Latest news with #DaveRamsden
Bloomberg
03-06-2025
- Business
- Bloomberg
BOE Officials Defend Diverging Views With Inflation Path Unclear
Bank of England rate-setters defended their wide range of views on the direction of monetary policy as they laid out to lawmakers starkly different opinions on the outlook for inflation. In a hearing with Parliament's Treasury Committee, Governor Andrew Bailey highlighted the 'differences of views' between his closest deputies, pointing to recent dissents from Chief Economist Huw Pill and Deputy Governor Dave Ramsden.
Saba Yemen
09-02-2025
- Business
- Saba Yemen
Newspaper: Thousands of gold bullion withdrawn from England Bank within two months
London-Saba: The British newspaper The Telegraph reported that several thousand gold bullion were withdrawn from the Bank of England's vaults during the past two months against the backdrop of recent tensions in international relations. The newspaper stated that: "Thousands of gold bullion have been withdrawn from the Bank of England's vaults since late last year amid concerns about the impact of the trade war waged by US President Donald Trump." The newspaper quoted data from the aforementioned bank, stating that about eight thousand gold bullion were removed from the bank's warehouses during the past two months, which represents about 2% of the total stock kept there. The bank's deputy governor, Dave Ramsden, told the newspaper that this was because prices in the New York futures market had risen above the spot market price in London, and traders were concerned about the possibility of Trump imposing tariffs on the entry of gold bullion. However, Ramsden stressed, the bank will meet all its obligations, despite possible delays due to the transportation of gold bullion abroad. He added: 'It is a very organized process. It is worth emphasizing that compared to some of the markets that we usually talk about, gold is a tangible physical asset, so there are real logistical and security constraints.' Previous reports had indicated that the United States increased its gold imports sharply in November of last year: almost double the average monthly value for the previous ten months. Imports also nearly doubled on a monthly and annual basis, reaching $2.16 billion. Thus, purchases of this precious metal in November became the highest since June 2021, exceeding the $2 billion mark for the first time during this period. Days ago, Citigroup analysts predicted that gold prices could rise to $3,000 per ounce in the next three months due to the instability caused by US President Donald Trump's statements. Whatsapp Telegram Email Print more of (International)
Emirates 24/7
07-02-2025
- Business
- Emirates 24/7
Gold Prices Hold Near Record Highs, Set for Sixth Weekly Gain Amid Trade War Jitters
Gold prices steadied on Friday, hovering near record highs, and were on track for a sixth consecutive weekly gain as escalating trade tensions fueled safe-haven demand. Investors awaited the release of U.S. non-farm payrolls data for further insights into the country's economic health. Market Performance Spot gold edged up 0.1% to $2,859.59 per ounce as of 0038 GMT, gaining over 2% this week. The metal hit an all-time high of $2,882.16 earlier in the week. edged up 0.1% to $2,859.59 per ounce as of 0038 GMT, gaining over 2% this week. The metal hit an all-time high of $2,882.16 earlier in the week. U.S. gold futures rose 0.3% to $2,884.20. Gold had reached record highs for five straight sessions, driven by escalating U.S.-China trade tensions. However, prices pulled back 1% in the previous session as the dollar strengthened ahead of the U.S. jobs report. Key Economic Indicators The U.S. employment report, due at 1330 GMT, is expected to provide crucial signals on economic strength. Chicago Fed President Austan Goolsbee stated on Thursday that a robust economy with solid growth and easing inflation could allow the Federal Reserve to continue cutting interest rates, though policy uncertainty may warrant a cautious approach. While gold is traditionally a safe-haven asset during economic and geopolitical uncertainty, higher interest rates tend to reduce its appeal. Outlook & Market Trends Goldman Sachs reaffirmed its forecast for gold to reach $3,000 per ounce by Q2 2026, despite anticipating a temporary pullback if U.S. tariff concerns ease and market positioning normalizes. reaffirmed its forecast for gold to reach $3,000 per ounce by Q2 2026, despite anticipating a temporary pullback if U.S. tariff concerns ease and market positioning normalizes. The Bank of England's gold reserves have declined by approximately 2% since late 2023, Deputy Governor Dave Ramsden noted, attributing the decrease to strong demand for stored gold amid international price differentials. Other Precious Metals Silver rose 0.1% to $32.24 per ounce. rose 0.1% to $32.24 per ounce. Platinum gained 0.2% to $987.38. gained 0.2% to $987.38. Palladium remained flat at $978.63. Silver and platinum were poised for weekly gains, while palladium was on track for a weekly decline. Upcoming Economic Data (GMT) 0700 – Germany Industrial Output (Dec) – Germany Industrial Output (Dec) 0700 – UK Halifax House Prices (Jan) – UK Halifax House Prices (Jan) 0745 – France Reserve Assets (Dec) – France Reserve Assets (Dec) 1330 – U.S. Non-Farm Payrolls (Jan) – U.S. Non-Farm Payrolls (Jan) 1330 – U.S. Unemployment Rate (Jan) – U.S. Unemployment Rate (Jan) 1330 – U.S. Average Earnings (Jan) – U.S. Average Earnings (Jan) 1500 – U.S. Michigan Consumer Sentiment (Feb, Preliminary) Follow Emirates 24|7 on Google News.
