Latest news with #HighRidgeFutures
International Business Times
2 days ago
- Business
- International Business Times
Gold Prices Dip as Dollar Strengthens and Tariff Uncertainty Persists
Gold prices dropped on Friday, ending May with their first monthly loss of 2025. The dip was attributed to a firmer U.S. dollar and continued uncertainty over trade tariffs. Spot gold dropped 0.6 percent to $3,297.09 per ounce by 9:38 a.m. ET, a decline of 1.8 percent for the week. U.S. gold futures also fell 0.7% to $3,295.40. The dollar index gained 0.2%, which made gold more expensive for holders of other currencies. A federal appeals court has temporarily reinstated sweeping tariffs that US President Donald J. Trump, had placed on imported solar panels. The move followed a U.S. trade court decision, a day earlier, that had found Trump had overstepped his authority when imposing those duties. The resurrection amplified market swings and investor unease. "It doesn't look like initially gold will be so much in favor since there's a little bit less need for safe haven, but there are going to be significant restraints on Trump, and that ultimately will pop up prices," said David Meger, director of metals trading at High Ridge Futures. In economic news, the U.S. Personal Consumption Expenditures (PCE) Price Index increased 2.1% y/y in April, below expectations of a 2.2% rise. This relatively benign inflation data helped keep alive hopes that the Federal Reserve may yet cut interest rates in the coming months. Lower rates are generally good for gold, which doesn't offer a yield and stands to be pressured as the opportunity cost of holding the metal lessens. In India, gold continued to be unattractive this week as prices domestically grew higher and the wedding season came to an end. Dealers cut discounts to $31 an ounce from $49 a week ago. In the domestic market, gold was trading at around ₹94,900 per 10 grams after falling to a one-month low. Spot silver fell 0.6% to $33.14 an ounce. Platinum fell 1.6 percent to $1,065.50, and palladium lost 1 percent to $963.57.
Zawya
2 days ago
- Business
- Zawya
Gold ticks lower, markets digest tariff developments
Gold prices slipped on Friday as the dollar edged higher and markets digested the latest tariff developments, while a softer inflation report kept hopes for a U.S. rate cut alive. Spot gold was down 0.6% at $3,297.09 an ounce as of 09:38 am ET (1338 GMT) and was down 1.8% so far this week. U.S. gold futures fell 0.7% to $3,295.40. The dollar index rose 0.2%, making gold more expensive for other currency holders. A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. "Gold at this point in time is pulling back off these recent highs and is in a consolidation period," said David Meger, director of metals trading at High Ridge Futures. "Gold is under slight pressure as we're seeing a little lesser need for safe-haven but it does look like there is going to be significant push back from Trump and that will eventually help prices." On the data front, the U.S. Personal Consumption Expenditures Price index (PCE) was up 2.1% year on year in April versus a 2.2% forecast. After the report, traders continued to bet that the U.S. central bank will cut its target for short-term borrowing costs in September. Bullion, which thrives in a low-interest rate environment and is also used to hedge against inflation and uncertainty, hit a record high of $3,500.05 in April. Elsewhere, physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of the wedding season kept buyers at bay. Spot silver fell 0.6% to $33.14, platinum eased 1.6% to $1,065.50 and palladium dropped 1% to $963.57.
Yahoo
7 days ago
- Business
- Yahoo
Gold firms as dollar slips further, geopolitical uncertainty lingers
By Sarah Qureshi (Reuters) - Gold prices rose more than 1% on Tuesday as the U.S. dollar weakened further and stocks slipped amid uncertainty over U.S. tariff policy and a potential ceasefire between Russia and Ukraine. Spot gold was up 1.7% at $3,284.74 an ounce by 1345 ET (1745 GMT). U.S. gold futures settled 1.6% higher at $3,284.6. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the U.S. sovereign rating, one notch down from "Aaa" to "Aa1" on Friday due to concerns about the nation's growing debt. A softer dollar makes bullion cheaper for buyers holding other currencies. [USD/] "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade, weakening dollar have supported the precious metals complex overall," said David Meger, director of metals trading at High Ridge Futures. U.S. stocks eased as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts. Bullion is considered a safe asset during periods of geopolitical and economic uncertainties. "Gold will have serious resistance at $3,350 with some minor resistance at $3,300. We are trading in the new range of $3,150 to $3,350," said Phillip Streible, chief market strategist at Blue Line Futures. Ongoing tensions between Russia and Ukraine are more of a factor for platinum and palladium, Meger said, as no potential deal could mean a lesser supply on the market coming from Russia. Russia is the world's biggest palladium producer and the second biggest platinum producer. The EU and Britain announced new sanctions against Russia on Tuesday without waiting for the U.S. to join them, a day after President Donald Trump spoke to Vladimir Putin but was unable to extract a promise for a ceasefire in Ukraine. Platinum reached its highest since October 2024, climbing 5% to $1,048.05. Palladium rose 4.2% to $1,015.58, its highest since February 4. Spot silver rose 2.1% to $33.01. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
09-05-2025
- Business
- Zawya
Gold rises as dollar eases ahead of US-China trade talks
Gold rose over 1% on Friday as the dollar ticked lower, while the market digested recent tariff remarks from U.S. President Donald Trump ahead of a weekend meeting between the U.S. and China. Spot gold was up 0.8% to $3,332.88 an ounce at 0919 ET(13:18 GMT) and gained nearly 3% so far this week. Bullion, known as a hedge against geopolitical and economic uncertainties has risen more than 27% since the start of the year. U.S. gold futures were up 1% to $3,338.10. The U.S. dollar edged 0.3% lower, making bullion less expensive for other currency holders. U.S. President Donald Trump said that 80% tariffs on Chinese goods "seems right" as representatives prepared for weekend talks to contain a trade war between the world's two largest economies. Additionally, on the geopolitical front, India and Pakistan accused each other of launching new military attacks, using drones and artillery for the third day in the worst fighting between the nuclear-armed South Asian neighbours in nearly three decades. "Obviously, the overall continued uncertainty in regards to tariffs remains probably the most significant underpinning behind gold," said David Meger, director of metals trading at High Ridge Futures. "We're not quite as favourable towards gold as we have been over the course of the past several months. We could be moving into a period of more consolidation or retracement for a period of time." On the physical front, Indian gold dealers offered price discounts this week amid weak demand as a weaker rupee lifted local prices to near-record highs, while buying in China picked up after a holiday. Elsewhere, Trump's trade policies will likely lift inflation, lower growth, and raise unemployment later this year, Federal Reserve Governor Michael Barr said, leaving policymakers with a potentially tricky decision on which problem to fight. Spot silver added 0.2% to $32.56 an ounce, platinum rose 1.1% to $986.55 and palladium climbed 0.1% to $976.68. (Reporting by Ashitha Shivaprasad and Sarah Qureshi in Bengaluru; editing by David Evans)
Yahoo
01-05-2025
- Business
- Yahoo
Gold extends losses as tariff tensions ease
Gold prices extended their sharp retreat for a third straight session on Wednesday, as investor appetite for the safe-haven asset diminished amid signs of renewed trade dialogue between the United States and key global partners. Gold futures fell 2.5% to $3,237.20 per ounce at the time of writing, while the spot price declined 1.6% to $3,234.83 an ounce. "There is some optimism that there will be some de-escalation of the trade war between the US and China," David Meger, director of metals trading at High Ridge Futures, told Reuters. The pullback comes after reports from Chinese state-affiliated media indicated that the Trump administration had reached out to Beijing to reopen trade negotiations. Read more: FTSE 100 LIVE: Stocks rise as China says US has 'reached out' for tariff talks Market sentiment has been buoyed further by Trump's efforts to ease auto tariff impacts through executive orders signed on Tuesday, and his comments on Wednesday suggesting "potential" trade deals with India, South Korea, and Japan. The shift in tone has eroded demand for gold, which surged to an all-time high of $3,500.05 per ounce last week amid escalating global trade tensions and geopolitical uncertainty. Despite the recent pullback, analysts remain broadly bullish. A quarterly Reuters poll published this week projected an average annual gold price above $3,000 for the first time, citing persistent trade frictions and a global pivot away from the US dollar as key drivers. The pound edged lower against the dollar in early European trading, slipping 0.2% to $1.3297, as the greenback strengthened on the back of fresh US economic data. Despite signs of economic weakness, including a contraction in US GDP in the first quarter and tepid job growth in April, the dollar gained broadly. The dollar index ( which measures the greenback against a basket of currencies, rose 0.6%, to $100.01. Analysts suggested the move may be driven more by positioning than fundamentals. "The recent dollar bounce may be a temporary position adjustment as markets await further developments," said Reuters analyst Paul Spirgel. Read more: Lloyds profit falls, sets aside £100m amid tariff uncertainty Weaker labour market indicators and the surprise economic contraction are fuelling speculation that the US Federal Reserve could pivot to rate cuts in the coming months. Market pricing reflected in the CME FedWatch tool suggests a 62.5% probability that the Fed will lower interest rates at its June policy meeting. For May, traders largely expect the central bank to hold rates steady at 4.25%-4.50%. Sterling was little changed against the euro, hovering just above the flatline at €1.1767. Oil prices continued their slide on Thursday, deepening losses after the largest monthly drop in more than three years, as Saudi Arabia signalled a strategic pivot away from market-balancing supply cuts in favour of regaining market share. Brent crude futures were down 0.8%, to trade around $60.60 a barrel, while West Texas Intermediate lost 1.1%, hitting the $57.60 a barrel mark. Stocks: Create your watchlist and portfolio The shift in tone from Riyadh, one of the world's top oil producers, marks a departure from its recent role as the stabilising force within OPEC+. For much of the past five years, Saudi Arabia had spearheaded deep output cuts alongside allies to support oil prices. But officials now appear prepared to tolerate lower prices for an extended period, raising worries of a potential production war. "It raises concern that we could be headed towards another production war," said Phil Flynn, senior analyst with Price Futures Group. "Are the Saudis trying to send a message that they are going to get back their market share? We'll have to wait and see." The bearish sentiment is compounded by deteriorating demand prospects. A Reuters poll released Wednesday forecast further pressure on oil markets amid ongoing trade tensions and a likely increase in OPEC+ supply. Analytics firm Kpler revised its 2025 global oil demand growth forecast down to 640,000 barrels per day, from 800,000 bpd, citing weakening demand from India and heightened Beijing-Washington trade frictions. More broadly, the FTSE 100 was little changed on Thursday morning, trading at 8,496.86 points. For more details, check our live coverage here.
