Latest news with #ConsumptionExpenditures
Business Recorder
2 days ago
- Business
- Business Recorder
Gold rebounds on dip-buying, focus turns to US PCE data
NEW YORK: Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a US trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key US inflation data later this week. Spot gold was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20. US gold futures were steady at $3,294.60. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on US trade partners. The White House swiftly appealed the decision and signaled it may take the case to the Supreme Court if necessary. 'There is an element of dip buying... along with ongoing economic uncertainty, especially around US debt and global trade tensions, which continues to support a positive outlook for gold despite recent developments,' said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. The United States has ordered a broad swathe of companies to stop shipping goods to China without a license and revoked licenses already granted to certain suppliers, said three people familiar with the matter. 'This morning's recovery is also linked to the weakening of the US dollar,' Evangelista added. Gold, considered a safe asset amid geopolitical and economic uncertainties, has hit multiple record highs this year. Meanwhile, Fed officials at their May 6–7 meeting acknowledged possible 'difficult tradeoffs' ahead, with rising inflation and unemployment, and warned about growing recession risks, according to meeting minutes. Markets now await US GDP data due later in the day, along with core US Personal Consumption Expenditures figures on Friday, for further cues on the Fed's policy path. 'Geopolitical tensions are likely to be complicated by President Trump's trade and foreign policies in 2025, driving haven demand for gold.' ANZ said in a note. Spot silver rose 1.2% to $33.37 an ounce, platinum was unchanged at $1,074.77 and palladium firmed 0.8% to $969.45.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold rises as investors buy on dip
NEW YORK: Gold prices rose on Wednesday, as investors bought on the dip, although gains were capped by easing US-EU trade tensions, with the market now awaiting the upcoming US core Personal Consumption Expenditures report for interest rate clues. Spot gold was up 0.3% at $3,308.99 an ounce, as of 0237 GMT, slightly recovering from a 1% decline in the previous session. US gold futures rose 0.2% to $3,308.30. In the latest move, US President Donald Trump backed down from his 50% tariff threat against the European Union, delaying its implementation until July 9 to allow for negotiations between the White House and the 27-nation bloc. 'Gold's dip below $3300 saw it attracting some buyers. However, the broader market is still feeling generally upbeat now that US-EU trade tensions have eased, which is capping the extent of gold's upside run for now,' said Tim Waterer, chief market analyst, KCM Trade. 'If support in the $3,250-$3,280 region continues to hold, then gold is well-placed for potentially another run towards $3,400 if risk appetite fades.' The market is now awaiting US PCE data for April, due Friday, to assess the Federal Reserve's potential interest rate cut trajectory. Meanwhile, US consumer confidence rebounded in May, ending a five-month slide, supported by a temporary truce in the US-China trade war, according to data. The Fed has kept its policy rate unchanged at 4.25%-4.50% since December, as officials pause for more clarity on the economic and price impact of Trump's tariffs. 'More decisive moves in gold one way or the other may need to wait until we get a read on the Nvidia results and US Core PCE on Friday,' Waterer said. Spot silver was steady at $33.31 an ounce, platinum was up 0.4% at $1,084.07 and palladium fell 0.2% to $976.22.
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Gold Prices in Egypt Slide Amid Dollar Strength; Investors Stay Cautious
Waleed Farouk Gold prices in Egypt's local markets fell Tuesday as global gold prices dropped, pressured by a stronger U.S. dollar and declining demand for safe-haven assets. The price of 21-karat gold dropped by 30 Egyptian pounds to 4,610 EGP per gram compared to Monday's close. The global gold ounce fell by $51 to $3,291. Prices for 24-karat gold stood at 5,269 EGP per gram, 18-karat at 3,952 EGP, and 14-karat at about 3,074 EGP. The gold pound was valued around 36,880 EGP. Monday saw a similar decline, with 21-karat gold falling 40 pounds during the session, while the ounce lost $16. The dip reflects a broader global trend as the dollar gains strength and investors pull back from gold amid optimism over U.S. economic data and a more flexible stance by the U.S. administration on tariffs affecting European trade. Gold, traditionally a safe haven during economic and political uncertainties, faces pressure when the dollar strengthens, as the metal's dollar-denominated price becomes costlier for holders of other currencies. Despite recent losses totaling about 70 pounds over two days, gold remains an important hedge against inflation and market volatility, retaining appeal for Egyptian investors looking to diversify portfolios. Market watchers are eyeing the Federal Reserve's upcoming policy meeting minutes, due Wednesday, for clues on future interest rate moves. Data on the Fed's favored inflation gauge, the core Personal Consumption Expenditures price index, is expected Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
The Star
30-04-2025
- Business
- The Star
U.S. Fed's closely watched inflation measure rises 2.3 pct in March
WASHINGTON, April 30 (Xinhua) -- The Federal Reserve's preferred inflation gauge rose 2.3 percent in March, slowing from a 2.7 percent increase in February, the U.S. Commerce Department reported Wednesday. The PCE (Personal Consumption Expenditures) gauge takes into account how consumers change their behavior in light of higher prices, and is a broader measure of consumer behavior than the consumer price index (CPI). The so-called core PCE price index, which strips out volatile food and energy prices, rose 2.6 percent in March from a year ago, slowing from a 3.0 percent increase in February. The latest data is still above the Fed's inflation target of 2 percent. Despite signs of easing inflation, economists remain concerned about future inflation due to the Trump administration's expansive tariff policies. In mid-April, Federal Reserve Chairman Jerome Powell warned that the administration's tariff hikes are likely to cause a short-term rise in inflation, while supply chain disruptions could lead to more persistent pressure. "The level of the tariff increases announced so far is significantly larger than anticipated. The same is likely to be true of the economic effects, which will include higher inflation and slower growth," Powell told an event hosted by the Economic Club of Chicago. The PCE data was released on the same day when the U.S. Bureau of Economic Analysis (BEA) reported that U.S. gross domestic product (GDP) shrank at an annual rate of 0.3 percent in the first quarter of this year. The Kobeissi Letter, a financial publication, noted that multiple indicators are now showing a recession to the base case expectation in 2025. "Markets fully price-in four 25-basis point interest rate cuts by the end of 2025. Markets think that the Fed will prioritize declining U.S. economic output over a potential rebound in inflation," the Kobeissi Letter said.
