today
Gold surges past $3,200 to new record high as economic recession looms
Gold surges past $3,200 to new record high as economic recession looms Show Caption Hide Caption Everything you need to know about a recession Economic downturns and falling stock markets can bring hardship and fear. Here's what you should — and shouldn't — do when a slump looms. The Republic Safe-haven gold gained nearly 2% and surpassed the $3,200 mark on Friday, spurred by a weaker dollar and recession concerns over the intensifying trade war between U.S. and China. Spot gold XAU= was up 1.4% to $3,217.15 an ounce at 1211 GMT, after hitting a record high of $3,237.56 earlier in the session. Bullion is up nearly 6% so far this week. U.S. gold futures GCcv1 climbed 1.8% to $3,234.90. "Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold's role as a crisis hedge and inflation shield," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. Tariff turmoil hits home: The stock market's reeling. What should nearly retired and early retirees do? Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to upend global supply chains. Global stocks fell and the dollar tumbled .DXY. A lower dollar makes greenback-priced bullion cheaper for overseas buyers. USD/MKTS/GLOB Spot gold has continued its blazing rally from the last year, hitting multiple record highs and gaining nearly 21% so far this year driven by uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds. GOL/ETF "We believe gold has further to run - in the upside case, we target USD 3,400-3,500/oz over the months ahead," said UBS analyst Giovanni Staunovo. Data on Thursday showed U.S. consumer prices unexpectedly fell in March. Focus was also on the U.S. producer price data due at 1230 GMT for insights into the Federal Reserve's monetary policy trajectory. Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025. Spot silver XAG= gained 0.9% to $31.46 an ounce, while platinum XPT= shed 0.4% to $934.60. Palladium XPD= jumped 1.6% to $922.68. Reporting by Anmol Choubey in Bengaluru; Editing by Ros Russell, Alison Williams and David Evans
Zawya
11-04-2025
- Business
- Zawya
Gold surges past $3,200 as economic concerns reignite record rally
Safe-haven gold gained nearly 2% and surpassed the $3,200 mark on Friday, spurred by a weaker dollar and recession concerns over the intensifying trade war between U.S. and China. Spot gold was up 1.4% to $3,217.15 an ounce at 1211 GMT, after hitting a record high of $3,237.56 earlier in the session. Bullion is up nearly 6% so far this week. U.S. gold futures climbed 1.8% to $3,234.90. "Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold's role as a crisis hedge and inflation shield," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to upend global supply chains. Global stocks fell and the dollar tumbled. A lower dollar makes greenback-priced bullion cheaper for overseas buyers. Spot gold has continued its blazing rally from the last year, hitting multiple record highs and gaining nearly 21% so far this year driven by uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds. "We believe gold has further to run - in the upside case, we target USD 3,400-3,500/oz over the months ahead," said UBS analyst Giovanni Staunovo. Data on Thursday showed U.S. consumer prices unexpectedly fell in March. Focus was also on the U.S. producer price data due at 1230 GMT for insights into the Federal Reserve's monetary policy trajectory. Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025. Spot silver gained 0.9% to $31.46 an ounce, while platinum shed 0.4% to $934.60. Palladium jumped 1.6% to $922.68.
