Latest news with #EdwardMeir
Economic Times
3 days ago
- Business
- Economic Times
Gold prices fall over 1% as strong US jobs data clouds outlook for rate cuts
Gold prices saw a decline following a robust U.S. jobs report. This dimmed hopes for Federal Reserve rate cuts. Silver prices, however, surged to a multi-year high. The U.S. Labor Department revealed an increase in non-farm payrolls. Platinum and palladium also experienced gains. Trade policy uncertainties continue to influence market dynamics. Investors are closely monitoring economic data and geopolitical developments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far.U.S. gold futures settled 0.8% lower at $3,346.60.A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with came in line with estimates, which is a negative for gold as the data suggests that the Fed is going to stay on hold for a little while, Marex analyst Edward Meir policymakers are seen as waiting until September to cut rates, with just one more cut in view by December, based on trading in short-term interest-rate futures, which also showed traders backing away from bets that would pay off if the U.S. central bank delivered a third rate cut by the end of the is considered a hedge against inflation and geopolitical uncertainty. But higher rates reduce the appeal of bullion as it yields no the trade policy front there was little clarity after the highly anticipated call between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday."These are very difficult negotiations and they're not going to be solved just on the phone. If the tariff headlines become negative, that's bullish for gold," Meir silver fell 0.5% to $35.96, after hitting a more than 13-year high in silver "look like were driven by speculative flows seeing it is way too cheap versus gold, the break above the $35/oz mark amplified the move," said Giovanni Staunovo, UBS rose 2.5% to $1,158.20, highest since March 2022, while palladium was up 3.9% to $1,045.45. Both the metals were on track for weekly gains.
Time of India
3 days ago
- Business
- Time of India
Gold prices fall over 1% as strong US jobs data clouds outlook for rate cuts
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far.U.S. gold futures settled 0.8% lower at $3,346.60.A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with came in line with estimates, which is a negative for gold as the data suggests that the Fed is going to stay on hold for a little while, Marex analyst Edward Meir policymakers are seen as waiting until September to cut rates, with just one more cut in view by December, based on trading in short-term interest-rate futures, which also showed traders backing away from bets that would pay off if the U.S. central bank delivered a third rate cut by the end of the is considered a hedge against inflation and geopolitical uncertainty. But higher rates reduce the appeal of bullion as it yields no the trade policy front there was little clarity after the highly anticipated call between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday."These are very difficult negotiations and they're not going to be solved just on the phone. If the tariff headlines become negative, that's bullish for gold," Meir silver fell 0.5% to $35.96, after hitting a more than 13-year high in silver "look like were driven by speculative flows seeing it is way too cheap versus gold, the break above the $35/oz mark amplified the move," said Giovanni Staunovo, UBS rose 2.5% to $1,158.20, highest since March 2022, while palladium was up 3.9% to $1,045.45. Both the metals were on track for weekly gains.
Emirates 24/7
21-05-2025
- Business
- Emirates 24/7
Gold Prices Surge Nearly 1% as Weaker Dollar and U.S. Fiscal Uncertainty Drive Safe-Haven Demand
Gold prices rose nearly 1% on Wednesday, hitting their highest levels in more than a week, as a weaker dollar and U.S. fiscal uncertainty amid Congressional debate on a sweeping tax bill spurred demand for safe-haven assets. Spot gold was up 0.9% at $3,319.51 an ounce, as of 0643 GMT. Earlier in the session, bullion touched its highest level since May 12. U.S. gold futures gained 1.1% to $3,320.30. The dollar retreated to its lowest level since May 7, making greenback-priced gold cheaper for holders of overseas currency. "The general dollar index lost more than a full point in the last 24 hours as the Moody's downgrade, plus skepticism about Trump's tax bill continues to undermine the dollar," which is positive for gold, said Marex analyst Edward Meir. Trump's tax cut and spending bill will face a critical stress test later in the day, as Republicans in the U.S. House of Representatives try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. "Over the medium- to longer-term, further upside in gold is favoured, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level," said KCM Trade Chief Market Analyst Tim Waterer. St. Louis Fed President Alberto Musalem told the Economic Club of Minnesota that easing trade tensions would allow the labor market to stay strong and inflation to remain on path to the Fed's 2% goal. Spot palladium fell 0.8% to $1,005.11, but hit its highest level since February 4 earlier in the session. "Palladium has been starved for good news... Honda moving more towards hybrids and not EV is a decent reason," said Tai Wong, an independent metals trader. Both platinum and palladium are used by automakers in catalytic converters to reduce exhaust emissions. Silver rose 0.2% to $33.14 an ounce, while platinum was down 1% at $1,043.35. Follow Emirates 24|7 on Google News.
CNBC
21-05-2025
- Business
- CNBC
Gold hits one-week high on weaker dollar, U.S. fiscal concerns
Gold prices rose on Wednesday to their highest levels in a week as the dollar weakened and investors sought safety amid U.S. fiscal uncertainty, with Congress debating a sweeping tax bill. Spot gold was up 0.2% at $3,293.98 an ounce, as of 0209 GMT, after hitting its highest level since May 12 earlier in the session. U.S. gold futures gained 0.3% to $3,295.80. The dollar retreated to its lowest level since May 8, making greenback-priced gold cheaper for overseas currency holders. "The general dollar index lost more than a full point in the last 24 hours as the Moody's downgrade, plus skepticism about trumps tax bill continues to undermine the dollar," said Marex analyst Edward Meir. Trump on Tuesday pressed his fellow Republicans in the U.S. Congress to unite behind a sweeping tax-cut bill, but apparently failed to convince a handful of holdouts who could still block a package that encompasses much of his domestic agenda. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. "Over the medium- to longer-term, further upside in gold is favored, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level," said KCM Trade Chief Market Analyst Tim Waterer. St. Louis Fed President Alberto Musalem told the Economic Club of Minnesota that easing trade tensions would allow the labor market to stay strong and inflation to remain on path to the Fed's 2% goal. Traders now bet that the Fed will resume cutting rates in October and see around 54 basis points of cuts by the end of 2025. Spot silver fell 0.2% to $32.99 an ounce, platinum was down 0.3% at $1,050.25. Palladium gained 0.5% to $1,017.93, its highest level since February 4.
Business Recorder
21-05-2025
- Business
- Business Recorder
Gold hits one-week high on weaker dollar, US fiscal concerns
Gold prices rose on Wednesday to their highest levels in a week as the dollar weakened and investors sought safety amid U.S. fiscal uncertainty, with Congress debating a sweeping tax bill. Spot gold was up 0.2% at $3,293.98 an ounce, as of 0209 GMT, after hitting its highest level since May 12 earlier in the session. U.S. gold futures gained 0.3% to $3,295.80. The dollar retreated to its lowest level since May 8, making greenback-priced gold cheaper for overseas currency holders. 'The general dollar index lost more than a full point in the last 24 hours as the Moody's downgrade, plus skepticism about trumps tax bill continues to undermine the dollar,' said Marex analyst Edward Meir. Trump on Tuesday pressed his fellow Republicans in the U.S. Congress to unite behind a sweeping tax-cut bill, but apparently failed to convince a handful of holdouts who could still block a package that encompasses much of his domestic agenda. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. 'Over the medium- to longer-term, further upside in gold is favoured, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level,' said KCM Trade Chief Market Analyst Tim Waterer. St. Louis Fed President Alberto Musalem told the Economic Club of Minnesota that easing trade tensions would allow the labor market to stay strong and inflation to remain on path to the Fed's 2% goal. Gold prices rebound on dollar weakness, US downgrade Traders now bet that the Fed will resume cutting rates in October and see around 54 basis points of cuts by the end of 2025. Spot silver fell 0.2% to $32.99 an ounce, platinum was down 0.3% at $1,050.25. Palladium gained 0.5% to $1,017.93, its highest level since February 4.
