Latest news with #KitcoMetals
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.
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.
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.
International Business Times
13-05-2025
- Business
- International Business Times
Gold Prices Tumble 2.6% as U.S.-China Tariff Deal Shifts Risk Appetite
Gold prices have been extremely volatile in the last month, largely supported by evolving trade movements and investor sentiment. The precious metal rallied to record highs with U.S.-China trade war tensions and has since deflated. Gold prices slipped more than 2% on Monday after China and the United States reached a truce in their trade war that could avert an increase in tariffs, which buoyed appetite for riskier assets and dented gold's safe-haven appeal. Spot gold fell 2.6% to $3,237.04 per ounce as of 11:32 a.m. ET (15:32 GMT). U.S. gold futures followed suit, dropping 3.1% to $3,241.70. The decline followed the announcement that U.S. tariffs on Chinese goods would be cut from 145% to 30%, the same level as before the trade war, and China would lower tariffs imposed on hundreds of billions of U.S. exports to 10% from 125%. The cuts are to remain in place for 90 days, pending further negotiation. The change in the trade tone comes after a turbulent month for about an escalating tariff war and broader economic fallout pushed spot gold to an all-time high of $3,500.05 last month. The rally was mainly supported by investors seeking a safe haven as they poured into bullion because of global instability and fears about the U.S. administration's trade position. But risk appetite began to return to global markets, as there have been signs of a diplomatic breakthrough in recent weeks. Shares surged on Monday, and the dollar jumped to a one-month high, piling pressure on gold. A stronger dollar tends to make dollar-priced gold more expensive for overseas buyers, hurting demand. "Gold's knee-jerk move last month to White House headlines has made the precious metal ripe for a reversal if Trump can convince the market that he's back-tracking," said Adrian Ash, director of research at BullionVault. "With encouraging sentiment in the new mood music, upside potential for gold is likely to be realized only on corrections to such sentiment." The technical dynamics of the market have also improved due to the tariff deal. – According to Jim Wyckoff, a senior analyst at Kitco Metals, gold bulls have faded and forfeited their near-term technical advantage this week. "The next upside target is to break through $3,350. "Initial resistance is at $3,250, followed by $3,275," he added. More signals on which way gold prices may be headed next could come next week, when investors will be looking to a slew of important U.S. economic reports. The report on the Consumer Price Index (CPI) is scheduled for release Tuesday, with the Producer Price Index and retail sales figures on Thursday and Friday, respectively. These readings are likely to affect expectations for interest rate policy from the Federal Reserve. Low rates are usually advantageous for gold, which does not pay interest. Despite a softer geopolitical backdrop, prices may find support if the Fed shows any signs of a dovish pivot. In the overall precious metals market, other prices declined as well. Spot silver fell 0.4% to $32.56 an ounce, platinum retreated 1.6% to $978.80, and palladium dropped 2.7% to $949.43. While Monday's retreat of 6% from a 7-year high of $1,704.30 an ounce hit last week, there's still a lot of uncertainty in the gold outlook, analysts warn. Then again, signs that trade talks are getting worse and a surprise in more inflationary data in the near future could put the safe-haven trading frenzy back in order. For now, the market appears to be taking a breather after weeks of intense volatility.
Business Recorder
13-05-2025
- Business
- Business Recorder
Gold falls over 2pc as US and China strike tariff deal
NEW YORK: Safe-haven gold fell more than 2% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs. Spot gold was down 2.6% at $3,237.04 an ounce, as of 1132 ET (15:32 GMT). Bullion, considered a hedge against economic and geopolitical turmoil, hit a record high of $3,500.05 last month amid increased tariff uncertainty. US gold futures shed 3.1% to $3,241.70. 'Gold's feverish response to last month's chaotic headlines from the White House made the precious metal vulnerable to Trump back-tracking,' said Adrian Ash, BullionVault director of research.'Now that the mood music is more hopeful, gold is likely to find upside potential on setbacks to this optimism.' The US will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on US imports will fall to 10% from 125%, the two sides said. The new measures are effective for 90 days. In other markets following the deal, the US dollar surged to over a one-month high, and global shares rallied. A stronger greenback makes gold more expensive for foreign investors. 'June gold futures bulls have lost their overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $3,350. First resistance is seen at $3,250 and then at $3,275,' said Jim Wyckoff, senior analyst at Kitco Metals. Traders now await the US Consumer Price Index data, due on Tuesday, to get direction on the Federal Reserve's policy path. Other key data sets due this week include the Producer Price Index and retail sales.
