Latest news with #KelvinWong
Yahoo
3 days ago
- Business
- Yahoo
Gold prices retreat as investors await key US inflation data
Gold prices edged lower on Friday, on track for a nearly 2% weekly decline, as traders positioned themselves ahead of a closely watched US inflation report. Gold futures were down 0.7% to $3,320.20 per ounce at the time of writing on Friday morning, while the spot gold price slipped 0.1% to $3,295.14 per ounce. The move came as investors awaited the release of the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation, later in the day. Technical dynamics also contributed to the pullback, according to Kelvin Wong, senior analyst at Oanda Asia Pacific. 'The price action in gold has twice failed to break above the key near-term resistance level of $3,328 — both in the US session yesterday and again early in the Asian session today,' he said. Read more: What's behind the surge in AI-related lawsuits? Still, the broader investment case for gold remains intact. The precious metal's haven appeal was boosted by renewed uncertainty over Donald Trump's trade agenda, after a US federal appeals court on Thursday granted the US president a temporary reprieve from a ruling that threatened to upend much of his planned tariffs. Goldman Sachs (GS) this week reaffirmed its view that bullion, alongside crude oil, remains a key inflation hedge for long-term portfolios. Oil prices inched higher on Friday but remained on course for a second straight weekly decline, pressured by expectations of increased supply from OPEC+ and renewed uncertainty surrounding US trade policy. Brent crude futures climbed 0.1% to $63.46 a barrel, while West Texas Intermediate futures rose 0.2% to $61.06 a barrel. However, both contracts have fallen 1.3% so far this week. The pressure on prices stemmed largely from concerns over rising output. Investors are anticipating that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will move forward with another production increase when eight of its members meet on Saturday. Analysts expect prices to stay within recent ranges in the short term, before potentially easing into the high $50s by the end of the year. Meanwhile, in the US, oil markets were further unsettled after a federal appeals court on Thursday temporarily reinstated tariffs introduced by Trump. The move reversed a trade court's decision a day earlier that had ordered an immediate block on the most extensive of the duties. Read more: Best cash-saving deals to beat inflation The legal back-and-forth sent oil prices tumbling more than 1% on Thursday, as traders recalibrated expectations in light of continued policy uncertainty. Analysts warned that further volatility is likely as the dispute winds through the courts. Since Trump unveiled his so-called "Liberation Day" tariffs on 2 April, oil prices have shed more than 10%. The pound held steady against the dollar on Friday, trading at $1.3479, as investors adopted a cautious stance ahead of the release of the US personal consumption expenditures (PCE) price index. Stocks: Create your watchlist and portfolio The US dollar index ( which measures the greenback against a basket of six currencies, rose 0.3% to $99.53, bolstered by safe-haven demand and anticipation of the inflation print. 'Sterling is on track for its fourth monthly rise on the trot versus the dollar, its longest monthly winning streak in over two years with a cumulative gain of over 10%,' said George Vessey, lead FX and macro strategist at Convera. 'Historically, GBP/USD has suffered a down month following such an aggressive move higher. But we note that June exhibits no meaningful seasonality trend, and with dollar demand tepid amidst ongoing uncertainty regarding the US trade story and fiscal policy stability — the pound could extend higher into the summer.' Vessey added that Convera's upside scenario — which sees sterling reaching $1.40 by year-end — assumes continued weakness in the US currency driven by 'the erosion of confidence in US policy making' and 'deteriorating US economic data'. However, he cautioned that such a rally would also require a resilient UK economy and a more hawkish stance from the Bank of England, making forthcoming inflation data 'crucial'. 'In the very near term though, month-end flows could create some temporary selling pressure for sterling, given its strong month-to-date performance across both an aggregate and cross-border basis,' he said. In other currency moves, the pound was higher against the euro (GBPEUR=X), trading at €1.1886 at the time of writing. The FTSE 100 (^FTSE) was up 0.6% at 8,768 points. For more details, check our live coverage in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Gold prices retreat as investors await key US inflation data
Gold prices edged lower on Friday, on track for a nearly 2% weekly decline, as traders positioned themselves ahead of a closely watched US inflation report. Gold futures were down 0.7% to $3,320.20 per ounce at the time of writing on Friday morning, while the spot gold price slipped 0.1% to $3,295.14 per ounce. The move came as investors awaited the release of the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation, later in the day. Technical dynamics also contributed to the pullback, according to Kelvin Wong, senior analyst at Oanda Asia Pacific. 'The price action in gold has twice failed to break above the key near-term resistance level of $3,328 — both in the US session yesterday and again early in the Asian session today,' he said. Read more: What's behind the surge in AI-related lawsuits? Still, the broader investment case for gold remains intact. The precious metal's haven appeal was boosted by renewed uncertainty over Donald Trump's trade agenda, after a US federal appeals court on Thursday granted the US president a temporary reprieve from a ruling that threatened to upend much of his planned tariffs. Goldman Sachs (GS) this week reaffirmed its view that bullion, alongside crude oil, remains a key inflation hedge for long-term portfolios. Oil prices inched higher on Friday but remained on course for a second straight weekly decline, pressured by expectations of increased supply from OPEC+ and renewed uncertainty surrounding US trade policy. Brent crude futures climbed 0.1% to $63.46 a barrel, while West Texas Intermediate futures rose 0.2% to $61.06 a barrel. However, both contracts have fallen 1.3% so far this week. The pressure on prices stemmed largely from concerns over rising output. Investors are anticipating that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will move forward with another production increase when eight of its members meet on Saturday. Analysts expect prices to stay within recent ranges in the short term, before potentially easing into the high $50s by the end of the year. Meanwhile, in the US, oil markets were further unsettled after a federal appeals court on Thursday temporarily reinstated tariffs introduced by Trump. The move reversed a trade court's decision a day earlier that had ordered an immediate block on the most extensive of the duties. Read more: Best cash-saving deals to beat inflation The legal back-and-forth sent oil prices tumbling more than 1% on Thursday, as traders recalibrated expectations in light of continued policy uncertainty. Analysts warned that further volatility is likely as the dispute winds through the courts. Since Trump unveiled his so-called "Liberation Day" tariffs on 2 April, oil prices have shed more than 10%. The pound held steady against the dollar on Friday, trading at $1.3479, as investors adopted a cautious stance ahead of the release of the US personal consumption expenditures (PCE) price index. Stocks: Create your watchlist and portfolio The US dollar index ( which measures the greenback against a basket of six currencies, rose 0.3% to $99.53, bolstered by safe-haven demand and anticipation of the inflation print. 'Sterling is on track for its fourth monthly rise on the trot versus the dollar, its longest monthly winning streak in over two years with a cumulative gain of over 10%,' said George Vessey, lead FX and macro strategist at Convera. 'Historically, GBP/USD has suffered a down month following such an aggressive move higher. But we note that June exhibits no meaningful seasonality trend, and with dollar demand tepid amidst ongoing uncertainty regarding the US trade story and fiscal policy stability — the pound could extend higher into the summer.' Vessey added that Convera's upside scenario — which sees sterling reaching $1.40 by year-end — assumes continued weakness in the US currency driven by 'the erosion of confidence in US policy making' and 'deteriorating US economic data'. However, he cautioned that such a rally would also require a resilient UK economy and a more hawkish stance from the Bank of England, making forthcoming inflation data 'crucial'. 'In the very near term though, month-end flows could create some temporary selling pressure for sterling, given its strong month-to-date performance across both an aggregate and cross-border basis,' he said. In other currency moves, the pound was higher against the euro (GBPEUR=X), trading at €1.1886 at the time of writing. The FTSE 100 (^FTSE) was up 0.6% at 8,768 points. For more details, check our live coverage here.
Yahoo
4 days ago
- Business
- Yahoo
Gold prices retreat as investors await key US inflation data
Gold prices edged lower on Friday, on track for a nearly 2% weekly decline, as traders positioned themselves ahead of a closely watched US inflation report. Gold futures were down 0.7% to $3,320.20 per ounce at the time of writing on Friday morning, while the spot gold price slipped 0.1% to $3,295.14 per ounce. The move came as investors awaited the release of the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation, later in the day. Technical dynamics also contributed to the pullback, according to Kelvin Wong, senior analyst at Oanda Asia Pacific. 'The price action in gold has twice failed to break above the key near-term resistance level of $3,328 — both in the US session yesterday and again early in the Asian session today,' he said. Read more: What's behind the surge in AI-related lawsuits? Still, the broader investment case for gold remains intact. The precious metal's haven appeal was boosted by renewed uncertainty over Donald Trump's trade agenda, after a US federal appeals court on Thursday granted the US president a temporary reprieve from a ruling that threatened to upend much of his planned tariffs. Goldman Sachs (GS) this week reaffirmed its view that bullion, alongside crude oil, remains a key inflation hedge for long-term portfolios. Oil prices inched higher on Friday but remained on course for a second straight weekly decline, pressured by expectations of increased supply from OPEC+ and renewed uncertainty surrounding US trade policy. Brent crude futures climbed 0.1% to $63.46 a barrel, while West Texas Intermediate futures rose 0.2% to $61.06 a barrel. However, both contracts have fallen 1.3% so far this week. The pressure on prices stemmed largely from concerns over rising output. Investors are anticipating that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will move forward with another production increase when eight of its members meet on Saturday. Analysts expect prices to stay within recent ranges in the short term, before potentially easing into the high $50s by the end of the year. Meanwhile, in the US, oil markets were further unsettled after a federal appeals court on Thursday temporarily reinstated tariffs introduced by Trump. The move reversed a trade court's decision a day earlier that had ordered an immediate block on the most extensive of the duties. Read more: Best cash-saving deals to beat inflation The legal back-and-forth sent oil prices tumbling more than 1% on Thursday, as traders recalibrated expectations in light of continued policy uncertainty. Analysts warned that further volatility is likely as the dispute winds through the courts. Since Trump unveiled his so-called "Liberation Day" tariffs on 2 April, oil prices have shed more than 10%. The pound held steady against the dollar on Friday, trading at $1.3479, as investors adopted a cautious stance ahead of the release of the US personal consumption expenditures (PCE) price index. Stocks: Create your watchlist and portfolio The US dollar index ( which measures the greenback against a basket of six currencies, rose 0.3% to $99.53, bolstered by safe-haven demand and anticipation of the inflation print. 'Sterling is on track for its fourth monthly rise on the trot versus the dollar, its longest monthly winning streak in over two years with a cumulative gain of over 10%,' said George Vessey, lead FX and macro strategist at Convera. 'Historically, GBP/USD has suffered a down month following such an aggressive move higher. But we note that June exhibits no meaningful seasonality trend, and with dollar demand tepid amidst ongoing uncertainty regarding the US trade story and fiscal policy stability — the pound could extend higher into the summer.' Vessey added that Convera's upside scenario — which sees sterling reaching $1.40 by year-end — assumes continued weakness in the US currency driven by 'the erosion of confidence in US policy making' and 'deteriorating US economic data'. However, he cautioned that such a rally would also require a resilient UK economy and a more hawkish stance from the Bank of England, making forthcoming inflation data 'crucial'. 'In the very near term though, month-end flows could create some temporary selling pressure for sterling, given its strong month-to-date performance across both an aggregate and cross-border basis,' he said. In other currency moves, the pound was higher against the euro (GBPEUR=X), trading at €1.1886 at the time of writing. The FTSE 100 (^FTSE) was up 0.6% at 8,768 points. For more details, check our live coverage in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Gold Falls as Traders Await US Data for Clues on Tariff Impacts
(Bloomberg) -- Gold fell, putting it on track for an almost 2% weekly loss, amid a technical pullback in prices ahead of key US economic data. NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NY Wins Order Against US Funding Freeze in Congestion Fight Why Arid Cities Should Stick Together The precious metal fell as much as 0.8% on Friday, as investors awaited the US personal consumption expenditures price index — the Federal Reserve's preferred inflation metric due later today. Markets will be assessing the report, which will offer an insight into real consumer spending and wage growth in April, for clues on how President Donald Trump's global trade war has impacted the economy. The selloff was also driven by technical factors ahead of the data release, according to Kelvin Wong, senior analyst at Oanda Asia Pacific Pte. 'The price action in gold has twice failed to break above the key near-term resistance level of $3,328 — both in the US session yesterday and again early in the Asian session today,' he said. Still, despite the declines this week, bullion's haven appeal remains intact as markets were once again rattled by uncertainties surrounding Trump's tariff agenda, after a federal appeals court on Thursday gave Trump a temporary reprieve from a ruling threatening to throw out the bulk of his planned levies. Tensions with China also resurfaced this week, with US Treasury Secretary Scott Bessent characterizing trade talks with Beijing as 'a bit stalled.' Earlier in the week, the White House announced it would start revoking Chinese student visas, while also introducing new restrictions on the sales of chip design software — prompting an angry rebuke from Beijing. All that is likely to reinforce the haven appeal of gold, which Goldman Sachs Group Inc. said this week would remain a hedge against inflation in long-term portfolios along with crude. Spot gold was down 0.5% to $3,300 an ounce as of 1:40 p.m. in Singapore. The Bloomberg Dollar Spot Index edged up, after fluctuating in the previous session. Silver, palladium and platinum all declined. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
6 days ago
- Business
- Business Recorder
Copper steadies as tariff reprieve lifts risk appetite
Copper prices in London were stable on Wednesday, supported by improved risk appetite across financial markets following US President Donald Trump's latest tariff respite, though a firm dollar kept gains in check. Three-month copper on the London Metal Exchange held its ground at $9,593.5 per metric ton by 0214 GMT. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) edged 0.1% higher to 78,390 yuan ($10,886.29) per ton. 'Copper prices in the last two weeks have been trading in line with all sentiment in the global stock market. Trade optimism has lifted the US stock market and it has a kind of a spill over impact on copper prices as well,' said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. Trump rolled back on Sunday his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks. This boosted risk sentiment in the wider financial markets. Data showed on Tuesday that US consumer confidence snapped five straight months of decline and improved in May amid a truce in the trade war between Washington and Beijing. Copper rallies to one-month peak on signs of improving demand Meanwhile, the dollar index added to overnight gains, making dollar-denominated assets more expensive to holders of other currencies. The global refined copper market showed a 17,000 metric tons surplus in March, compared with a 180,000 metric tons surplus in February, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Among other London metals, aluminium eased 0.3% to $2,478.50 a ton, zinc edged 0.1% lower to $2,703, lead shed 0.3% to $1,979.5 and nickel weakened 0.3% to $15,370. Tin was up 0.1% to $32,630. SHFE aluminium rose 0.5% to 20,165 yuan a ton, lead was down 0.2% at 16,765 yuan, nickel edged 0.4% lower to 121,870 yuan, while zinc was steady at 22,415 yuan and tin fell 0.3% to 264,440 yuan.
