Latest news with #HeraeusMetalsGermany
International Business Times
4 days ago
- Business
- International Business Times
Gold Edges Higher as Rate Cut Hopes Grow; Silver Hits 13-Year Peak on Industrial Demand
Gold offered a glimmer of hope for many investors who kept an eye on the tumultuous markets this week. Amid mounting jobless claims and softer labor data in the U.S., expectations for a Federal Reserve interest rate were reinforced. That helped gold recover a bit of lost ground and lay the foundation for a weekly gain even as uncertainty of a more general sort continued to roil world financial markets. Spot gold was up 0.2% to $3,359.26 an ounce on Friday at 11:51 GMT. For the week, bullion rose 2.1%, as lackluster economic data weighed on the dollar and fueled talk of interest-rate cuts. U.S. gold futures also rose 0.2% to $3,382.70. Investors were responding to a report from the Labor Department on Thursday that said unemployment claims had surged to a seven-month high. Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, said the labor market signals outweighed President Donald Trump's recent phone call with Chinese President Xi Jinping in impacting gold. The leaders talked about trade and the supply chains for critical minerals, but the effect on investor sentiment was limited. The next big market driver is the U.S. non-farm payrolls release later Friday. Analysts anticipate the addition of about 130,000 jobs in May, with the unemployment rate expected to remain 4.2%. Markets are, in turn, likely to rely more upon the notion that the Federal Reserve may not wait as long as it once did to deliver rate cuts if the numbers disappoint. Gold, which is popular as a safe store of wealth during times of economic and political turmoil, typically rises when interest rates are low. The decline in yields makes non-yielding assets like gold more attractive. In the meantime, it has been Silver's time to shine this week. While it fell 0.1% on Friday to $36.11 an ounce, it earlier hit its most in more than 13 years. Analysts point to strong industrial demand and tight supply as driving the rally. Platinum rose too, gaining 2.4% to $1,157.11 — its highest level since March 2022. Palladium rose 1.5 percent to $1,020.75. Short-term gold potential is safely on hold, but investors are starting to look at undervalued metals.
Time of India
4 days ago
- Business
- Time of India
Gold price today: Gold rate to record weekly gains. Details here
Gold price gained on Friday. Spot gold was up 0.2 per cent at $3,359.26 an ounce. Bullion has gained 2.1 per cent for the week so far. U.S. gold futures climbed 0.2 per cent to $3,382.70. Gold rate was poised for a weekly rise after U.S. data this week boosted hopes of interest rate cuts by the Federal Reserve, while silver hit a more than 13-year high. "The disappointing jobless claims data, indicating potential labour market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call on Thursday amid trade tensions and a dispute over critical minerals. The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank. Live Events FAQs Q1. How does Gold perform? A1. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Q2. Who is President of USA? A2. President of USA is Donald Trump.
Shafaq News
4 days ago
- Business
- Shafaq News
Gold poised for weekly gain; silver touches over 13-year high
Shafaq News/ Gold firmed on Friday, and was poised for a weekly rise after U.S. data this week boosted interest rate cut hopes by the Federal Reserve, while silver hit a more than 13-year high. Spot gold was up 0.4% at $3,367.45 an ounce, as of 0854 GMT. Bullion has gained 2.4% for the week so far. U.S. gold futures climbed 0.5% to $3,390.70. "The disappointing jobless claims data, indicating potential labor market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call Thursday amid trade tensions and a dispute over critical minerals. The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday. Markets are now eyeing the upcoming U.S. nonfarm payroll report, due at 1230 GMT, after a series of data releases this week signaled softness in the labor market. Economists polled by Reuters forecast nonfarm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%. "A softening US labor market would likely increase pressure on the Fed to ease monetary policy, especially if payrolls disappoint," Zumpfe added. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, spot silver rose 0.2% to $36.23 per ounce, after hitting a more than 13-year high earlier in the session. Platinum rose 2.7% to $1,163.95, its highest level since March 2022. Palladium was up 1.4% at $1,019.62. Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank.
Al Arabiya
22-04-2025
- Business
- Al Arabiya
Gold price hits record high above $3,500 on rush to safety
Gold prices briefly broke above $3,500 per ounce to an all-time high on Tuesday, after US President Donald Trump criticized Federal Reserve Chair Jerome Powell, rattling investors and increasing demand for the safe-haven asset. Spot gold was up 1.5 percent at $3,474.41 an ounce by 0743 GMT, after earlier rising as far as $3,500.05. US gold futures gained 1.8 percent to $3,485.10. 'The latest leg of the rally was triggered by President Donald Trump's public attack on Federal Reserve Chairman Jerome Powell,' said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. 'As political uncertainty and monetary policy concerns persist, gold is likely to remain well supported. Key technical support levels are now seen at $3,450 and $3,400, while the next psychological target on the upside is $3,600 per ounce,' Zumpfe said. Trump's increasingly vocal attacks on Powell for not cutting interest rates saw Wall Street share indexes fall around 2.4 percent on Monday and the dollar hit three-year lows. A weaker US currency makes dollar-priced bullion less expensive for buyers overseas. 'It is also interesting that normally when equities hit the skids the way the US markets did yesterday, gold would come down under distressed liquidation. This time that has not happened,' said StoneX analyst Rhona O'Connell. Prices of gold, traditionally seen as a safe-haven asset amid economic and geopolitical uncertainty, have risen by nearly a third so far this year. Traders will look to speeches by several Fed officials later this week, hoping for insights into future monetary policy amid the concerns about the central bank's independence. Spot silver fell 0.6 percent to $32.5 an ounce. Platinum gained 0.7 percent to $967.84, while palladium was up 1.9 percent at $944.73.
Business Recorder
22-04-2025
- Business
- Business Recorder
Gold touches $3,500/oz amid Trump's attacks on Powell
Gold prices briefly broke above $3,500 per ounce to an all-time high on Tuesday, after US President Donald Trump criticised Federal Reserve Chair Jerome Powell, rattling investors and increasing demand for the safe-haven asset. Spot gold was up about 1% at $3,457.12 an ounce by 1025 GMT, after earlier rising as far as $3,500.05. US gold futures gained 1.3% to $3,469.50. 'The latest leg of the rally was triggered by President Donald Trump's public attack on Federal Reserve Chairman Jerome Powell,' said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. 'As political uncertainty and monetary policy concerns persist, gold is likely to remain well supported. Key technical support levels are now seen at $3,450 and $3,400, while the next psychological target on the upside is $3,600 per ounce,' Zumpfe said. Trump's increasingly vocal attacks on Powell for not cutting interest rates saw Wall Street share indexes fall around 2.4% on Monday and the dollar hit three-year lows. A weaker US currency makes dollar-priced bullion less expensive for buyers overseas. 'It is also interesting that normally when equities hit the skids the way the US markets did yesterday, gold would come down under distressed liquidation. Gold price per tola jumps Rs8,100 to hit another record high in Pakistan This time that has not happened,' said StoneX analyst Rhona O'Connell. Prices of gold, traditionally seen as a safe-haven asset amid economic and geopolitical uncertainty, have risen by nearly a third so far this year. Traders will look to speeches by several Fed officials later this week, hoping for insights into future monetary policy amid the concerns about the central bank's independence. Spot silver was steady at $32.68 an ounce, platinum gained 1% to $971.40, and palladium jumped 1.8% to $944.27.
