Latest news with #ExinityGroup
Zawya
a day ago
- Business
- Zawya
Gold gains as US-China trade deal jitters persist; inflation data eyed
Gold prices firmed on Wednesday as investors stayed cautious amid lingering uncertainty over the U.S.-China trade truce and waited for key inflation data for clues into the Federal Reserve's interest rate trajectory. Spot gold gained 0.4% to $3,336.20 an ounce as of 0946 GMT. U.S. gold futures rose 0.4% to $3,347. U.S. and Chinese officials said on Tuesday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare earths, but offered little sign of a durable resolution to longstanding trade differences. In April, the U.S. and China imposed tit-for-tat tariffs on each other, triggering a trade war. After negotiations in Geneva last month, both countries agreed to scale back tariffs from triple-digit levels. "Markets are well aware that the path towards a trade deal between major economies is not a straightforward affair," said Han Tan, chief market analyst at Exinity Group. "Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer." The U.S. consumer price index (CPI) report, due at 1230 GMT, could give investors more guidance on the Fed's policy path. "Markets are expecting an uptick in the CPI prints, which should keep the odds for Fed rate cuts in check," Tan added. The central bank will keep rates steady for at least another couple of months, according to most economists polled by Reuters, as risks of inflation rebounding due to President Donald Trump's tariff policies loom. Elsewhere, spot silver fell 0.8% to $36.27 per ounce after hitting a more than 13-year high earlier this week. "We expect silver to reach $38/oz in the coming months. Market deficit considerations and a weaker USD hold the key for even higher prices - a test of $40/oz is possible," UBS said. Platinum rose 3.1% to $1,259.63, its highest since May 2021. Palladium added 1.7% to $1,077.89. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sumana Nandy and Joe Bavier)
CNBC
08-05-2025
- Business
- CNBC
Gold falls as Trump announces trade deal with Britain
Gold prices fell on Thursday, reversing earlier gains, as U.S. President Donald Trump announced a trade deal with Britain, easing trade tensions and reducing the precious metal's appeal as a safe-haven investment. Spot gold was down 0.7% to $3,341.31 an ounce. U.S. gold futures slipped 1.3% to $3,348.40. "The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come," Trump said in a Truth Social post after teasing the announcement in previous posts. The trade negotiations talks between the U.S. and China in Switzerland this weekend are also keeping investors on their toes. Meanwhile, China's central bank has approved foreign exchange purchases by commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said on Wednesday. "Such measures are likely to keep supporting bullion demand, underpinning support for spot gold prices," said Han Tan, chief market analyst at Exinity Group. Elsewhere, Pakistan shot down 12 drones from India that violated its airspace, the military said a day after Indian strikes on multiple targets in the country. "Rising tensions between India and Pakistan will continue to attract attention, potentially leading to an unquantifiable level of safe haven demand," said Ole Hansen, head of commodity strategy at Saxo Bank. Gold is often used as a safe store of value during times of political and financial uncertainty.
The National
06-05-2025
- Business
- The National
Oil rebounds after dropping on Opec+ supply boost
Oil prices rebounded on Tuesday after plunging to a four-year low in Monday's session prompted by the Opec+ supply boost. Brent, the benchmark for two thirds of the world's oil, was up 3.52 per cent at 6.08pm UAE time to $62.35 a barrel, while West Texas Intermediate, the gauge that tracks US crude, was trading 3.89 per cent higher at $59.35 a barrel. Both benchmarks fell on Monday following the Opec+ announcement over the weekend that it would speed up oil production increases for a second month in a row. The Opec+ group of producers, led by Saudi Arabia and Russia, on Saturday said it would add 411,000 barrels a day to the market next month. The announcement followed the larger-than-planned output rise, also of 411,000 bpd, for May. 'Oil prices are seeing a technical rebound after Monday's gap down at the open, following the weekend's Opec+ decision to unleash another bumper-sized supply hike,' Han Tan, chief market analyst at Exinity Group, told The National. 'This rebound isn't likely to have legs if heightened tariffs continue muddying the global demand outlook.' Last month, US President Donald Trump announced tariffs on countries including China, the world's second-largest economy, in a move aimed at protecting America's domestic industry and reducing the trade gap with its partners. Following the move, the International Monetary Fund sharply lowered its near-term outlook for the world economy, with growth projected to slow from 3.3 per cent last year to 2.8 per cent this year – half a percentage point lower than its January forecast. 'Crude oil was sent on a rollercoaster ride this week,' Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said. 'The barrel of US crude fell below the $57 mark yesterday on reports that Saudi Arabia is ready to tolerate lower prices. But dip buyers quickly stepped in as Trump threatened to expand sanctions on buyers of Iranian crude.' The US has been imposing more sanctions on Iranian businessmen as well as oil refineries as Washington continues its 'maximum pressure' against Tehran to curb its oil revenue. The US is also holding talks with Iran over its nuclear programme. If a deal is reached between the two countries, it could lead to a boost in supply from Iran based on the possibility of sanctions relief. 'Day-to-day moves in crude are tough to catch, but the outlook remains negative given rising supply and weakening demand prospects,' Ms Ozkardeskaya said.
Business Recorder
25-04-2025
- Business
- Business Recorder
Gold rises on dip-buying
NEW YORK: Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on US-China trade tensions. Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November. US gold futures gained 1.7% to $3,349.80. 'Gold's pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears,' said Han Tan, chief market analyst at Exinity Group. 'Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction.' Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year. The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the main reason behind the downgrade. 'If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid,' said Ole Hansen, head of commodity strategy at Saxo Bank. However, US Treasury Secretary Scott Bessent said US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented. He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed. Stocks drifted on Thursday and a rebound in the dollar lost traction as investors tried to sift through the noise from the Trump administration. Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28.
Zawya
24-04-2025
- Business
- Zawya
Gold rises on dip-buying, focus on US-China trade tensions
Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on U.S.-China trade tensions. Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November. U.S. gold futures gained 1.7% to $3,349.80. "Gold's pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears," said Han Tan, chief market analyst at Exinity Group. "Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction." Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year. The International Monetary Fund made sharp reductions to its outlook for both U.S. and global growth this year, with President Donald Trump's tariff policy the main reason behind the downgrade. "If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank. However, U.S. Treasury Secretary Scott Bessent said U.S. economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented. He also said that the excessively high tariffs between the U.S. and China are unsustainable, and must be reduced before trade negotiations can proceed. Stocks drifted on Thursday and a rebound in the dollar lost traction as investors tried to sift through the noise from the Trump administration. Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28. (Reporting by Rahul Paswan in Bengaluru; Additional reporting by Sarah Qureshi)
