Latest news with #JimWycoff
Yahoo
22-05-2025
- Business
- Yahoo
Gold falls over 1% on dollar uptick, profit taking
By Sarah Qureshi (Reuters) - Gold fell more than 1% on Thursday as the U.S. dollar strengthened and investors booked profits after prices touched a two-week high earlier in the session. Spot gold fell 0.4% to $3,301.37 an ounce, by 1043 a.m. ET (1443 GMT). Prices hit their highest level since May 9 earlier in the session and recorded gains in the previous three sessions. U.S. gold futures also fell 0.4% to $3,301.00. The dollar index rose 0.3%, making bullion more expensive for foreign currency holders. [USD/] "We're seeing some profit taking pressure from recent gains and a firmer U.S. dollar index is another bearish factor," Jim Wycoff, senior analyst at Kitco Metals. "The specter of a shaky global bond market is going to be a bullish underlying factor for the gold market that's going to limit the downside." Bond vigilantes continued to stalk global debt markets as the U.S. House of Representatives passed President Donald Trump's "big beautiful" tax bill by a single vote. The bill will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office. Gold is used as a safe store of value during times of political and financial uncertainty. Data showed U.S. business activity picked up in May amid a truce in the trade war between Washington and China, but Trump's sweeping tariffs on imported goods raised prices for companies and consumers. Trade deals from the U.S. administration are expected to be announced in the coming weeks and these will play a crucial role in shaping gold prices for the remainder of the year, said Zain Vawda, analyst at MarketPulse by OANDA. Elsewhere, spot silver fell 1.1% to $32.99 an ounce, platinum edged 0.1% lower to $1,077.92 and palladium lost 2.7% to $1,009.89.
Economic Times
16-05-2025
- Business
- Economic Times
Cooling trade tensions set gold on track for worst week since November
Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the gold fell 1.7% to $3,185.87 an ounce as of 1007 ET (14:07 GMT) and was down 4.2% so far this week. Last month, prices had reached a record high of $3,500.05 amid escalated tariff tensions.U.S. gold futures was down 1.2% to $3,188.70."The thawing of the U.S.-China trade war has revived risk appetite across the broader marketplace. This shift is prompting profit-taking among futures traders, particularly in the gold market, and has triggered a week-long wave of liquidation," said Jim Wycoff, senior analyst at Kitco and Beijing earlier this week announced a 90-day pause, while they work out the details to end their tit-for-tat trade war. Later, the U.S. said that it was slashing "de minimis" fees on smaller shipments from a result, the Wall Street's three main indexes opened higher on Friday, building on this week's gains, after a long period of is considered a hedge against economic and geopolitical turmoil. It also tends to do well in a low-interest rate recent slowing inflation data, combined with a weaker-than-expected economic data, in the United States cemented bets of more Federal Reserve rate cuts this expect the U.S. central bank to implement two rate cuts, beginning in silver lost 1.3% to $32.27 an ounce and fell over 1% for the week."It seems to me that if gold resumed its bull market run, then silver has a more upside price potential too," said platinum dipped 0.6% to $983.56 and palladium eased 0.3% to $965.46. Both the sister metals also headed for weekly declines.
Time of India
16-05-2025
- Business
- Time of India
Cooling trade tensions set gold on track for worst week since November
Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the market. Spot gold fell 1.7% to $3,185.87 an ounce as of 1007 ET (14:07 GMT) and was down 4.2% so far this week. Last month, prices had reached a record high of $3,500.05 amid escalated tariff tensions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Iraq: Jewelry On Sale For Half Price! (See Price List) Luxury Jewelry | search ads Undo U.S. gold futures was down 1.2% to $3,188.70. "The thawing of the U.S.-China trade war has revived risk appetite across the broader marketplace. This shift is prompting profit-taking among futures traders, particularly in the gold market, and has triggered a week-long wave of liquidation," said Jim Wycoff, senior analyst at Kitco Metals. Washington and Beijing earlier this week announced a 90-day pause, while they work out the details to end their tit-for-tat trade war. Later, the U.S. said that it was slashing "de minimis" fees on smaller shipments from China. Live Events As a result, the Wall Street's three main indexes opened higher on Friday, building on this week's gains, after a long period of uncertainty. Bullion is considered a hedge against economic and geopolitical turmoil. It also tends to do well in a low-interest rate environment. Meanwhile, recent slowing inflation data, combined with a weaker-than-expected economic data, in the United States cemented bets of more Federal Reserve rate cuts this year. Markets expect the U.S. central bank to implement two rate cuts, beginning in September. Spot silver lost 1.3% to $32.27 an ounce and fell over 1% for the week. "It seems to me that if gold resumed its bull market run, then silver has a more upside price potential too," said Wycoff. Meanwhile, platinum dipped 0.6% to $983.56 and palladium eased 0.3% to $965.46. Both the sister metals also headed for weekly declines.
