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Reuters
2 days ago
- Business
- Reuters
Gold subdued by risk-on mood after US-EU tariff deal, focus on Fed
July 28 (Reuters) - Gold prices steadied on Monday, with gains curbed by improved risk sentiment after a trade deal between the United States and European Union, while investors looked forward to the U.S. Federal Reserve policy meeting later this week. Spot gold was flat at $3,336.75 per ounce as of 0736 GMT, after touching its lowest level since July 17 earlier in the day. U.S. gold futures were unchanged at $3,336.30 per ounce. The U.S. struck a framework trade agreement with the European Union in Scotland on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war. Risk appetite in the wider financial markets rose with European shares advancing to a four-month high, led by gains in auto and pharmaceutical stocks. Meanwhile, talks between the United States and China are set for Monday in Stockholm amid expectations of another 90-day extension to the trade war truce between the world's top two economies. "There are two offsetting factors keeping gold in balance. The (U.S.-EU) trade deal weighs on demand for safe-haven assets," said UBS commodity analyst Giovanni Staunovo. "At the same time the deal removes some inflation uncertainty for the Fed, eventually allowing the Fed to cut rates later this year, which normally is gold supportive." The U.S. central bank is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. Markets continue to price in a potential rate cut in September. U.S. President Donald Trump said on Friday he had a positive meeting with Fed Chair Jerome Powell, suggesting the Fed chief might be inclined to lower interest rates. Gold tends to do well in a low-interest-rate environment. Elsewhere, spot silver gained 0.3% to $38.23 per ounce, while platinum was steady at $1,402.48 and palladium rose 2% to $1,244.73.
Business Recorder
22-07-2025
- Business
- Business Recorder
Indian refiners' June crude processing drops 4.2% from a month earlier
Indian refiners' crude throughput declined by 4.2% month-on-month in June to 5.41 million barrels per day (22.13 million metric tons), according to provisional government data released on Tuesday. Refinery throughput in May was at 5.47 million barrels per day (23.11 million metric tons). On a year-on-year basis, refinery throughput fell 0.3%. India's fuel consumption fell 4.7% in June from the previous month to 20.31 million metric tons, oil ministry data showed. India is the world's third-biggest oil importer and consumer. 'Looking at the last years, refinery runs every year declined from May into June, likely driven by seasonally declining domestic oil demand due to the monsoon,' said Giovanni Stau novo, an analyst at UBS. Indian Oil to upgrade Panipat diesel refinery for green jet fuel production Meanwhile, Oil Minister Hardeep Singh Puri said India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey. India's monthly oil imports from Russia in June surged 17.4% to about 2 million barrels per day, data provided by trade sources showed. India's state-run Oil and Natural Gas Corporation is exploring building a 200,000-240,000 barrel-per-day refinery at Jamnagar in the western Indian state of Gujarat, a company source said last week.
Business Recorder
22-07-2025
- Business
- Business Recorder
Gold rises on weaker US dollar
NEW YOR: Gold prices firmed on Monday, bolstered by a weaker US dollar, while investors sought clarity on trade developments ahead of an August 1 US tariff deadline. Spot gold was up 0.5% at $3,369.17 per ounce by 1114 GMT. US gold futures rose 0.5% to $3,376.30. 'The modest from a weaker US dollar. With the tariff August 1 deadline coming closer, the market focus will be if trade deals are announced, or tariffs are implemented,' said UBS commodity analyst Giovanni Staunovo. The dollar eased 0.3% against a basket of other major currencies, making gold less expensive for their holders. US Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Gold, often considered a safe-haven asset during economic uncertainty, tends to do well in a low interest rate environment. The US Federal Reserve's next policy meeting is scheduled for July 29-30, following its decision to hold rates steady last month. 'Elevated inflation expectations and strong economic data are weighing on expectations around the number of Fed rate cuts this year. Despite this, the buy-on-dip strategy remains in place, protecting downside risks for gold prices,' ANZ analysts said in a note. Last week, Fed Governor Christopher Waller said he still believed that the US central bank should cut rates next week. Data showed that top consumer China's imports of gold fell for a second successive month in June. China's imports of platinum in June fell 6.1% from the prior month. Spot silver gained 0.8% to $38.47 per ounce, platinum rose 1.6% to $1,444.11 and palladium was 2.1% higher at $1,266.91.
International Business Times
21-07-2025
- Business
- International Business Times
Gold Prices Inch Up on Lower Dollar, Tariff Deadline Support Safe Havens
Gold prices edged up on Monday, buoyed by a weaker U.S. dollar, as investors looked further ahead than this week, when new U.S. tariffs on Chinese goods are to be introduced, to prospects of further negotiations. Pinterest Spot gold edged 0.5% higher to $3,369.17 per ounce as of 11:14 GMT, and U.S. gold futures also increased by 0.5% to $3,376.30. The bullish trend is attributed to sentiment returning to safe-haven assets in light of continued economic instability. "The more recent strength in gold is modest but persistent, with the primary driver being the weaker dollar," said Giovanni Staunovo, a commodity analyst with UBS. "With the August 1 tariff deadline approaching, markets are understandably focused on whether we end up with new trade deals or whether tariffs will indeed be initiated. The U.S. dollar index was down 0.3%, which makes gold more appealing to holders of other currencies. A falling dollar tends to push up the price of dollar-denominated commodities like gold. On the trade front, U.S. Commerce Secretary Howard Lutnick said on Sunday the United States was close to finalizing a trade deal with the European Union. But he reiterated that August 1 is a hard deadline to impose tariffs if there is no deal. Meantime, the focus is also shifting to the U.S. Federal Reserve's next policy meeting, which will be held on July 29–30. But while the Fed kept interest rates unchanged at its last meeting, increasing inflation expectations and solid economic data are raising doubts that multiple rate cuts will take place this year. "Investors are buying on dips amid uncertainties surrounding the next move of the Fed, so that's been holding the price of gold," ANZ analysts said in a market update. Fed Governor Christopher Waller reiterated support last week for a rate cut shortly, preserving speculation among traders. Among other precious metals, silver gained 0.8% to $38.47 an ounce, and platinum was up 1.6% to $1,444.11. Palladium advanced 2.1% to $1,266.91. On the demand side, China's gold imports declined for a second consecutive month in June, indicating potential slackness in consumer demand. Imports of platinum also fell, 6.1% below May figures.
Gulf Today
21-07-2025
- Business
- Gulf Today
Gold rises on weaker dollar as investors eye developments
Gold prices firmed on Monday, bolstered by a weaker US dollar, while investors sought clarity on trade developments ahead of an August 1 US tariff deadline. Spot gold was up 0.5 per cent at $3,365.49 per ounce by 0751 GMT. US gold futures rose 0.5 per cent to $3,373.20. 'The modest support comes from a weaker US dollar. With the tariff August 1 deadline coming closer, the market focus will be if trade deals are announced, or tariffs are implemented,' said UBS commodity analyst Giovanni Staunovo. The dollar eased 0.2 per cent against a basket of other major currencies, making gold less expensive for their holders. United States Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Gold, often considered a safe-haven asset during economic uncertainty, tends to do well in a low interest rate environment. The US Federal Reserve's next policy meeting is scheduled for July 29-30, following its decision to hold rates steady last month. 'Elevated inflation expectations and strong economic data are weighing on expectations around the number of Fed rate cuts this year. Despite this, the buy-on-dip strategy remains in place, protecting downside risks for gold prices,' ANZ analysts said in a note. Last week, Fed Governor Christopher Waller said he still believes that the US central bank should cut rates next week. Reuters
