Latest news with #JimWyckoff
Zawya
28-05-2025
- Business
- Zawya
Gold drifts up on bargain hunting ahead of Fed minutes
Gold prices rose on Wednesday as traders sought bargains following the previous session's declines, while the market remains focused on minutes from the Federal Reserve's latest policy meeting due later in the day. Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday. U.S. gold futures rose 0.3% to $3,310.60. "The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place," Jim Wyckoff, senior analyst at Kitco Metals, said. "The minutes can be market movers. Market watchers are going to be looking at new comments on inflation this afternoon." Minutes of the Fed's May policy meeting are due at 2 p.m. EDT (1800 GMT). The meeting took place amid heightened concern over global trade tensions, following President Trump's early April announcement of major new import tariffs. Some of the most aggressive tariffs were eased or delayed a week later. Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April. Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand. Focus is also on Thursday's U.S. GDP data, Friday's Personal Consumption Expenditures (PCE), and comments from U.S. central bank officials. Elsewhere, gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, data showed. Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.
Business Recorder
05-05-2025
- Business
- Business Recorder
Gold gains on dollar weakness, safe-haven demand
NEW YORK: Gold prices gained more than 2% on Monday, driven by a weaker dollar and safe-haven demand, while the market awaits a policy decision from the US Federal Reserve later in the week. Spot gold was up 2.2% at $3,312.09 an ounce at 11:55 ET (1555 GMT). US gold futures were up 2.4% at $3,321.30. The dollar index fell 0.2%, making bullion less expensive to other currency holders. US President Donald Trump announced on Sunday a 100% tariff on movies produced overseas, reigniting concerns about the potential fallout of a global trade war. 'We are seeing a continued flow of safe-haven demand, keeping gold prices elevated ... Prices are going to trade above $3,000 level at least in the near-term,' said Jim Wyckoff, senior analyst at Kitco Metals. 'I don't think any change in interest rates is expected at this meeting, but we'll be watching it to see if the Fed is leaning any particular way.' Traders await Fed Chair Jerome Powell's comments due on Wednesday to get clues on the central bank's rate path. The Fed has held its policy rate in the 4.25%-4.50% range since December. The Fed is expected to leave interest rates unchanged this meeting, but it may be the last where the outcome is so cut and dry with Trump's tariffs casting a shadow of uncertainty over the economic outlook. Gold, which is considered a hedge against uncertainty and tends to thrive in a low interest rate environment, has hit multiple record highs and gained 26.3% so far this year. Goldman Sachs expects gold to continue outperforming silver, but noted that, given the strong correlation in flows, renewed demand for gold in 2025 was likely to boost silver prices too. Spot silver rose about 1% to $32.30 an ounce. Meanwhile, platinum fell 0.6% to $954.40 and palladium shed 1.1% to $943.39.
Express Tribune
06-03-2025
- Business
- Express Tribune
SBP reserves increase by $27m
Listen to article The State Bank of Pakistan's (SBP) foreign exchange reserves increased by $27 million, reaching $11.25 billion during the week ending February 28, 2025. According to the latest data, the total liquid foreign reserves held by the country stood at $15.87 billion as of February 28, 2025. Of this, the SBP holds $11.25 billion, while commercial banks hold $4.62 billion. Meanwhile, gold prices fell in Pakistan, mirroring a drop in international rates. In the local market, the price per tola declined by Rs3,000 on Thursday, settling at Rs304,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs2,571 to Rs260,630. On Wednesday, gold prices had increased by Rs700 per tola, closing at Rs307,000. Internationally, gold prices also saw a decline on Thursday. As per APGJSA, the international rate for Pakistan stood at $2,893 per ounce (including a $20 premium), marking a $28 decrease for the day. Globally, gold prices dipped due to rising US Treasury yields and profit-taking, while market attention turned to payroll data for insights into the Federal Reserve's monetary policy. Spot gold fell 0.2% to $2,912.82 an ounce as of 1442 GMT after rising for the past three sessions. US gold futures also dropped 0.2% to $2,921.50. "We are just seeing some mild profit-taking pressure from recent gains. The underlying fundamentals are still bullish Another thing that's putting some mild pressure on the gold market is a rise in bond yields," said Jim Wyckoff, a senior market analyst at Kitco Metals. The benchmark 10-year US Treasury yields hit a one-week high, reducing the appeal of non-yielding gold. Amid geopolitical uncertainties, gold, a global safe-haven, has gained over 10% year-to-date and hit a record high of $2,956.15 on February 24. The US imposed a 25% tariff on imports from Mexico and Canada on Tuesday, along with further duties on Chinese goods. However, the White House confirmed on Wednesday that automakers from Canada and Mexico would be exempt from these tariffs for a month, subject to compliance with existing free trade rules. The Pakistani rupee saw a slight gain against the US dollar, appreciating 0.02% in the interbank market on Thursday. By the end of the trading session, the rupee stood at 279.82, marking an increase of 5 paisa from its previous close of 279.87 on Wednesday. Globally, the euro reached a four-month high against the US dollar. This surge was driven by a rise in European bond yields following Germany's proposal for a 500 billion ($539.85 billion) infrastructure fund and revisions to borrowing limits.
Khaleej Times
25-02-2025
- Business
- Khaleej Times
UAE: Gold prices slip after hitting new all-time high
Gold prices hit a new all-time high on Monday evening but slipped at the opening of markets on Tuesday. On Tuesday morning, at 9am UAE time, 24K and 22K fell Dh2 per gram to Dh354 and Dh329.25 per gram, respectively. Among the other variants, 21K and 18K opened at Dh315.75 and Dh270.75 per gram, respectively. Globally, gold was trading at $2,937.53 per ounce, down 0.3 per cent at 9.10am UAE time. The yellow metal hit an all-time high of $2,956.15 per ounce yesterday evening. Samer Hasn, Senior Market Analyst at said the continuation of the general upward trend in gold recently coincided with the influx of a set of negative signs about the future of economic activities and the labour market in the US. 'These sources of uncertainty are added to those prevailing globally with anticipation of developments in the trade war between the US and the world,' he said. 'Investors believe that in the coming weeks and months or longer than that gold prices are going to continue to appreciate,' said Jim Wyckoff, a senior market analyst at Kitco Metals. 'The path of least resistance for gold remains sideways to higher and as long as uncertainty persists, gold is likely to continue rising,' added Wyckoff.
USA Today
30-01-2025
- Business
- USA Today
Gold hits record high on safe-haven demand amid tariff threats
Gold hits record high on safe-haven demand amid tariff threats Show Caption Hide Caption Trump administration backs off tariffs after Colombia accepts migrants Colombia said they would accept deportation flights carrying Colombian migrants after the Trump administration threatened to impose tariffs. Gold prices rose to hit a lifetime high on Thursday, sparked by safe-haven demand due to U.S. tariff threats, while the focus was also on a crucial inflation report for clues on the Federal Reserve's policy path. Spot gold XAU= was up 1.4% at $2,796.15 per ounce, as of 11:07 a.m. (1603 GMT), hitting its record high level at $2798.24 earlier in the session. U.S. gold futures GCcv1 climbed 2% to $2,824. "We are seeing keener uncertainty and anxiety about the Trump administration's new policies on trade and foreign policy ... fresh technical buying coming in as prices are trending higher now in both gold and silver," said Jim Wyckoff, a senior market analyst at Kitco Metals. Earlier this week, the White House said U.S. president Donald Trump plans to hit Mexico and Canada with steep tariffs on Saturday while also considering some on China. The dollar =USD fell 0.2%, making gold less expensive for other currency holders, while yield on the 10-year U.S. Treasury notes US10YT=RR fell to its lowest level in over a month. USD/US/ Tariffs, inflation and retailers: How Trump's potential tariffs could hit your wallet "Gold is shining as a safe haven asset, with investors seeking shelter to weather the storm of unpredictability," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. The Fed, meanwhile, held rates steady on Wednesday, in line with expectations, with Chair Jerome Powell saying there would be no rush to cut them again. Data showed that U.S. economic growth slowed in the fourth quarter, but robust domestic demand will probably keep the Fed on a slow interest rate cut path. Investors now await the December U.S. personal consumption expenditures (PCE) price index report on Friday. Spot silver XAG= was up 2.2% at $31.48 per ounce. "The Platinum and Palladium market I think are seeing spillover buying interest from the rallying gold and silver markets and that's mainly what's driving those markets higher," Wyckoff added. Platinum XPT= added 2.1% to $965.95, and palladium XPD= gained 2.3% to $984.50. Reporting by Anmol Choubey and Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber and Mohammed Safi Shamsi
