Latest news with #Pepperstone
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Gold Futures Slip But Keep to One-Month Highs
0751 GMT – Gold futures soften as the U.S. dollar recoups some losses, though they remain at one-month highs. Futures are down 0.3% at $3,398.40 a troy ounce, but are up 1.1% on week after rallying on Monday on a slump in the dollar. Investor volumes in gold have picked up since the start of the week, with the precious metal emphatically breaking out of a tight trading range it has held since early July, Pepperstone's Chris Weston says in a note. For now, gold is taking its cues from the U.S. dollar, Weston says. Any U.S. dollar rallies should remain capped as the Aug. 1 U.S. tariff implementation deadline approaches and given central bank policy uncertainty due to the risk of an early shadow Federal Reserve chair nominee. This should be a boon for gold, Weston writes. ( 2343 GMT — Gold edges lower in early Asian trade on a possible technical correction after gold futures posted their best day in over a month on Monday. However, losses may be limited by lingering geopolitical tensions. Russia recently launched another wave of drone and missile strikes on Ukraine's Kyiv amid stalled cease-fire talks, while reaffirming its hardline conditions despite mounting international pressure, DHF Capital's Bas Kooijman says in an email. Also, tensions remain elevated in the Middle East, underpinning demand for safe-haven assets, the CEO and asset manager adds. Spot gold is 0.1% lower at $3,393.87/oz. (
Yahoo
2 days ago
- Business
- Yahoo
Gold prices hover near one-month high
Gold (GC=F) Gold prices (GC=F) hovered around the $3,400 mark on Tuesday morning, their highest level in more than a month as uncertainty over US tariffs and interest rates kept haven demand strong. Gold futures were down 0.3% to $3,397.70.30 per ounce, at the time of writing, while spot gold rose 0.6% to $3,385.63 per ounce. The rally in the precious metal came amid reports that the European Union was preparing retaliatory tariff measures in response to US president Donald Trump's plans to impose fresh tariffs on European goods. Washington is reportedly eyeing levies of at least 15% on certain imports from the bloc. Investor focus is also turning toward next week's Federal Reserve meeting, with markets widely expecting the central bank to leave interest rates unchanged. However, the outlook remains clouded by political pressure, as Trump has continued to call for immediate rate cuts to support the economy. Read more: FTSE 100 LIVE: London stocks tread water as UK borrowing jumps above £20bn 'The precious metals complex has been the clear beneficiary of the technical breakdown in the USD index (DXY), with the intraday relationship between gold and the DXY becoming notably tight,' said Chris Weston, head of Research at Pepperstone. 'Client volumes on gold have picked up over the past 24-36 hours, with XAU/USD holding the top spot as the most traded market. The upbeat flows through the market have seen spot gold emphatically breakout of the of $3,370 to $3,300 trading range it has held since early July, with front-month gold futures settling firmly above $3,400 and holding the big figure through Asia.' Oil (BZ=F, CL=F) Oil prices declined in early European trading on Tuesday as investors assessed limited near-term disruption to global supply from European sanctions on Russia, while mounting fears of a transatlantic trade dispute also weighed on sentiment. Brent crude futures (BZ=F) slipped 0.6% to trade at $68.81 per barrel, at the time of writing, while West Texas Intermediate futures retreated 0.5% to $66.88 a barrel. Market attention has turned to a possible trade rift between the US and the European Union, amid reports that Washington is seeking to impose tariffs of at least 15% on EU imports. Brussels is said to be preparing retaliatory measures in response. Uncertainty over US trade policy is also casting a shadow over consumer confidence and broader economic prospects for the second half of the year. The International Energy Agency, in its July report, forecast global oil demand to rise by just 700,000 barrels per day in 2025, its slowest pace of growth since 2009. Read more: London IPO fundraising slumps in blow to UK Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of [the] 1 August deadline." Analysts at ANZ wrote that the 'trade deal impasse could hurt economic activity and thus crude oil demand', particularly if the US moves forward with steep tariffs on EU goods. Pound (GBPUSD=X, GBPEUR=X) The pound was lower against the dollar (GBPUSD=X) this Tuesday morning, despite the weakness in the greenback, as broader market sentiment overshadowed any domestic UK catalysts. The US dollar index ( which measures the greenback against a basket of six currencies, was muted at 97.93. The dollar began the week under pressure, as improving risk sentiment dampened demand for the safe-haven currency. Market optimism around global growth and easing inflation pressures weighed on the greenback, which has seen muted interest from investors seeking safer assets. Further pressure came from Trump, who renewed his criticism of Fed chair Jerome Powell late last week. Trump labelled Powell 'truly one of my worst appointments', a comment that continued to reverberate through currency markets. Stocks: Create your watchlist and portfolio Elsewhere in currencies, the pound also weakened slightly against the euro (GBPEUR=X). Sterling was down 0.1% against the single currency to trade at €1.1523 at the time of writing. With limited domestic data releases early in the week, sterling's performance is expected to remain at the mercy of external sentiment. In equities, the FTSE 100 (^FTSE) was muted at 9,012 points. For more details, on market movements check our live coverage in to access your portfolio
Khaleej Times
2 days ago
- Business
- Khaleej Times
Dubai: Gold prices gain Dh5 per gram in 24 hours, hit one-month high
Gold prices in Dubai have jumped Dh5 per gram in the past 24 hours, hitting a month high. On Tuesday morning, the 24K variant of the precious metal was trading at Dh408.75 per gram compared to last week's close of Dh403.75. Among the other variants, 22K, 21K and 18K have jumped to Dh378.5, Dh362.75 and Dh311 per gram, respectively. Spot gold was steady at $3,388.61 per ounce on Tuesday morning. The precious metal is supported by a weaker US dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline. The US dollar index was hovering near a more than one-week low against its rivals, making greenback-priced gold less expensive for other currency holders, while benchmark 10-year US Treasury yields hit a more than one-week low on Monday. Chris Weston, head of research at Pepperstone, said the precious metals complex has been the clear beneficiary of the technical breakdown in the US dollar index, with the intraday relationship between gold and the dollar becoming notably tight. He added that client volumes on gold have picked up over the past 24-36 hours, with gold holding the top spot as the most traded market. 'The upbeat flows through the market have seen spot gold emphatically breakout of $3,370 to $3,300 trading range it has held since early July, with front-month gold futures settling firmly above $3,400 and holding the big figure through Asia,' he said.
Daily Mail
3 days ago
- Business
- Daily Mail
Footsie closes above 9,000 for first time as round-the-clock trading idea sparks fierce City debate
The FTSE 100 closed above 9,000 for the first time yesterday – as a report that the stock exchange could introduce round-the-clock trading sparked a fierce debate. The UK index climbed 20.87 points, or 0.2 per cent to end the session at 9012.99. It is up by more than 10 per cent for the year to date. The Footsie reached the milestone even as politicians and City grandees worry that it is losing its relevance as a global financial centre. Reforms over the past couple of years have so far failed to revive valuations enough to spare the exchange from being raided by foreign predators. Some think it should follow rival exchanges in New York, which are already planning to bring in 24-hour or extended trading hours – but opinion in the Square Mile is divided. Record close: The FTSE 100 climbed 21 points, or 0.2% to end the session at 9013. It is up by more than 10% for the year to date. The Financial Times reported that parent company London Stock Exchange Group (LSEG) was considering the move. Michael Healy, managing director of trading platform IG, said 24-hour trading would be 'a welcome and overdue step in the right direction' for the exchange. He said: 'If London wants to reclaim its place as a leading global financial centre, it must lead on this.' But Michael Brown at broker Pepperstone said it could have a 'negative impact' on liquidity with trading volumes spread over a longer period resulting in more volatility. He added that there was 'very little clamour for such a move'. LSEG declined to comment.
Economic Times
3 days ago
- Business
- Economic Times
Yen firms as investors gird for political uncertainty
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The yen firmed on Monday after Japan's ruling coalition lost its majority in the upper house as investors braced for a period of policy paralysis and market tumult in the world's fourth-largest economy ahead of a deadline on tariff negotiations with the Japanese markets are closed for the day leaving the yen as an indicator of investor angst. Prime Minister Shigeru Ishiba 's Liberal Democratic Party returned 47 seats, short of the 50 seats it needed to ensure a majority in the 248-seat upper chamber in an election where half the seats were up for yen firmed to 148.32 per dollar in early trading, staying close to the 3-1/2-month low it hit last week as the election result was mostly priced in by investors. It firmed a bit against the euro to the ballot does not directly determine whether Ishiba's administration will fall, it heaps political pressure on the embattled leader who also lost control of the more powerful lower house in Weston, head of research at Pepperstone, said the LDP coalition could still partner with the Democratic Party for the People (DPP) to get the 50 seats required, and "that is helpful for the yen.""However, most importantly, PM Ishiba has been defiant in his stance to stay the course as PM, but his hand has been sufficiently weakened."The election result, while not entirely a shock to markets, also comes at a tricky time for a country trying to get a tariff deal with U.S. President Donald Trump before an Aug. 1 government bonds (JGBs) plunged last week, sending yields on 30-year debt to an all-time high, while the yen slid to multi-month lows against the U.S. dollar and the Ishiba resigns, the political maelstrom could be a trigger for foreign investors to sell Japanese shares and the yen, analysts investor focus has been firmly on Trump's global tariff salvos, with a Financial Times report last week indicating the U.S. president was pushing for steep new tariffs on European Union euro was steady at $1.163225 in early trading, while sterling last fetched $1.13417. The dollar index, which measures the U.S. currency against six others, was at New Zealand dollar eased 0.18% to $0.5951 after annual consumer inflation accelerated in the second quarter but stayed below economists' forecasts, leading markets to raise the chance of a rate cut next month given the broader economic cryptocurrencies, bitcoin fell 1% to $116,939, holding below a record $123,153 reached last week.
