Latest news with #AnmolChoubey
Mint
2 days ago
- Business
- Mint
India gold demand lags as prices rise, wedding buying cools
By Rajendra Jadhav and Anmol Choubey (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50. (Reporting by Anmol Choubey in Bengaluru and Rajendra Jadhav in Mumbai; additional reporting by Brijesh Patel; Editing by Eileen Soreng)
Yahoo
2 days ago
- Business
- Yahoo
India gold demand lags as prices rise, wedding buying cools
By Rajendra Jadhav and Anmol Choubey (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
Yahoo
2 days ago
- Business
- Yahoo
Gold slips as dollar ticks higher, US inflation report in focus
By Anmol Choubey (Reuters) - Gold prices fell on Friday amid a slight uptick in dollar, while investors awaited a key U.S. inflation report that may provide further insight into the Federal Reserve's policy trajectory. Spot gold was down 0.5% at $3,300.59 an ounce, as of 0313 GMT. Bullion is down 1.7% so far this week. U.S. gold futures fell 0.5% to $3,298.30. The dollar index rose 0.2%, making gold more expensive for overseas buyers. "Gold prices are more or less consolidating at this point of time... what we see is that these are normal market occurrences just at the range now is slightly wider mainly due to the confidence in the U.S. dollar," said Brian Lan, managing director at GoldSilver Central, Singapore. Investors are awaiting the April U.S. personal consumption expenditures (PCE) price index report, the Fed's preferred inflation measure, which is due at 1230 GMT. According to a Reuters poll, the U.S. PCE is expected to remain at 0.1% month-on-month, while the year-on-year figure is anticipated to be at 2.2%. San Francisco Fed President Mary Daly said on Thursday that policymakers could still reduce interest rates twice this year, but rates should remain steady for now to ensure inflation is on track to reach the central bank's 2% goal. Non-yielding bullion tends to benefit in low-interest-rate environments. Meanwhile, a federal appeals court temporarily reinstated President Donald Trump's most extensive tariffs on Thursday, following a U.S. trade court's ruling on Wednesday that Trump had overstepped his authority by imposing these duties and subsequently ordered an immediate halt. U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of Trump and Chinese President Xi Jinping, U.S. Treasury Secretary Scott Bessent said on Thursday. Spot silver fell 0.8% to $33.07 an ounce, platinum was steady at $1,081.93 and palladium dropped 0.3% to $970.43. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Gold hits over one-week low after US court blocks Trump's tariffs
By Anmol Choubey (Reuters) - Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs, dampening the metal's safe-haven allure, while a robust dollar further pressured the bullion. Spot gold was down 0.7% at $3,268 an ounce, as of 0242 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.1% to $3,265. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. "This was obviously the most important news driver and looking at the broad, dollar sort of rallied on that and obviously helped push gold lower," said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. [MKTS/GLOB][USD/] Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.4% to $33.12 an ounce, platinum was steady at $1,075.50 and palladium edged 0.9% higher to $971.30.
Yahoo
3 days ago
- Business
- Yahoo
Gold hits over one-week low after US court blocks Trump's tariffs
By Anmol Choubey (Reuters) - Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs, dampening the metal's safe-haven allure, while a robust dollar further pressured the bullion. Spot gold was down 0.7% at $3,268 an ounce, as of 0242 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.1% to $3,265. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. "This was obviously the most important news driver and looking at the broad, dollar sort of rallied on that and obviously helped push gold lower," said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. [MKTS/GLOB][USD/] Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.4% to $33.12 an ounce, platinum was steady at $1,075.50 and palladium edged 0.9% higher to $971.30.
