Latest news with #Oanda
Yahoo
30-05-2025
- 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
The National
03-04-2025
- Business
- The National
Oil and stock markets plunge after Trump's tariffs rattle investors
Oil and global stocks dropped on Thursday, as markets were rattled by US President Donald Trump's sweeping tariffs announced on Wednesday, expected to upend global trade. Brent, the benchmark for two thirds of the world's oil, was down 2.24 per cent at $73.27 a barrel at 7.15am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was 2.43 per cent lower at $69.97 a barrel. Asian stocks also fell sharply on Monday, with Japan's Nikkei 225 index plunging by about 4.6 per cent in early trading to hit its lowest in about eight months, before recovering slightly later in the day. Mr Trump announced a higher-than-anticipated 24 per cent tariff on Japanese goods. Meanwhile, South Korea's benchmark Kospi index was also down about 1.08 per cent, Hong Kong's Hang Seng index was 1.64 per cent lower, the Shanghai Composite index was 0.36 per cent lower at 7.25am UAE time. US stock futures were also down on Thursday, with the S&P 500 and the Nasdaq futures down 2.77 per cent and 3.3 per cent, respectively. 'Companies that make up the S&P 500 generate about 40 per cent of their revenue outside of the United States. This leaves Wall Street exposed to potential trade wars that hamper the free flow of goods and services,' said Zain Vawda, market analyst at Oanda. 'S&P 500 technology companies such as Apple, Microsoft and Nvidia rely on non-US markets for over half their sales. Given the poor performance by some of them so far in 2025, caution appears to be the only game in town.' Mr Trump announced sweeping tariffs on US trading partners on Wednesday, as world leaders prepared to impose retaliatory actions, setting the stage for possible trade wars that could affect global economic growth. The minimum 10 per cent tariffs on all imports were established through an executive order with Mr Trump saying the action will be imposed on 'friend and foe alike' because, 'in many cases, the friend is worse than the foe in terms of trade'. China and Vietnam were the targets of some of the harshest tariffs, at 34 per cent and 46 per cent. India will be hit with a 26 per cent tariff while the EU will receive a 20 per cent levy. Pakistan (29 per cent), Israel (17 per cent) and the UK (10 per cent) were also on a list of more than a dozen countries hit by the tariffs. Mr Trump also announced a minimum baseline tariff of 10 per cent for remaining countries, with rates going even higher for countries deemed the 'worst offenders'.
Khaleej Times
17-03-2025
- Business
- Khaleej Times
Dubai: Gold prices steady in early trade after hitting record high
Gold prices were steady at the opening of the markets in Dubai on Monday. At 9.30am UAE time, 24K was trading at Dh359.5 per gram while 22K was selling at Dh234.5 per gram as both remained unchanged. Globally, gold was trading at $2,984.2 per ounce, down 0.42 per cent at 9.30am UAE time. The precious metal hit an all-time high on Friday as prices surpassed $3,000 per ounce for the first time ever due to uncertainty around the US economy, tariff war, geopolitical tensions around the world and increased hopes of interest rate cuts from the US Federal Reserve fueling safe haven demand. 'The recent rally in gold has been driven by stagflationary fears," said Kelvin Wong, senior market analyst, Asia Pacific, at Oanda. He said short-term momentum remains positive with the next intermediate resistances at $3,016 or $3,030. However, he ruled out that there is no guarantee that there will not be a recession in the US. He said that an upgrade of inflation forecast in the dot plot and US Fed chief Jerome Powell's hint during the press conference on the economic uncertainty that may arise due to the trade tariff policy may support a firmer gold price.
