Latest news with #KCMTrade
Business Recorder
5 hours ago
- Business
- Business Recorder
Gold rebounds from 1-month low on renewed trade uncertainty
Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty stemming from fresh U.S. tariff announcements lifted bullion's appeal, even as expectations of a U.S. rate cut in September eased. Spot gold was up 0.5% at $3,292.24 per ounce, as of 0230 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday. U.S. gold futures fell 0.2% to $3,287. 'Gold at sub $3,300 levels has attracted buying interest from traders as a value play, particularly with the prevailing economic uncertainty, which goes hand in hand with Trump's secondary tariff threats,' KCM Trade Chief Market Analyst Tim Waterer said. U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption from tariffs for small-value shipments from overseas. Trump announced a deal with South Korea involving a 15% U.S. tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25% tariff on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached. Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday, while Chair Jerome Powell's comments dampened expectations of rate cuts in September. Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment. 'Support around the $3,250 region is shaping as a key level to potentially protect against a move of more significance to the downside. But any breach could open the door lower to $3,200,' Waterer said. The U.S. core PCE index data will be in focus later in the day, and is expected to rise 0.3% month-on-month and 2.7% year-on-year, per a Reuters poll. Spot silver was down 0.3% at $37 per ounce, platinum rose 0.6% to $1,320.98, and palladium gained 2.5% to $1,234.77.
CNBC
5 hours ago
- Business
- CNBC
Gold rebounds from 1-month low on renewed trade uncertainty
Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty stemming from fresh U.S. tariff announcements lifted bullion's appeal, even as expectations of a U.S. rate cut in September eased. Spot gold was up 0.5% at $3,292.24 per ounce, as of 0230 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday. U.S. gold futures fell 0.2% to $3,287. "Gold at sub $3,300 levels has attracted buying interest from traders as a value play, particularly with the prevailing economic uncertainty, which goes hand in hand with Trump's secondary tariff threats," KCM Trade Chief Market Analyst Tim Waterer said. U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption from tariffs for small-value shipments from overseas. Trump announced a deal with South Korea involving a 15% U.S. tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25% tariff on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached. Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday, while Chair Jerome Powell's comments dampened expectations of rate cuts in September. Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment. "Support around the $3,250 region is shaping as a key level to potentially protect against a move of more significance to the downside. But any breach could open the door lower to $3,200," Waterer said. The U.S. core PCE index data will be in focus later in the day, and is expected to rise 0.3% month-on-month and 2.7% year-on-year, per a Reuters poll. Spot silver was down 0.3% at $37 per ounce, platinum rose 0.6% to $1,320.98, and palladium gained 2.5% to $1,234.77.
Jordan News
a day ago
- Business
- Jordan News
Gold Declines Globally – Details - Jordan News
Gold prices held steady on Tuesday, remaining near their lowest level in three weeks, as easing fears of a global trade war and a stronger dollar reduced the appeal of the metal as a safe haven. اضافة اعلان Spot gold was priced at $3,318.71 per ounce as of 06:01 GMT. The precious metal had hit its lowest level since July 9 during the previous session. Meanwhile, U.S. gold futures rose by 0.2% to $3,317.50. Tim Waterer, Chief Market Analyst at KCM Trade, said: "Gold trading near or below $3,300 continues to attract buyer interest. Although short-term market factors such as trade agreements and dollar strength are not currently supportive of gold, the longer-term outlook remains positive." On Monday, top economic officials from the United States and China met in Stockholm for more than five hours of talks aimed at resolving ongoing economic disputes between the world's two largest economies, and seeking to extend the current tariff truce by three months. Separately, the U.S. reached a preliminary trade agreement with the European Union on Sunday, under which a 15% import tariff was imposed on most European goods—half the initially threatened rate—thereby preventing a broader trade war between the two allies, who together account for about one-third of global trade. The U.S. Dollar Index (.DXY) hit a two-week high, making gold more expensive for holders of other currencies. Investors this week are closely watching for key U.S. economic data, including inflation indicators, the employment report, and the Federal Reserve meeting set to begin later today, with expectations that interest rates will remain unchanged. Waterer added that if U.S. data comes in weak or if criticism from former President Donald Trump pushes the Fed toward a more dovish tone, that could be supportive of gold. As for other precious metals: Spot silver held steady at $38.18 per ounce. Platinum slipped by 0.1% to $1,388.98. Palladium dropped 1.7% to $1,225.44, according to Reuters.
Business Recorder
2 days ago
- Business
- Business Recorder
Australian shares end mostly flat over tariff worries
Australian shares finished Tuesday little changed as investors scrutinised the long-term economic impact of elevated trade barriers, even as countries edged towards tariff deals with the United States. The S&P/ASX 200 benchmark index closed 0.1% higher at 8,704.60 points, after losing 0.6% earlier in the session. The benchmark rose 0.4% on Monday. Australia, one of the countries currently subject to the U.S.'s 10% baseline tariffs, could face levies of between 15% and 20% on its exports to the U.S. if it doesn't secure a separate deal soon, erasing the optimism that came with a slew of deals announced recently. 'Questions remain about just how well or otherwise the (Australian) economy will handle stiffer tariffs,' said Tim Waterer, chief market analyst at KCM Trade. Banks boost Aussie shares higher; investors brace for corporate earnings Tariff levels are still going to be higher than they have historically been, and that poses a greater economic challenge to countries such as Australia, along with certain sector-specific tariffs which are less than ideal for the domestic export sector, Waterer said. Banks, the bellwethers for economic growth, ended largely flat, with two of the 'Big Four' lenders finishing lower. Top lender CBA slipped 0.4%, after it announced workforce reductions tied to a shift towards artificial intelligence. Miners finished largely unchanged, down 0.04%. BHP closed slightly higher, while Rio Tinto was flat and Fortescue slipped 0.3%. Energy stocks rose 0.7%, with Woodside gaining 1.6% to hit a six-week high after it said it would take over as the operator of the Bass Strait oil and gas assets from ExxonMobil, unlocking an estimated $60 million in synergies. Market participants now await the local inflation data due on Wednesday to gauge the central bank's next monetary policy move. In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 12,936.41 points.
Business Recorder
2 days ago
- Business
- Business Recorder
Gold hovers near 3-week low as trade war fears ebb, dollar firms
Gold prices were little changed on Tuesday, hovering near a three-week low, as easing fears of a global tariff war and a stronger dollar dampened its safe-haven appeal. Spot gold held its ground at $3,318.71 per ounce, as of 0601 GMT. The precious metal hit its lowest since July 9 in the previous session. U.S. gold futures were up 0.2% at $3,317.50. 'Gold trading at circa $3,300 or below is still getting the attention of buyers. While short-term market dynamics courtesy of trade deals and a stronger USD aren't helping gold, looking further ahead there is still upside potential,' KCM Trade Chief Market Analyst Tim Waterer said. Top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the centre of a trade war between the world's top two economies, seeking to extend a truce by three months. Gold prices firm The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. The dollar index held near a two-week high, making gold costlier for buyers holding other currencies. Investors are awaiting a set of U.S. macroeconomic data this week, including inflation figures and the employment report, alongside the Federal Reserve's two-day policy meeting beginning later in the day, with expectations that rates will be held steady. If U.S. data is weak or if U.S. President Donald Trump's criticisms of the Fed inspire the central bank to adopt a more dovish tone this week, that could be positive for gold, Waterer said. Spot silver was steady at $38.18 per ounce, while platinum edged down 0.1% to $1,388.98 and palladium slipped 1.7% to $1,225.44.
