Latest news with #FawadRazaqzada
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Gold to Hit $3,750/oz by 4Q on Safe-Haven Demand, Weakening Dollar
0149 GMT — Gold should gradually rise to $3,750/oz by 4Q on likely safe-haven demand and a weakening U.S. Dollar, says Vivek Dhar of CBA's Global Economic & Markets Research in a research report. 'The threat of military strikes against Iran can't be ruled out and raises the stakes if U.S.-Iran talks remain deadlocked,' the analyst says. Safe-haven demand will probably favor gold more than it has in the past, Dhar says, noting that the precious metal has outperformed both USD and Treasurys following the increase in U.S. tariffs. CBA also sees USD gradually falling through 2H 2025 and 2026. Spot gold is 0.7% higher at $3,339.72/oz. ( 2349 GMT — Gold edges higher in early Asian trade on a possible investor shift away from government bonds into precious metals. Global bond markets are wobbling, with traditional safe-haven assets like gold reasserting their place, says Fawad Razaqzada, market analyst at City Index and in an email. There are also growing worries over the U.S. fiscal outlook, the analyst says. 'All else being equal, it should mean even higher demand for haven assets,' Razaqzada adds. Spot gold is 0.1% higher at $3,321.35/oz. (
Wall Street Journal
21-05-2025
- Business
- Wall Street Journal
USD/JPY's Bearish Trend of Last Summer Has Likely Resumed, Chart Shows
0039 GMT — USD/JPY's bearish trend that started last summer may have now resumed, based on the weekly chart, says Fawad Razaqzada, market analyst at City Index and in an email. The currency pair formed an 'inverted hammer candle' last week when it tested and retreated from the bottom end of a key resistance area between 148.65 and 150.00, the analyst says. The fact that resistance held here suggests this bearish trend has resumed, Razaqzada says. If downward pressure on USD/JPY continues, possible short-term bounces may occur around levels like 144.00 and 143.00, the analyst adds. USD/JPY is 0.2% lower at 144.18. (
Business Recorder
20-05-2025
- Business
- Business Recorder
Gold prices rebound on dollar weakness, US downgrade
NEW YORK: Gold prices rose more than 1% on Monday, helped by a weaker dollar and safe-haven demand after Moody's downgraded the US government's credit rating amid lingering trade concerns. Spot gold gained 1.1% to $3,239.23 an ounce by 1236 GMT, reversing the previous session's losses. US gold futures gained 1.7% to $3,242.60. 'The main supporting factor for gold today is the downgrade of American debt by Moody's,' said Fawad Razaqzada, market analyst at City Index and 'The dollar is also weakening across the board, with bond yields rising because government debt is being sold, so it's a bit of a risk off tone in the market.' Moody's cut the United States' top sovereign credit rating by one notch on Friday, the last of the major ratings agencies to downgrade the country, citing concerns about its growing $36 trillion debt pile. The dollar slipped 0.8%, making greenback-priced gold cheaper for overseas buyers. US Treasury Secretary Scott Bessent said in television interviews on Sunday that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in 'good faith'. Meanwhile, soft economic data out of China also weighed on risk sentiment in the wider financial markets. Gold, often used as a safe store of value in times of uncertainty, rose to an all-time high of $3,500.05 per ounce on April 22. 'We maintain our gold price forecast of $3,700/oz by year-end and $4,000/oz by mid-2026, despite delayed Fed cuts and lower US recession risk,' Goldman Sachs said in a note. Trump on Saturday said in a social media post that the Federal Reserve should cut rates 'sooner, rather than later'. Spot silver was up 0.7% at $32.5 and palladium lost 0.3% to $957.74. Platinum gained 0.9% to $996.45. Demand for platinum jewellery in China, has started picking up, helping drive a deeper than previously expected global platinum deficit this year, the World Platinum Investment Council said.
Business Recorder
15-05-2025
- Business
- Business Recorder
Gold steadies as dollar slips, investors await US data
NEW YORK: Gold prices erased early losses to steady on Thursday, helped by a weaker dollar and technical buying as investors await key US economic data later in the day for further clarity on future interest rates. Spot gold was little changed at $3,179.07 an ounce as of 1102 GMT, after hitting its lowest since April 10 earlier in the session. US gold futures fell 0.3% to $3,179.20. 'We're seeing it's more of a short-covering bounce for gold,' said Fawad Razaqzada, market analyst at City Index and 'With the dollar weakening, it possibly has contributed to the demand.' He said technical factors were also at play, with gold coming off key trendline support 'that has been in place since the start of this year'. 'That level comes in at... (around) $3,130,' Razaqzada said. The dollar index slipped 0.3%, making gold cheaper for other currency holders. The US and China this week agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war and denting demand for gold as a safe haven. On Thursday, focus will turn to US producer price index data due at 1230 GMT after softer-than-expected consumer data earlier this week. Federal Reserve Chair Jerome Powell's speech later in the day will be watched for clues on the Fed's rate path. Markets are expecting 50 basis points of rate cuts this year, with the reductions expected to start from October. Non-yielding gold tends to thrive in a low-rate environment. Elsewhere, spot silver dipped 0.4% to $32.09 an ounce and palladium rose 0.6% to $956.58. Platinum was up 0.7% at $982.53. The palladium market, which was in deficit in 2012-2024, will move into balance this year, with demand falling by 6% as a result of lower production of gasoline vehicles, a major industrial use of the metal, and increased recycling in China, Johnson Matthey said in a report.
Wall Street Journal
08-05-2025
- Business
- Wall Street Journal
Gold Rises on Possible Technical Recovery; Gains May be Capped by Risk-on Mood
2341 GMT — Gold rises in the early Asian session on a possible technical recovery after front-month Comex gold futures settled 2.5% lower overnight. However, gains may be capped by risk-on mood. There's renewed optimism over trade talks, beginning with the U.S.-U.K. deal, says Fawad Razaqzada, market analyst at City Index and in an email. President Trump also suggested that U.S. tariffs on imports from China could be lowered if talks with China progress well, Razaqzada says. Should risk sentiment improve further, there could be more pressure on gold price, the market analyst adds. Spot gold is 0.3% higher at $3,315.41/oz. (
