Latest news with #DanielPavilonis
Business Recorder
2 days ago
- Business
- Business Recorder
Safe-haven gold rises on weaker dollar, simmering global uncertainty
NEW YORK: Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). US gold futures were up at $3,406.80. The US dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. 'There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside,' Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, 'the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge,' Pavilonis added. US President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and 'extremely hard to make a deal with,' just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their 'best offers' to avoid more import levies starting in early July. Data on Wednesday showed US private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's US non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
New Straits Times
2 days ago
- Business
- New Straits Times
Precious-safe-haven gold rises on weak data, simmering uncertainty
Gold rose one per cent on Wednesday, supported by a softer dollar and weak US data, as investors grappled with mounting economic and political uncertainty. Spot gold climbed 0.8 per cent to US$3,378.22 an ounce by 02:02 pm ET (1802 GMT), after rising as much as 1 per cent earlier. US gold futures settled 0.7 per cent higher at $3,399.20. The US dollar index fell 0.5 per cent, making gold cheaper for buyers holding other currencies, while benchmark US 10-year Treasury yields edged lower. "The US services sector - two-thirds of the economy - contracting for the first time in a year has goosed gold a percent higher after bullion had shrugged off a weak though historically volatile ADP employment report," said Tai Wong, an independent metals trader. "A close back above $3,400 will prime a run for new all-time highs." The Institute for Supply Management said its non-manufacturing purchasing managers index dropped to 49.9 last month, the lowest reading since June 2024, while ADP data showed US private employers added the fewest workers in over two years. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," said Daniel Pavilonis, senior market strategist at RJO Futures. US President Donald Trump said his Chinese counterpart Xi Jinping was tough and "extremely hard to make a deal with", just days after accusing Beijing of violating an agreement to roll back tariffs. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies. All eyes are on Friday's US payrolls report for clues on the Federal Reserve's next move. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Spot silver was down 0.1 per cent at US$34.45, platinum rose 1.5 per cent to US$1,089.99, while palladium lost 1 per cent to US$1,000.55.
Yahoo
2 days ago
- Business
- Yahoo
Safe-haven gold rises on weaker dollar, simmering global uncertainty
By Sherin Elizabeth Varghese (Reuters) - Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. [USD/] "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added. U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July. Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94. 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
Arab Times
22-05-2025
- Business
- Arab Times
Gold prices climb on safe-haven demand and weaker dollar
NEW YORK, May 22: Gold prices rose for a third straight session on Wednesday, reaching a one-week high, supported by a weakening US dollar and growing safe-haven demand amid ongoing economic and geopolitical uncertainty. As of 1:55 p.m. ET (5:55 p.m. GMT), spot gold gained 0.7% to trade at $3,312.77 per ounce, while US gold futures closed 0.9% higher at $3,313.50. The US dollar index (.DXY) fell 0.6% against a basket of major currencies, making gold more affordable for holders of foreign currencies and bolstering demand. Meanwhile, Wall Street's major indexes dipped, and government bond yields rose as investors monitored the ongoing debate over former US President Donald Trump's tax-cut bill, which has fueled concerns about the nation's mounting debt. 'We are kind of paused here in mid-range between the high and recent low, waiting for a signal of more trade and tariff deals,' said Daniel Pavilonis, senior market strategist at RJO Futures. Despite a temporary easing in US-China trade tensions, the economic outlook for the U.S. remains weak, according to a Reuters poll of economists. In geopolitical developments, CNN reported on Tuesday that new intelligence suggests Israel is preparing to strike Iranian nuclear facilities. This comes even as the US administration continues discussions with Iran over its uranium enrichment program. Gold is widely regarded as a safe-haven asset during times of economic or geopolitical instability. Bullion prices reached a record high of $3,500.05 last month. 'We expect gold's recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,' analysts at ANZ said in a note. Silver also posted gains, rising 0.8% to $33.32 per ounce.
Business Recorder
04-05-2025
- Business
- Business Recorder
Gold firms but heads for weekly loss amid easing trade tensions, strong jobs report
NEW YORK: Gold edged higher on Friday, after hitting a two-week low in the previous session, but easing trade tensions and a strong jobs report kept prices on track for a second consecutive weekly loss. Spot gold was up 0.5% at $3,255.01 an ounce as of 9:41 a.m. ET (1341 GMT), after hitting its lowest since April 14 on Thursday. Prices were down 2.1% for the week, after hitting a record high of $3,500.05 on April 22. US gold futures rose 1.3% to $3,262.10. China's commerce ministry said the US has repeatedly expressed its willingness to negotiate on tariffs and that Beijing's door is open for talks. 'Gold looks like $3,500 may be a top for a little while, especially if some trade deals start to come through and some risk on appetite starts to break through the kind of negative euphoria that we've been seeing since the tariff talks,' said Daniel Pavilonis, senior market strategist at RJO Futures. Gold prices briefly pared gains earlier in the session after data showed nonfarm payrolls increased by 177,000 jobs last month after rising by a downwardly revised 185,000 in March. A Reuters survey had forecast an increase of 130,000 jobs. However, the report is backward-looking and it is too early for the labor market to show the impact of US President Donald Trump's on-and-off-again tariffs policy. Traders trimmed bets that the Federal Reserve will cut rates as soon as June after the jobs report. Yield on benchmark 10-year Treasury bonds rose. Higher interest rates tend to make non-yielding bullion less appealing to investors. Spot silver edged 0.1% lower to $32.35 an ounce, platinum rose 1% to $967.70, and palladium gained 0.9% to $949.00. All three metals were on track for weekly declines.
