Latest news with #BobHaberkorn
Asharq Al-Awsat
4 days ago
- Business
- Asharq Al-Awsat
Gold Eases on Firmer Dollar, Solid US Data
Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust US economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59. US gold futures settled 0.4% lower at $3,345.3. Following the latest US data, "there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures, Reuters reported. The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders. US jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the US Commerce Secretary on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the US via Swiss refineries, Swiss customs data showed on Thursday. Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13.
Yahoo
4 days ago
- Business
- Yahoo
Gold eases on firmer dollar, solid US data
By Sarah Qureshi (Reuters) - Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust U.S. economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59. U.S. gold futures settled 0.4% lower at $3,345.3. Following the latest U.S. data, "there was a bit of rise in the dollar and U.S. Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders. [USD/] U.S. jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the U.S. Commerce Secretary on U.S. tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the U.S. via Swiss refineries, Swiss customs data showed on Thursday. Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13. 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
Business Recorder
5 days ago
- Business
- Business Recorder
Gold extends decline after solid US economic data
NEW YORK: Gold prices extended declines and fell nearly 1% on Thursday after upbeat US economic data aided the Federal Reserve's cautious stance on resuming monetary easing this year. Spot gold fell 0.9% to $3,315.15 per ounce, by 0936 a.m. EDT (1336 GMT) after hitting a session low of $3,309.59. US gold futures fell 1.2% to $3,320.80. Following the latest US data, 'there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market,' said Bob Haberkorn, senior market strategist at RJO Futures. But, strong central bank demand, ongoing geopolitical tensions, and tariff risks could keep gold prices elevated, he added. The dollar gained 0.3%, making greenback-priced gold more expensive for foreign currency holders. Data showed that the number of Americans filing new applications for jobless benefits fell last week, pointing to steady job growth in July. While, US retail sales rebounded more than expected in June, recording an increase of 0.6% last month after an unrevised 0.9% drop in May, but some of the increase likely reflected higher prices for some goods exposed to tariffs. Meanwhile, the Fed should not cut interest rates 'for some time' as the impact of Trump administration tariffs begins to pass through to consumer prices, Fed Governor Adriana Kugler said. Gold is known as a hedge against uncertainty and inflation, but higher rates dim its appeal as it yields no interest. On the trade front, Japan's top trade negotiator Ryosei Akazawa held talks with US Commerce Secretary Howard Lutnick on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. Palladium added 0.1% to $1,232.02, after reaching its highest level since October 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver fell 0.8% to $37.64 per ounce and platinum lost 0.6% to $1,408.30.
Time of India
5 days ago
- Business
- Time of India
Gold price falls big. Check why is gold rate down
Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust U.S. economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.3 per cent to $3,337.43 per ounce after hitting a session low of $3,309.59. U.S. gold futures settled 0.4 per cent lower at $3,345.3. The US dollar gained 0.3 per cent, making the greenback-priced gold more expensive for foreign currency holders. Why is Gold Price Down? Explore courses from Top Institutes in Select a Course Category MBA Product Management Data Analytics Design Thinking Leadership Data Science CXO Technology PGDM Others Digital Marketing Finance Operations Management Project Management Management Public Policy Data Science Cybersecurity Healthcare Artificial Intelligence others MCA healthcare Degree Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Following the latest U.S. data, "there was a bit of rise in the dollar and U.S. Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sleep Apnea Ruined My Life – Then I Found This Simple Trick Health Insight Undo U.S. jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6 per cent last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. Live Events Will Gold Rate Go Up? On the trade front, Japan's top trade negotiator held talks with the U.S. Commerce Secretary on U.S. tariffs, as Tokyo races to avert a 25 per cent levy that will be imposed unless a deal is clinched by an August 1 deadline. If President Donald Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking- its record highs again, said Fawad Razaq, market analyst at City Index and Meanwhile, gold exports from Switzerland jumped 44 per cent month-on-month in June as bullion flew back to the vaults in the United Kingdom from the U.S. via Swiss refineries, Swiss customs data showed on Thursday. Palladium was up 3.8 per cent at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.3 per cent to $38.07 per ounce and platinum gained 3.1 per cent to $1,460.13. FAQs Q1. What are Palladium prices? A1. Palladium was up 3.8 per cent at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Q2. What are current gold prices? A2. Spot gold fell 0.3 per cent to $3,337.43 per ounce after hitting a session low of $3,309.59. U.S. gold futures settled 0.4 per cent lower at $3,345.3.
Reuters
5 days ago
- Business
- Reuters
Gold eases on firmer dollar, solid US data
July 17 (Reuters) - Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust U.S. economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.2% to $3,338.78 per ounce, by 1231 p.m. EDT (1631 GMT) after hitting a session low of $3,309.59. U.S. gold futures fell 0.4% to $3,344.20. Following the latest U.S. data, "there was a bit of rise in the dollar and U.S. Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar gained 0.2%, making the greenback-priced gold more expensive for foreign currency holders. U.S. jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the U.S. Commerce Secretary on U.S. tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking-its record highs again," said Fawad Razaq, market analyst at City Index and Palladium rose 2.8% to $1,265.76, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.2% to $38.01 per ounce, while platinum lost 1% to $1,432.50.
