Latest news with #AnushreeMukherjee
Yahoo
6 days ago
- Business
- Yahoo
Gold rises for fourth session as US jobs data lifts Fed rate cut bets
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold nudged higher for a fourth session on Tuesday, supported by a softer dollar and lower Treasury yields as weaker-than-expected U.S. jobs data strengthened expectations of a rate cut in September. Spot gold was up 0.1% at $3,375.89 per ounce as of 0239 GMT. U.S. gold futures also gained 0.1% to $3,430.40. The dollar index hovered near a one-week low, making gold more affordable to holders of other currencies. [USD/] The yield on the benchmark 10-year Treasury note dropped to a one-month low. [USD/] [US/] "Short-term momentum has improved for the bullish side of the narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September," OANDA senior market analyst Kelvin Wong said. U.S. employment growth was softer than expected in July, while non-farm payroll figures for May and June were revised down by a massive 258,000 jobs, suggesting a deterioration in labor market conditions. Traders now see a 92% chance of a September rate cut, per the CME FedWatch tool. San Francisco Fed Bank President Mary Daly said on Monday that given mounting evidence that the U.S. job market is softening and that there is no sign of persistent tariff-driven inflation, the time is nearing for rate cuts. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. On the trade front, President Donald Trump once again threatened on Monday to raise tariffs on Indian goods over its Russian oil purchases. New Delhi called his remarks "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Still, gold faces some technical resistance. "I still do not see traders pushing up aggressively above the $3,450 level. Unless we have a very clear catalyst for gold price to actually pick up this level" OANDA's Wong said. Elsewhere, spot silver rose 0.1% to $37.44 per ounce, platinum gained 0.1% to $1,330.31 and palladium was up 0.2% to $1,204.25. 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
04-08-2025
- Business
- Yahoo
Gold succumbs to profit-taking after US jobs data-fuelled rally
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold prices slipped on Monday as investors booked profits after a sharp rise in the previous session following weaker-than-expected U.S. jobs data that boosted expectations for a Federal Reserve interest rate cut in September. Spot gold lost 0.3% to $3,354.17 per ounce as of 0229 GMT. Bullion had risen more than 2% on Friday. However, U.S. gold futures gained 0.2% to $3,407.10. "Gold has made a conservative start to the week following Friday's price jump. A combination of profit taking and dollar stabilisation has caused gold to ease marginally to kick-off the week," KCM Trade Chief Market Analyst Tim Waterer said. Asian markets tracked Wall Street lower as fears for the U.S. economy returned with a vengeance, prompting investors to price in an almost certain rate cut in September and undermining the dollar. [MKTS/GLOB] Last week, U.S. job growth slowed more than expected in July, with nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, the Labor Department's Bureau of Labor Statistics said. This revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool. The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said in comments aired on Sunday. "But with Trump on the tariff warpath once again, and the soft U.S. jobs report increasing the odds that we could see a September FOMC rate cut, any pullbacks in the precious metal could be of a shallow nature," Waterer added. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Spot silver fell 0.6% to $36.80 per ounce, platinum slipped 0.6% to $1,307.02 and palladium eased 0.9% to $1,197.76. 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
Yahoo
04-08-2025
- Business
- Yahoo
Gold succumbs to profit-taking after US jobs data-fuelled rally
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold prices slipped on Monday as investors booked profits after a sharp rise in the previous session following weaker-than-expected U.S. jobs data that boosted expectations for a Federal Reserve interest rate cut in September. Spot gold lost 0.3% to $3,354.17 per ounce as of 0229 GMT. Bullion had risen more than 2% on Friday. However, U.S. gold futures gained 0.2% to $3,407.10. "Gold has made a conservative start to the week following Friday's price jump. A combination of profit taking and dollar stabilisation has caused gold to ease marginally to kick-off the week," KCM Trade Chief Market Analyst Tim Waterer said. Asian markets tracked Wall Street lower as fears for the U.S. economy returned with a vengeance, prompting investors to price in an almost certain rate cut in September and undermining the dollar. [MKTS/GLOB] Last week, U.S. job growth slowed more than expected in July, with nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, the Labor Department's Bureau of Labor Statistics said. This revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool. The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said in comments aired on Sunday. "But with Trump on the tariff warpath once again, and the soft U.S. jobs report increasing the odds that we could see a September FOMC rate cut, any pullbacks in the precious metal could be of a shallow nature," Waterer added. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Spot silver fell 0.6% to $36.80 per ounce, platinum slipped 0.6% to $1,307.02 and palladium eased 0.9% to $1,197.76.
Yahoo
31-07-2025
- Business
- Yahoo
Tariff uncertainty and rising OPEC+ supply weigh on oil prices- Reuters poll
By Anushree Mukherjee (Reuters) -Analysts are keeping their oil price forecasts mostly unchanged for 2025, as a rise in OPEC+ output and ongoing U.S. tariff uncertainty weigh on the market, a Reuters poll showed on Thursday. The continued risk of supply disruption from war in Ukraine and the Middle East is providing some support, the analysts said. A poll of 37 analysts and economists surveyed by Reuters in the last two weeks forecast that Brent crude would average $67.84 per barrel in 2025, and that U.S. crude would hover at $64.61, largely in line with last month's estimates of $67.86 and $64.51. Prices are expected to drift down next year, with Brent at $62.98 in the second quarter of 2026, the poll found. Prices have averaged roughly $70.60 and $67.46 so far this year for Brent and WTI respectively, according to LSEG data. Investors' attention is focused on ongoing U.S. trade negotiations and an August 1 tariff deadline. The market anticipates new tariffs from the administration of U.S. President Donald Trump could dampen global growth and in turn, oil demand. "Uncertainty surrounding President Trump's tariff plans affect markets and the demand side. The other side of the coin is the rising supply given by OPEC+ alliance. So the mismatch between supply and demand remains," said Thomas Wybierek, analyst at NORD/LB. Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies, including Russia, began to raise output in April, most recently agreeing to raise production by 548,000 barrels per day in August. The eight countries will hold a separate meeting on August 3 and are likely to agree to a further 548,000 bpd increase for September, sources told Reuters. The analysts polled by Reuters expect global oil demand to grow by an average of over 797,000 bpd in 2025, compared to the International Energy Agency's estimation of 700,000 bpd. However, most analysts noted that oil demand could weaken in the fourth quarter of 2025 due to a seasonal slowdown and economic uncertainty, at the same time as OPEC+ is expected to pump more into the market, potentially leading to oversupply. "We expect prices to see a decrease in the second half of 2025, driven by both slower demand growth and rising supply," said Moutaz Altaghlibi, senior energy economist at ABN AMRO. Poll participants also highlighted that the geopolitical risk premium linked to the Russia-Ukraine war and Middle East tensions is likely to persist through 2025. "Geopolitical factors will continue to support oil prices on the margin, helping to keep Brent in the upper $60s rather than the low $60s as we head into 2026," said Cyrus De La Rubia, chief economist at Hamburg Commercial Bank.
Yahoo
31-07-2025
- Business
- Yahoo
Tariff uncertainty and rising OPEC+ supply weigh on oil prices- Reuters poll
By Anushree Mukherjee (Reuters) -Analysts are keeping their oil price forecasts mostly unchanged for 2025, as a rise in OPEC+ output and ongoing U.S. tariff uncertainty weigh on the market, a Reuters poll showed on Thursday. The continued risk of supply disruption from war in Ukraine and the Middle East is providing some support, the analysts said. A poll of 37 analysts and economists surveyed by Reuters in the last two weeks forecast that Brent crude would average $67.84 per barrel in 2025, and that U.S. crude would hover at $64.61, largely in line with last month's estimates of $67.86 and $64.51. Prices are expected to drift down next year, with Brent at $62.98 in the second quarter of 2026, the poll found. Prices have averaged roughly $70.60 and $67.46 so far this year for Brent and WTI respectively, according to LSEG data. Investors' attention is focused on ongoing U.S. trade negotiations and an August 1 tariff deadline. The market anticipates new tariffs from the administration of U.S. President Donald Trump could dampen global growth and in turn, oil demand. "Uncertainty surrounding President Trump's tariff plans affect markets and the demand side. The other side of the coin is the rising supply given by OPEC+ alliance. So the mismatch between supply and demand remains," said Thomas Wybierek, analyst at NORD/LB. Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies, including Russia, began to raise output in April, most recently agreeing to raise production by 548,000 barrels per day in August. The eight countries will hold a separate meeting on August 3 and are likely to agree to a further 548,000 bpd increase for September, sources told Reuters. The analysts polled by Reuters expect global oil demand to grow by an average of over 797,000 bpd in 2025, compared to the International Energy Agency's estimation of 700,000 bpd. However, most analysts noted that oil demand could weaken in the fourth quarter of 2025 due to a seasonal slowdown and economic uncertainty, at the same time as OPEC+ is expected to pump more into the market, potentially leading to oversupply. "We expect prices to see a decrease in the second half of 2025, driven by both slower demand growth and rising supply," said Moutaz Altaghlibi, senior energy economist at ABN AMRO. Poll participants also highlighted that the geopolitical risk premium linked to the Russia-Ukraine war and Middle East tensions is likely to persist through 2025. "Geopolitical factors will continue to support oil prices on the margin, helping to keep Brent in the upper $60s rather than the low $60s as we head into 2026," said Cyrus De La Rubia, chief economist at Hamburg Commercial Bank. 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
