Latest news with #GiovanniStaunovo
International Business Times
a day ago
- Business
- International Business Times
Gold Gains on Weaker Dollar Before U.S.-China Trade Talks, Platinum Hits Four-Year High
As the prelude to a possible major storm, investors are taking a cautious yet hopeful stance as gold prices edged higher Monday. Bullion surged on the back of a softer U.S. dollar, with hopes that trade talks between the United States and China might tamp down tensions supporting precious-metal buyers. For many, gold remained a source of comfort during times of global turmoil, a safe haven when economic and geopolitical storm clouds were threatening. Spot gold was up 0.3% at 3,317.97 per ounce by 1124 GMT, after touching its lowest since early June at 3,293.29 earlier in the session. U.S. gold futures, meanwhile, fell 0.2 percent to $3,338.70. The dollar fell 0.2 percent relative to a basket of other currencies, which makes gold cheaper and more attractive for international buyers. This week, attention will be centered on the U.S.-China talks that are scheduled to take place in London and through which officials are hoping to draw up common ground and avert a further escalation of trade tensions between the top two economies in the world. "Trade tensions, geopolitical risks, elevated debt levels, and slow economic growth are still the main drivers supporting gold prices," said UBS analyst Giovanni Staunovo. These factors should continue to be supportive of gold in the months to come. Gold price movements were mixed over the past week, but the precious metal retained its ground as market sentiment fluctuated. The yellow metal managed to remain steady even after stronger-than-expected U.S. employment data dampened some expectations around Federal Reserve interest rate cuts. Investors have recalibrated their expectations, shifting from anticipating two rate cuts to just one, likely in October. Traders will be closely watching the upcoming U.S. Consumer Price Index (CPI) data due Wednesday, which could offer fresh clues about the Fed's next move. Meanwhile, platinum continued its stunning rally, adding 2.7% ($31) to reach $1,200.95, a price not seen since May 2021. Alexander Zumpfe at Heraeus Metals Germany attributed the strong showing by platinum to short supply, better industrial demand, and a tailwind from across the broader precious metals market. Silver also rallied and gained 0.9% to $36.27 an ounce, and palladium advanced 2.5 % to $1,072.96.
Gulf Today
a day ago
- Business
- Gulf Today
Gold gains on weaker dollar as US-China talks in focus
Gold prices rose on Monday, supported by a weaker US dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak. Spot gold rose 0.3 per cent to $3,318.76 an ounce, as of 1007 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June 2. US gold futures fell 0.2 per cent to $3,339.70. The dollar fell 0.3 per cent against a basket of peers, making bullion cheaper for holders of other currencies. Investors recognise that drivers of gold, including trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, an analyst at UBS. US and Chinese officials will sit down in London on Monday for talks aimed at defusing the trade dispute between the two superpowers. Stronger-than-expected US non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to one in October. Market attention will turn to US CPI data, due on Wednesday, for further clues on the Fed's monetary policy path. Gold, considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Reuters
Zawya
a day ago
- Business
- Zawya
Gold gains on weaker dollar as US-China talks in focus
Gold prices rose on Monday, supported by a weaker U.S. dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak. Spot gold rose 0.3% to $3,318.76 an ounce, as of 1007 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June 2. U.S. gold futures fell 0.2% to $3,339.70. The dollar fell 0.3% against a basket of peers, making bullion cheaper for holders of other currencies. Investors recognise that drivers of gold, including trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, an analyst at UBS. U.S. and Chinese officials will sit down in London on Monday for talks aimed at defusing the trade dispute between the two superpowers. Stronger-than-expected U.S. non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to one in October. Market attention will turn to U.S. CPI data, due on Wednesday, for further clues on the Fed's monetary policy path. Gold, considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Spot platinum rose 3.1% to $1,201.75, its highest level since May 2021. "It (platinum's rally) is supported by a combination of tight supply expectations, improving industrial sentiment, and technical follow-through from the broader precious metals rally," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. Spot silver was up 1% to $36.30 per ounce, while palladium rose 2.7% to $1,074.76. (Reporting by Anushree Mukherjee in Bengaluru; editing by Barbara Lewis)
Mint
a day ago
- Business
- Mint
Gold gains on weaker dollar as US-China talks in focus
US and China set for trade talks in London US dollar down 0.3% against a basket of peers Platinum hits four-year high June 9 - Gold prices rose on Monday, supported by a weaker U.S. dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak. Spot gold rose 0.3% to $3,318.76 an ounce, as of 1007 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June 2. U.S. gold futures fell 0.2% to $3,339.70. The dollar fell 0.3% against a basket of peers, making bullion cheaper for holders of other currencies. Investors recognise that drivers of gold, including trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, an analyst at UBS. U.S. and Chinese officials will sit down in London on Monday for talks aimed at defusing the trade dispute between the two superpowers. Stronger-than-expected U.S. non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to one in October. Market attention will turn to U.S. CPI data, due on Wednesday, for further clues on the Fed's monetary policy path. Gold, considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Spot platinum rose 3.1% to $1,201.75, its highest level since May 2021. "It is supported by a combination of tight supply expectations, improving industrial sentiment, and technical follow-through from the broader precious metals rally," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. Spot silver was up 1% to $36.30 per ounce, while palladium rose 2.7% to $1,074.76. This article was generated from an automated news agency feed without modifications to text.
Al Etihad
a day ago
- Business
- Al Etihad
Gold gains with focus on US-China trade talks; platinum tops 4-year peak
9 June 2025 13:26 (REUTERS)Gold prices rose on Monday, supported by a weaker US dollar ahead of US-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year gold rose 0.4% to $3,323.71 an ounce, as of 0806 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June gold futures was steady at $3, dollar (DXY), opens new tab fell 0.3% against a basket of peers, making bullion cheaper for holders of other recognise that key drivers of gold like trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, UBS US and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two superpowers that has widened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply US non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to only one in attention now shifts to US CPI data, due on Wednesday for further clues on the Fed's monetary policy traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate China's central bank added gold to its reserves in May for the seventh straight month, official data platinum rose 3% to $1,210.80, its highest level since May 2021. Spot silver was up 1% to $36.3 per ounce, while palladium rose 2.3% to $1,070.97.
