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The Star
26-05-2025
- Business
- The Star
Gold retreats from 2-week peak as Trump extends EU tariff deadline
Gold prices slipped from a two-week high on Monday after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.6% at $3,337.64 an ounce, as of 0659 GMT. U.S. gold futures fell nearly 1% to $3,336.50. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and U.S. assets, Rodda said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver was steady at $33.46 an ounce, platinum fell 0.4% to $1,090.33 and palladium gained 0.4% to $996.95. - Reuters
Business Recorder
26-05-2025
- Business
- Business Recorder
Gold edges lower as Trump extends EU tariff deadline
Gold prices eased on Monday after US President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.55 an ounce, as of 0522 GMT. US gold futures fell 0.6% to $3,345.80. 'There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken,' said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and US assets, Rodda said, adding that most of the central banks were moving away from the dollar to gold. Gold prices surge Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to 'reach a good deal.' Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver rose 0.1% to $33.52 an ounce, platinum edged 0.1% lower to $1,093.13 and palladium gained 0.8% to $1,000.49.
New Straits Times
26-05-2025
- Business
- New Straits Times
Gold edges lower as Trump extends EU tariff deadline
KUALA LUMPUR: Gold prices eased on Monday after US President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50 per cent tariff from June 1. Spot gold was down 0.3 per cent at US$3,346.59 an ounce, as of 0312 GMT. US gold futures fell 0.6 per cent to US$3,345.70. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and US assets, he said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50 per cent tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2 per cent to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50 per cent tariffs on European Union imports from June 1 and said he was considering a 25 per cent tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15 per cent to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver was steady at US$33.46 an ounce, platinum edged 0.2 per cent lower to US$1,093 and palladium gained 0.7 per cent to US$999.90.
CNBC
26-05-2025
- Business
- CNBC
Gold edges lower as Trump extends EU tariff deadline
Gold prices eased on Monday after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.59 an ounce, as of 0312 GMT. U.S. gold futures fell 0.6% to $3,345.70. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and U.S. assets, he said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver was steady at $33.46 an ounce, platinum edged 0.2% lower to $1,093 and palladium gained 0.7% to $999.90.
CNBC
20-05-2025
- Business
- CNBC
Gold eases as Russia-Ukraine ceasefire optimism curbs safe-haven demand
Gold prices eased on Tuesday, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened investor demand for safe-haven assets. Spot gold was down 0.4% at $3,215.31 an ounce, as of 0210 GMT. U.S. gold futures slipped 0.5% to $3,218.40. The dollar slightly recovered after touching a more than one-week low in the prior session, making greenback-priced gold less appealing to holders of other currencies. "We are seeing the knee-jerk response to the U.S. credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," financial market analyst Kyle Rodda said. U.S. President Donald Trump spoke with President Vladimir Putin on Monday and said Russia and Ukraine will immediately start negotiations toward a ceasefire. "We are seeing buyers emerge on dips below $3,200. However, I think we are due a bigger pullback, especially if there's further easing in geopolitical risks and we see upward pressure on yields building from U.S. fiscal policy." Rodda added. Gold, which is considered a safe asset amid geopolitical and economic uncertainties, has hit multiple record highs this year and is up about 23% so far this year. U.S. Federal Reserve officials on Monday took on cautiously the ramifications of the latest downgrade of the U.S. government's credit rating and unsettled market conditions as they continued to navigate a very uncertain economic environment. Moody's cut the United States' rating to "Aa1" from "Aaa" on Friday, citing rising debt and interest "that are significantly higher than similarly rated sovereigns". Several Fed officials are scheduled to speak later in the day, potentially providing further insights into the economy and the central bank's policy path. Markets are now pricing in at least 53 basis points of rate cuts this year, with the first reduction expected to begin in October. Spot silver fell 0.3% to $32.25 an ounce, platinum rose 0.3% to $1,000.71 and palladium lost 0.1% to $973.74.
