Latest news with #IlyaSpivak
Zawya
22-05-2025
- Business
- Zawya
Gold hits two-week high as investors cautious on US debt concerns
Gold prices rose to a two-week peak on Thursday as investors leaned toward the safe-haven asset amid mounting concerns over the U.S. government's growing debt and soft demand for 20-year Treasury bonds, highlighting low appetite for U.S. assets. Spot gold was up 0.7% at $3,336.43 an ounce, as of 0446 GMT, after hitting its highest level since May 9. U.S. gold futures rose 0.7% to $3,337.60. The dollar is hovering near a two-week low hit in the previous session, making greenback-priced gold cheaper for holders of overseas currency. "Gold's bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. The Republican-controlled U.S. House of Representatives Rules Committee on Wednesday voted to advance President Donald Trump's sweeping tax-cut and spending bill, setting the stage for a vote on the House floor in the coming hours. The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday, which is weighing not just the dollar but Wall Street as well, with traders already jittery after Moody's cut the U.S. triple-A credit rating last week. "Gold seems to be resuming its longer-term uptrend after the break below $3,200 failed to hold. I'm looking for a year of the highs around $3,450-$3,500 from here," said Ilya Spivak, head of global macro at Tastylive. Gold is seen as a safe investment amid economic and geopolitical turmoil and thrives in a low-rate environment. On the geopolitical front, the fifth round of nuclear talks between Iran and the United States will take place on May 23 in Rome, Oman's foreign minister said on Wednesday. Spot silver rose nearly 1% to $33.66 an ounce, platinum fell 0.4% to $1,072.43 and palladium lost 1.4% to $1,023.50. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala, Sumana Nandy and Sherry Jacob-Phillips)
Gulf Business
16-05-2025
- Business
- Gulf Business
Gold set for worst drop in six months: Find out why
Image credit: Getty Images Gold prices dropped on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Read- Spot gold was down 0.8 per cent at $3,213.56 an ounce, as of 0429 GMT. Bullion has lost 3.3 per cent so far this week and is set for its worst weekly performance since November 2024. US gold futures shed 0.3 per cent to $3,217.20. Dollar gain The dollar has gained 0.4 per cent for the week so far and was headed for its fourth straight weekly gain, making greenback-priced gold more expensive for overseas buyers. 'Gold prices faced heavy selling pressure this week as markets cheered (a) de-escalation in the US-China trade (war),' said Ilya Spivak, head of global macro at Tastylive. Tit-for-tat tariffs Earlier this week, the US and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. Meanwhile, data showed US producer prices fell unexpectedly in April and retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. Trade policies On Thursday, Federal Reserve Governor Michael Barr said the US economy is on solid footing with inflation heading to the central bank's 2 per cent target, but trade policies have clouded the outlook. Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September. Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment. 'On the plus side, gold price dips continue to attract buyers which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky,' said KCM Trade Chief Market Analyst Tim Waterer. Spot silver fell nearly 1 per cent to $32.37 an ounce, platinum was down 0.5 per cent at $984.83 and palladium lost 1.2 per cent to $956.43.
Zawya
16-05-2025
- Business
- Zawya
Gold set for worst week in six months as trade calm dents appeal
Gold prices eased on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold fell 0.5% to $3,223.06 an ounce as of 0222 GMT. Bullion has lost about 3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.1% to $3,224.90. The dollar added 0.3% for the week so far and was headed for its fourth straight week of gains, making greenback-priced gold more expensive for overseas buyers. "Gold prices faced heavy selling pressure this week as markets cheered (a) de-escalation in the U.S.-China trade (war)," said Ilya Spivak, head of global macro at Tastylive. Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. Meanwhile, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. On Thursday, Federal Reserve Governor Michael Barr said the U.S. economy is on solid footing with inflation heading to the central bank's 2% target, but trade policies have clouded the outlook. Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September. Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment. "On the plus side, gold price dips continue to attract buyers which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky," said KCM Trade Chief Market Analyst Tim Waterer. Spot silver eased 0.6% to $32.49 an ounce, platinum fell 0.3% to $986.58 and palladium lost 1.1% to $957.42. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sumana Nandy and Sherry Jacob-Phillips)
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Gold set for worst week in six months as trade calm dents appeal
Gold prices eased on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold fell 0.5 per cent to $3,223.06 an ounce as of 0222 GMT. Bullion has lost about 3 per cent so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.1 per cent to $3,224.90. The dollar added 0.3 per cent for the week so far and was headed for its fourth straight week of gains, making greenback-priced gold more expensive for overseas buyers. 'Gold prices faced heavy selling pressure this week as markets cheered [a] de-escalation in the U.S.-China trade [war],' said Ilya Spivak, head of global macro at Tastylive. Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. Meanwhile, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. On Thursday, Federal Reserve Governor Michael Barr said the U.S. economy is on solid footing with inflation heading to the central bank's 2 per cent target, but trade policies have clouded the outlook. Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September. Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment. 'On the plus side, gold price dips continue to attract buyers which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky,' said KCM Trade Chief Market Analyst Tim Waterer. Spot silver eased 0.6 per cent to $32.49 an ounce, platinum fell 0.3 per cent to $986.58 and palladium lost 1.1 per cent to $957.42.
Business Recorder
16-05-2025
- Business
- Business Recorder
Gold set for worst week in six months as trade calm dents appeal
Gold prices eased on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold fell 0.5% to $3,223.06 an ounce as of 0222 GMT. Bullion has lost about 3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.1% to $3,224.90. The dollar added 0.3% for the week so far and was headed for its fourth straight week of gains, making greenback-priced gold more expensive for overseas buyers. 'Gold prices faced heavy selling pressure this week as markets cheered (a) de-escalation in the U.S.-China trade (war),' said Ilya Spivak, head of global macro at Tastylive. Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. Meanwhile, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. On Thursday, Federal Reserve Governor Michael Barr said the U.S. economy is on solid footing with inflation heading to the central bank's 2% target, but trade policies have clouded the outlook. Gold prices fall as trade optimism rises Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September. Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment. 'On the plus side, gold price dips continue to attract buyers which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky,' said KCM Trade Chief Market Analyst Tim Waterer. Spot silver eased 0.6% to $32.49 an ounce, platinum fell 0.3% to $986.58 and palladium lost 1.1% to $957.42.
