Latest news with #JeffreyChristian
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Business Standard
10 hours ago
- Business
- Business Standard
Gold prices rise as Iran-Israel conflict fuels safe-haven demand
Gold prices rose on Monday as escalating Iran-Israel tensions boosted safe-haven demand, with markets closely monitoring developments in the region. Spot gold gained 0.5per cent at $3,384.59 an ounce, as of 1245 a.m. EDT (1645 GMT). US gold futures was up 0.4per cent at $3,400.70. "Prices are up partly because of political uncertainty following the US bombing of Iran," said Jeffrey Christian, managing partner of CPM Group. The United States over the weekend launched multiple missile strikes against Iran targeting its nuclear sites, while President Donald Trump openly mused about overthrowing the Iranian government. Axios, citing an Israeli official, reported on Monday that Iran had launched six missiles toward US bases in Qatar. Israel's military bombed Evin prison in northern Tehran, a potent symbol of Iran's governing system, in what Israel called its most intense bombing yet of the Iranian capital. Gold is traditionally seen as a hedge against inflation and a safe haven during times of uncertainty. "We expect gold and silver prices to remain strong and to rise further as long as the political and economic problems continue and we don't see them ending anytime soon. Our expectation is that the price of gold could hit $3,500/oz within the next couple months," Christian added. Gold hit its highest-ever mark on April 22 at $3,500.05. Investors also await the US Personal Consumption Expenditures data due later this week. Last week, the Federal Reserve left the US policy rate in its current 4.25per cent-4.50per cent range with policymakers hinting at possible rate cuts later this year. Bullion, a non-yielding asset, tends to thrive when interest rates are low. Spot silver was up 0.7per cent at $36.22 per ounce and platinum rose 1.5per cent to $1,284.08. Palladium gained 2.5per cent to $1,070.47, reaching its highest level since June 11.
Business Recorder
09-05-2025
- Business
- Business Recorder
Gold subdued as Trump signals potential trade deal with Britain
NEW YORK: Gold prices inched lower on Thursday, ahead of US President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT, after rising 1% earlier in the session. US gold futures slipped 0.7% to $3,368.50. 'The gold market has been very volatile. What you're seeing are short term investors buying and selling based on news headlines,' said Jeffrey Christian, managing partner of CPM Group. 'Prices could trade as low as $3,050 or as high as $3,500 on a long term basis.' rump posted on Truth Social he would hold an Oval Office news conference at 10 a.m. EDT (1400 GMT) about a 'major trade deal with representatives of a big, and highly respected, country,' using all capitalized letters. Earlier in the day, the New York Times reported the United States and Britain are likely to announce a deal. Bullion, widely regarded as a hedge against geopolitical uncertainty, has surged over $300 and hit multiple record highs since Trump first announced his tariffs. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet with China's top economic official on Saturday in Switzerland. Elsewhere, China's central bank has approved foreign exchange purchases by commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said. 'Theoretically, this move should boost gold prices as increased demand from China becomes a factor. However, current market dynamics are dominated by developments surrounding tariffs,' said Zain Vawda, analyst at MarketPulse by OANDA. On the US monetary policy front, the Federal Reserve held interest rates steady on Wednesday but said risks of higher inflation and unemployment had risen, as its policymakers grapple with the impact of tariffs. Spot silver was up 0.2% at $32.52 an ounce, platinum gained 1% to $984.15 and palladium rose 0.2% to $973.92.
