Latest news with #NicholasFrappell
Emirates 24/7
3 days ago
- Business
- Emirates 24/7
Gold hits over one-week low after US court blocks most of Trump's tariffs
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "reciprocal tariffs", dampening the metal's safe-haven allure, while a robust dollar further pressured prices of the precious metal. Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.7% to $3,270.80. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69. Follow Emirates 24|7 on Google News.
Zawya
3 days ago
- Business
- Zawya
Gold hits over one-week low after US court blocks Trump's tariffs
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs, dampening the metal's safe-haven allure, while a robust dollar further pressured the bullion. Spot gold was down 0.7% at $3,268 an ounce, as of 0242 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.1% to $3,265. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. "This was obviously the most important news driver and looking at the broad, dollar sort of rallied on that and obviously helped push gold lower," said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.4% to $33.12 an ounce, platinum was steady at $1,075.50 and palladium edged 0.9% higher to $971.30. (Reporting by Anmol Choubey and Brijesh Patel in Bengaluru; Editing by Rashmi Aich)
Reuters
3 days ago
- Business
- Reuters
Gold hits over one-week low after US court blocks Trump's tariffs
May 29 (Reuters) - Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs, dampening the metal's safe-haven allure, while a robust dollar further pressured the bullion. Spot gold was down 0.7% at $3,268 an ounce, as of 0242 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.1% to $3,265. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. "This was obviously the most important news driver and looking at the broad, dollar sort of rallied on that and obviously helped push gold lower," said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index (.DXY), opens new tab rallied making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.4% to $33.12 an ounce, platinum was steady at $1,075.50 and palladium edged 0.9% higher to $971.30.
Business Recorder
30-04-2025
- Business
- Business Recorder
Gold falls as easing trade tensions dampen appeal; US data in focus
Gold prices dropped on Wednesday, pressured by a firmer dollar and a de-escalation in trade tensions, while investors awaited key US data for cues on the Federal Reserve's rate outlook. Spot gold was down 0.4% at $3,302.58 an ounce, as of 0430 GMT. US gold futures lost 0.7% to $3,310.70. The dollar edged 0.1% higher against a basket of currencies, making bullion more expensive for overseas buyers. There's been a minor recovery in the broad dollar strength, which led to a little bit of retracement in gold, said Nicholas Frappell, global head of institutional markets, ABC Refinery. US President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner. 'Even though the Trump administration is watering down tariffs, they are still high and the confidence in US assets has been shaken, arguably permanently,' financial market analyst Kyle Rodda said. Bullion, a safeguard against political and financial turmoil, had soared to a record high of $3,500.05 per ounce on April 22 due to global economic uncertainties. Gold price per tola gains Rs2,100 in Pakistan Market participants will scan economic data, including US personal consumption expenditures, due later in the day, and non-farm payrolls report on Friday to further gauge the impact of the latest tariffs on Fed's interest rate outlook. 'The PCE data is expected to show further moderation in prices and keep the door open for further Fed cuts. If we get an upside surprise, then those odds may diminish and that could weigh on gold prices,' Rodda said. Traders currently expect the Fed to cut rates by around 95 basis points by the end of the year. Spot silver fell 0.7% to $32.72 an ounce, platinum eased 0.6% to $971.75 and palladium lost 0.2% to $932.40.
Business Insider
30-04-2025
- Business
- Business Insider
Gold prices dip as US dollar strengthens and tariff tensions ease
Gold prices fell on Wednesday, weighed down by a stronger US dollar and signs of easing trade tensions, as investors await key US economic data that could shape the Federal Reserve's next move on interest rates. Spot gold fell 0.4% to $3,302.58/oz by 4:30am GMT, while US gold futures declined 0.7% to $3,310.70/oz. Gold prices fell due to a stronger US dollar and signs of easing trade tensions Spot gold fell to $3,302.58/oz, while US gold futures declined to $3,310.70/oz The US dollar index gained 0.1%, making gold more expensive for holders of other currencies The US dollar index gained 0.1% against a basket of major currencies, making gold more expensive for holders of other currencies and applying downward pressure on bullion. 'There was a minor recovery in broad dollar strength, which led to a little bit of retracement in gold,' said Nicholas Frappell, global head of institutional markets at ABC Refinery. The decline follows a recent rally that saw gold prices reach an all-time high of $3,500.05/ounce on April 22, driven by global economic uncertainties and market volatility. The pullback in gold comes after US President Donald Trump signed a pair of executive orders aimed at easing the impact of auto tariffs. Meanwhile, the US trade team announced its first agreement with a foreign partner since the new tariff wave began. 'Even though the Trump administration is watering down tariffs, they are still high, and the confidence in US assets has been shaken — arguably permanently,' said Kyle Rodda, market analyst at Investors now await the release of key data points, including the US Personal Consumption Expenditures (PCE) price index later today and the nonfarm payrolls report on Friday. 'The PCE data is expected to show further moderation in prices and keep the door open for further Fed cuts,' Rodda added. 'If we get an upside surprise, then those odds may diminish and that could weigh on gold prices.' Markets currently anticipate a total of 95 basis points in Fed rate cuts by the end of the year. Other Precious Metals Silver fell 0.7% to $32.72/oz Platinum dropped 0.6% to $971.75/oz Palladium slipped 0.2% to $932.40/oz
