Latest news with #DavidMeger
Zawya
2 days ago
- Business
- Zawya
Gold ticks lower, markets digest tariff developments
Gold prices slipped on Friday as the dollar edged higher and markets digested the latest tariff developments, while a softer inflation report kept hopes for a U.S. rate cut alive. Spot gold was down 0.6% at $3,297.09 an ounce as of 09:38 am ET (1338 GMT) and was down 1.8% so far this week. U.S. gold futures fell 0.7% to $3,295.40. The dollar index rose 0.2%, making gold more expensive for other currency holders. A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. "Gold at this point in time is pulling back off these recent highs and is in a consolidation period," said David Meger, director of metals trading at High Ridge Futures. "Gold is under slight pressure as we're seeing a little lesser need for safe-haven but it does look like there is going to be significant push back from Trump and that will eventually help prices." On the data front, the U.S. Personal Consumption Expenditures Price index (PCE) was up 2.1% year on year in April versus a 2.2% forecast. After the report, traders continued to bet that the U.S. central bank will cut its target for short-term borrowing costs in September. Bullion, which thrives in a low-interest rate environment and is also used to hedge against inflation and uncertainty, hit a record high of $3,500.05 in April. Elsewhere, physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of the wedding season kept buyers at bay. Spot silver fell 0.6% to $33.14, platinum eased 1.6% to $1,065.50 and palladium dropped 1% to $963.57.
Yahoo
7 days ago
- Business
- Yahoo
Gold firms as dollar slips further, geopolitical uncertainty lingers
By Sarah Qureshi (Reuters) - Gold prices rose more than 1% on Tuesday as the U.S. dollar weakened further and stocks slipped amid uncertainty over U.S. tariff policy and a potential ceasefire between Russia and Ukraine. Spot gold was up 1.7% at $3,284.74 an ounce by 1345 ET (1745 GMT). U.S. gold futures settled 1.6% higher at $3,284.6. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the U.S. sovereign rating, one notch down from "Aaa" to "Aa1" on Friday due to concerns about the nation's growing debt. A softer dollar makes bullion cheaper for buyers holding other currencies. [USD/] "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade, weakening dollar have supported the precious metals complex overall," said David Meger, director of metals trading at High Ridge Futures. U.S. stocks eased as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts. Bullion is considered a safe asset during periods of geopolitical and economic uncertainties. "Gold will have serious resistance at $3,350 with some minor resistance at $3,300. We are trading in the new range of $3,150 to $3,350," said Phillip Streible, chief market strategist at Blue Line Futures. Ongoing tensions between Russia and Ukraine are more of a factor for platinum and palladium, Meger said, as no potential deal could mean a lesser supply on the market coming from Russia. Russia is the world's biggest palladium producer and the second biggest platinum producer. The EU and Britain announced new sanctions against Russia on Tuesday without waiting for the U.S. to join them, a day after President Donald Trump spoke to Vladimir Putin but was unable to extract a promise for a ceasefire in Ukraine. Platinum reached its highest since October 2024, climbing 5% to $1,048.05. Palladium rose 4.2% to $1,015.58, its highest since February 4. Spot silver rose 2.1% to $33.01. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Gold firms as dollar slips further, geopolitical uncertainty lingers
By Sarah Qureshi (Reuters) - Gold prices rose more than 1% on Tuesday as the U.S. dollar weakened further and stocks slipped amid uncertainty over U.S. tariff policy and a potential ceasefire between Russia and Ukraine. Spot gold was up 1.7% at $3,284.74 an ounce by 1345 ET (1745 GMT). U.S. gold futures settled 1.6% higher at $3,284.6. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the U.S. sovereign rating, one notch down from "Aaa" to "Aa1" on Friday due to concerns about the nation's growing debt. A softer dollar makes bullion cheaper for buyers holding other currencies. [USD/] "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade, weakening dollar have supported the precious metals complex overall," said David Meger, director of metals trading at High Ridge Futures. U.S. stocks eased as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts. Bullion is considered a safe asset during periods of geopolitical and economic uncertainties. "Gold will have serious resistance at $3,350 with some minor resistance at $3,300. We are trading in the new range of $3,150 to $3,350," said Phillip Streible, chief market strategist at Blue Line Futures. Ongoing tensions between Russia and Ukraine are more of a factor for platinum and palladium, Meger said, as no potential deal could mean a lesser supply on the market coming from Russia. Russia is the world's biggest palladium producer and the second biggest platinum producer. The EU and Britain announced new sanctions against Russia on Tuesday without waiting for the U.S. to join them, a day after President Donald Trump spoke to Vladimir Putin but was unable to extract a promise for a ceasefire in Ukraine. Platinum reached its highest since October 2024, climbing 5% to $1,048.05. Palladium rose 4.2% to $1,015.58, its highest since February 4. Spot silver rose 2.1% to $33.01. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
05-05-2025
- Business
- Globe and Mail
Gold Price and Miners Look Less Shiny as Global Trade Tensions Begin to Ease
The shine continued to come off the gold price and mining stocks today as tariff tensions begin to ease around the world. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. The spot gold price continued to drop today, leading to a potential fourth straight session where the precious metal is in retreat. Gold Has Been Stellar The price has had a stellar period since the start of the year, up nearly 20% as investors flocked to it as a safe haven among the uncertainty and confusion caused by President Donald Trump's tariff trade policy. Indeed, it surged to a record high of just over $3,500 earlier this week. It has also boosted gold miners such as Barrick Gold (GOLD), whose share price is up 23% so far this year. However, in pre-market trading today it was down nearly 3%. Newmont Mining (NEM) is up 42% this year but also down 3% today. Geopolitical concerns from the Ukraine war to the Middle East and now a potential conflict between India and Pakistan have also tested the nerves of investors. However, indications that tensions between the U.S. and China and even the prospect of trade talks between the world's largest two economies have improved the sentiment around global economic prospects. There is also talk of trade deals with India, Japan and the U.K. The strong quarterly performance of tech giants Microsoft (MSFT) and Meta Platforms (META) has also provided some hope that the drivers of recent market performance still have some fire in their bellies and a strong future. Gold Can Still Glow The signing of a minerals deal between the U.S. and Ukraine and hopes of a ceasefire in that conflict are another fillip for investors to put their funds back into equities. 'There is some optimism that there will be some de-escalation of the trade war between the US and China,' said David Meger, director of metals trading at High Ridge Futures, as reported by Reuters. However, despite the recent drop, gold analysts remain broadly positive about the precious metal. A quarterly Reuters poll published this week projected an average annual gold price above $3,000 for the first time, citing persistent trade frictions and a global pivot away from the U.S. dollar as key drivers. We have rounded up the best gold mining stocks to buy using our TipRanks comparison tool.
Yahoo
01-05-2025
- Business
- Yahoo
Gold extends losses as tariff tensions ease
Gold prices extended their sharp retreat for a third straight session on Wednesday, as investor appetite for the safe-haven asset diminished amid signs of renewed trade dialogue between the United States and key global partners. Gold futures fell 2.5% to $3,237.20 per ounce at the time of writing, while the spot price declined 1.6% to $3,234.83 an ounce. "There is some optimism that there will be some de-escalation of the trade war between the US and China," David Meger, director of metals trading at High Ridge Futures, told Reuters. The pullback comes after reports from Chinese state-affiliated media indicated that the Trump administration had reached out to Beijing to reopen trade negotiations. Read more: FTSE 100 LIVE: Stocks rise as China says US has 'reached out' for tariff talks Market sentiment has been buoyed further by Trump's efforts to ease auto tariff impacts through executive orders signed on Tuesday, and his comments on Wednesday suggesting "potential" trade deals with India, South Korea, and Japan. The shift in tone has eroded demand for gold, which surged to an all-time high of $3,500.05 per ounce last week amid escalating global trade tensions and geopolitical uncertainty. Despite the recent pullback, analysts remain broadly bullish. A quarterly Reuters poll published this week projected an average annual gold price above $3,000 for the first time, citing persistent trade frictions and a global pivot away from the US dollar as key drivers. The pound edged lower against the dollar in early European trading, slipping 0.2% to $1.3297, as the greenback strengthened on the back of fresh US economic data. Despite signs of economic weakness, including a contraction in US GDP in the first quarter and tepid job growth in April, the dollar gained broadly. The dollar index ( which measures the greenback against a basket of currencies, rose 0.6%, to $100.01. Analysts suggested the move may be driven more by positioning than fundamentals. "The recent dollar bounce may be a temporary position adjustment as markets await further developments," said Reuters analyst Paul Spirgel. Read more: Lloyds profit falls, sets aside £100m amid tariff uncertainty Weaker labour market indicators and the surprise economic contraction are fuelling speculation that the US Federal Reserve could pivot to rate cuts in the coming months. Market pricing reflected in the CME FedWatch tool suggests a 62.5% probability that the Fed will lower interest rates at its June policy meeting. For May, traders largely expect the central bank to hold rates steady at 4.25%-4.50%. Sterling was little changed against the euro, hovering just above the flatline at €1.1767. Oil prices continued their slide on Thursday, deepening losses after the largest monthly drop in more than three years, as Saudi Arabia signalled a strategic pivot away from market-balancing supply cuts in favour of regaining market share. Brent crude futures were down 0.8%, to trade around $60.60 a barrel, while West Texas Intermediate lost 1.1%, hitting the $57.60 a barrel mark. Stocks: Create your watchlist and portfolio The shift in tone from Riyadh, one of the world's top oil producers, marks a departure from its recent role as the stabilising force within OPEC+. For much of the past five years, Saudi Arabia had spearheaded deep output cuts alongside allies to support oil prices. But officials now appear prepared to tolerate lower prices for an extended period, raising worries of a potential production war. "It raises concern that we could be headed towards another production war," said Phil Flynn, senior analyst with Price Futures Group. "Are the Saudis trying to send a message that they are going to get back their market share? We'll have to wait and see." The bearish sentiment is compounded by deteriorating demand prospects. A Reuters poll released Wednesday forecast further pressure on oil markets amid ongoing trade tensions and a likely increase in OPEC+ supply. Analytics firm Kpler revised its 2025 global oil demand growth forecast down to 640,000 barrels per day, from 800,000 bpd, citing weakening demand from India and heightened Beijing-Washington trade frictions. More broadly, the FTSE 100 was little changed on Thursday morning, trading at 8,496.86 points. For more details, check our live coverage here.
