Latest news with #AnmolChoubey
The Star
3 days ago
- Climate
- The Star
Erin re-intensifies into category 4 hurricane
(Reuters) -Hurricane Erin has re-intensified into a category 4 storm on Sunday after completing an eyewall replacement cycle, with the U.S. National Hurricane Center warning of life-threatening surf and rip currents along the U.S. eastern seaboard this week. The hurricane was about 965 miles (1,555 km) south-southeast of Cape Hatteras, North Carolina, packing maximum sustained winds of 130 mph (215 kph). "Some additional strengthening is expected over the next 12 hours followed by gradual weakening," NHC said. (Reporting by Anmol Choubey in Bengaluru; Editing by Christian Schmollinger)
Yahoo
6 days ago
- Business
- Yahoo
Gold heads for weekly decline as US inflation data dims Fed rate cut hopes
By Anmol Choubey (Reuters) - Gold prices edged higher on Friday, buoyed by a weaker dollar, but were poised for a weekly decline after hotter-than-expected U.S. inflation data dampened prospects for a super-sized September rate cut by the Federal Reserve. Spot gold rose 0.3% to $3,345.21 per ounce as of 0757 GMT. Bullion has lost 1.5% for the week. U.S. gold futures for December delivery gained 0.3% to $3,391.70. The U.S. dollar index fell 0.3%, making gold less expensive for other currency holders. [USD/] "In the short term, gold has a heightened inverse relationship to moves in the U.S. dollar, which in turn is being whipsawed by economic data and fast news on both tariffs and Ukraine," independent analyst Ross Norman said. U.S. producer prices increased by the most in three years in July amid a surge in the costs of goods and services, signaling a broader inflation uptick, data showed on Thursday. Weekly jobless claims also came in lower than expected, at 224,000 compared to forecasts of 228,000. The economic data shifted expectations for a Fed rate cut, with investors now anticipating easing in October rather than September. Non-yielding gold typically performs well in low-interest-rate environments. Consumer price index data earlier this week showed only a marginal increase in July, briefly boosting hopes for large-size rate cut by the Fed. "We have seen in the past that gold price corrections get smaller and smaller, suggesting that some buyers, who missed out in the past, use these price setbacks as a way to gain exposure to the yellow metal," said UBS commodity analyst Giovanni Staunovo. Physical gold demand in India improved slightly this week as a price pullback lifted buying interest among consumers, while activity in other top Asian hubs remained lacklustre. [GOL/AS] On the geopolitical front, investors are awaiting the outcome of U.S. President Donald Trump and Russian President Vladimir Putin's meeting in Alaska later in the day. Elsewhere, spot silver gained 0.1% to $38.02 per ounce, platinum rose 0.5% to $1,363.90, and palladium lost 0.2% to $1,143.25. Sign in to access your portfolio
Yahoo
08-08-2025
- Business
- Yahoo
Gold futures hit record high after report of US tariffs on gold bars
By Anmol Choubey (Reuters) -Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. Spot gold was down 0.3% at $3,386.30 per ounce, as of 0305 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up 0.7% so far this week. U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10. The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of 1-kg gold bars, citing a letter from Customs and Border Protection. The letter, dated July 31, said 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world's largest gold refining hub. The tariffs on gold bars "will create a dislocation or rather some issues in terms of settlement by big banks" and this was reflected in liquidity prices this morning, with prices jumping everywhere, said Brian Lan, managing director at GoldSilver Central, Singapore. U.S. President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. Gold is often used as a safe store of value during times of political and financial uncertainty. Additionally, weaker U.S. payroll data last week bolstered expectations for a Federal Reserve interest rate cut, with CME Group's FedWatch Tool indicating a 91% probability of a 25-basis-point reduction next month. Elsewhere, spot silver fell 0.6% to $38.09 per ounce, platinum rose 0.7% to $1,343.61 and palladium dropped 0.8% to $1,142. 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
02-08-2025
- Business
- Yahoo
Gold demand in key Asian hubs improves amid price correction
By Rajendra Jadhav and Anmol Choubey (Reuters) -Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious. Spot gold hit its lowest level in a month on Wednesday and was headed for third consecutive weekly loss. [GOL/] Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation "This week, footfall was better than last week. Buyers were inquiring about price trends and making small purchases," said a Pune-based jeweller. Domestic gold prices were trading around 97,700 rupees per 10 grams on Friday after rising to 100,555 rupees last week. Discounts offered by Indian dealers narrowed to as much as $7 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to up to $15 last week. Jewellers were keen to make purchases to replenish inventory after a correction in overseas prices, but a significant drop in the rupee offset the impact of the price fall to an extent, said a Mumbai-based bullion dealer with a private bank. India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, the World Gold Council said on Thursday. In China, dealers quoted gold in a wide range, between a discount of $4.2 and a premium of $12 per ounce above international rates. "China appears to slightly buy the dip in gold... trading volume for the physical proxy contract AU9999 on the Shanghai Gold Exchange has been on the rise (11 tons traded yesterday), reflecting a renewed interest in the metal," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong gold was sold at par to a $1.50 premium, while Singapore prices ranged from par to a $1.40 premium. In Japan, bullion was sold at par to a premium of $0.60. "There was lots of demand to buy if the price dropped even slightly. Regardless of the Japan-U.S. trade deal, gold is being purchased as an asset class amid low interest rates," a Japan-based trader said. 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
01-08-2025
- Business
- Yahoo
Gold demand in key Asian hubs improves amid price correction
By Rajendra Jadhav and Anmol Choubey (Reuters) -Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious. Spot gold hit its lowest level in a month on Wednesday and was headed for third consecutive weekly loss. [GOL/] "This week, footfall was better than last week. Buyers were inquiring about price trends and making small purchases," said a Pune-based jeweller. Domestic gold prices were trading around 97,700 rupees per 10 grams on Friday after rising to 100,555 rupees last week. Discounts offered by Indian dealers narrowed to as much as $7 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to up to $15 last week. Jewellers were keen to make purchases to replenish inventory after a correction in overseas prices, but a significant drop in the rupee offset the impact of the price fall to an extent, said a Mumbai-based bullion dealer with a private bank. India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, the World Gold Council said on Thursday. In China, dealers quoted gold in a wide range, between a discount of $4.2 and a premium of $12 per ounce above international rates. "China appears to slightly buy the dip in gold... trading volume for the physical proxy contract AU9999 on the Shanghai Gold Exchange has been on the rise (11 tons traded yesterday), reflecting a renewed interest in the metal," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong gold was sold at par to a $1.50 premium, while Singapore prices ranged from par to a $1.40 premium. In Japan, bullion was sold at par to a premium of $0.60. "There was lots of demand to buy if the price dropped even slightly. Regardless of the Japan-U.S. trade deal, gold is being purchased as an asset class amid low interest rates," a Japan-based trader said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
