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Business Recorder
an hour 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.
Mint
20 hours ago
- Business
- Mint
Gold steadies as easing US-EU trade tensions cap gains
US core PCE data due on Friday US consumer confidence improved in May (Updates for the Asia mid-day session) May 28 (Reuters) - Gold steadied on Wednesday, as investors bought on the dip, although gains were capped on easing U.S.-EU trade tensions, with the market now awaiting the upcoming U.S. core Personal Consumption Expenditures (PCE) report for interest rate clues. Spot gold was flat at $3,297.19 an ounce, as of 0413 GMT. Bullion fell more than 1% in the previous session. U.S. gold futures were down 0.1% to $3,296. In the latest move, U.S. 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 the U.S.-EU trade tensions have eased, which is capping the extent of gold's upside run for now," said Tim Waterer, chief market analyst at 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 U.S. PCE data for April, due Friday, to assess the Federal Reserve's potential rate cut trajectory. Meanwhile, U.S. consumer confidence rebounded in May, ending a five-month slide, supported by a temporary truce in the U.S.-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 U.S. Core PCE on Friday," Waterer said. Spot silver was steady at $33.28 an ounce, platinum was unchanged at $1,079.72 and palladium fell 0.3% to $975.14. (Reporting by Anmol Choubey and Brijesh Patel in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)
Yahoo
21 hours ago
- Business
- Yahoo
Gold steadies as easing US-EU trade tensions cap gains
By Anmol Choubey (Reuters) - Gold steadied on Wednesday, as investors bought on the dip, although gains were capped on easing U.S.-EU trade tensions, with the market now awaiting the upcoming U.S. core Personal Consumption Expenditures (PCE) report for interest rate clues. Spot gold was flat at $3,297.19 an ounce, as of 0413 GMT. Bullion fell more than 1% in the previous session. U.S. gold futures were down 0.1% to $3,296. In the latest move, U.S. 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 the U.S.-EU trade tensions have eased, which is capping the extent of gold's upside run for now," said Tim Waterer, chief market analyst at 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 U.S. PCE data for April, due Friday, to assess the Federal Reserve's potential rate cut trajectory. Meanwhile, U.S. consumer confidence rebounded in May, ending a five-month slide, supported by a temporary truce in the U.S.-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 U.S. Core PCE on Friday," Waterer said. Spot silver was steady at $33.28 an ounce, platinum was unchanged at $1,079.72 and palladium fell 0.3% to $975.14. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Gold rises as investors buy on dip, eye US economic data for clues
By Anmol Choubey (Reuters) - Gold prices rose on Wednesday, as investors bought on the dip, although gains were capped by easing U.S.-EU trade tensions, with the market now awaiting the upcoming U.S. 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. U.S. gold futures rose 0.2% to $3,308.30. In the latest move, U.S. 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 U.S. PCE data for April, due Friday, to assess the Federal Reserve's potential interest rate cut trajectory. Meanwhile, U.S. consumer confidence rebounded in May, ending a five-month slide, supported by a temporary truce in the U.S.-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 U.S. 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. Sign in to access your portfolio
Business Insider
24-04-2025
- Business
- Business Insider
8 coming days when investors will find out if their worst fears are coming to life
Uncertainty has been the flavor of the month in April on Wall Street. Tariffs of 10% are still in place on most countries, leaving investors wondering about inflation and recession prospects as consumer and business sentiment decline rapidly. President Donald Trump also continues to flip-flop on his most extreme tariff policies almost daily. When will all the guessing go away? Well, it never really does. But over the next few months, investors should start to gain a higher degree of clarity on their biggest fears. Though the list is not exhaustive, here are a few major coming dates to watch out for, when the macro picture should start to become clear. Friday, May 2 This is when the Bureau of Labor Statistics will publish the non-farm payrolls numbers for April. Job gains were higher than expected in March, and another strong print for May could reassure investors that recession fears are overblown. Conversely, a weak print could indicate that the economy is starting to slide into a downturn. Wednesday, May 7 This is when the Fed's Federal Open Market Committee will announce any changes to monetary policy, and Powell will share his outlook on the economy. Investors will be interested to hear Powell's thoughts on how tariffs are starting to leak into inflation, if at all. Right now, the Fed appears stuck between rate hikes and rate cuts as it waits to see whether inflation flares up or the economy weakens — or both. Markets are pricing in a 91% chance that the central bank keeps interest rates unchanged in May, but still see 100 basis points of cuts coming this year. Tuesday, May 13 The data release everyone is waiting for: the consumer price index (CPI). Trump implemented his tariffs in early April, so this will be investors' first chance to see whether or not prices are jumping for consumers thanks to the 10% baseline import taxes. Friday, May 30 Data for April's Core Personal Consumption Expenditures index — the Fed's favorite inflation gauge — will come out. It'll be another window into how tariffs are impacting consumer price gains. Unlike CPI, Core PCE measures price growth outside food and energy, which can be volatile. Excluding these categories makes it easier to measure how much inflation is taking hold in more stable parts of the economy. Friday, June 6 May payrolls — another chance for investors to take stock of the labor market's health. Wednesday, June 11 May CPI data will be released, giving investors another opportunity to see to what degree tariffs are being passed on to consumers early on. Friday, June 27 Again a window into inflation with May's Core PCE data being released. Wednesday, July 9 This is the 90-day deadline Trump set on April 9 for his pause on steep "reciprocal" tariffs on most countries. Trump's first announcement of these tariffs sent the S&P 500 falling nearly 10% over the span of a couple days, and caused Treasury yields to rise. This led Trump to postpone the plans. Trump has shown a willingness to walk back extreme stances in his trade war so far — evident most recently in his indication on Wednesday that his trade war with China will deescalate — and as July 9 approaches, investors should gain more insight into Trump's appetite for continuing his aggressive approach on trade.
