Latest news with #BrianLan
Shafaq News
3 days ago
- Business
- Shafaq News
Gold heads for weekly loss as dollar ticks higher, US inflation report in focus
Shafaq News/ Gold prices fell on Friday and were headed for weekly loss 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 0.4% at $3,303.51 an ounce, as of 0601 GMT. Bullion is down 1.6% so far this week. U.S. gold futures fell 0.5% to $3,300.70. The dollar index (.DXY), opens new tab rose 0.2%, making gold more expensive for overseas buyers. 'Gold prices are more or less consolidating at this point of time,' said Brian Lan, managing director at GoldSilver Central, Singapore. '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.' The U.S. personal consumption expenditures (PCE) report, the Fed's preferred inflation measure, is due at 1230 GMT and is likely to show that inflation rose 2.2% in April, according to economists polled by Reuters, compared with a 2.3% increase in March. San Francisco Fed President Mary Daly said on Thursday that policymakers could still reduce 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. Physical gold demand in India was subdued this week, as an uptick in domestic prices and the wedding season winding up kept buyers at bay, while premiums slipped in top consumer China. Spot silver fell 0.7% to $33.1 an ounce, platinum was down 0.6% to $1,076.33 and palladium dropped 0.5% to $968.79.
CNBC
3 days ago
- Business
- CNBC
Gold slips as dollar ticks higher, US inflation report in focus
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.
Zawya
3 days ago
- Business
- Zawya
Gold slips as dollar ticks higher, US inflation report in focus
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.
Emirates 24/7
3 days ago
- Business
- Emirates 24/7
Gold slips as dollar ticks higher, US inflation report in focus
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. Follow Emirates 24|7 on Google News.
Reuters
3 days ago
- Business
- Reuters
Gold slips as dollar ticks higher, US inflation report in focus
May 30 (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 (.DXY), opens new tab 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.
