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Business Recorder
2 days ago
- Business
- Business Recorder
Safe-haven gold rises on weaker dollar, simmering global uncertainty
NEW YORK: Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). US gold futures were up at $3,406.80. The US dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. 'There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside,' Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, 'the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge,' Pavilonis added. US President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and 'extremely hard to make a deal with,' just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their 'best offers' to avoid more import levies starting in early July. Data on Wednesday showed US private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's US non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Safe-haven gold rises on weaker dollar, simmering global uncertainty
Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added. U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July. Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
Yahoo
2 days ago
- Business
- Yahoo
Safe-haven gold rises on weaker dollar, simmering global uncertainty
By Sherin Elizabeth Varghese (Reuters) - Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. [USD/] "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added. U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July. Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94. 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
Arab Times
22-05-2025
- Business
- Arab Times
Gold prices climb on safe-haven demand and weaker dollar
NEW YORK, May 22: Gold prices rose for a third straight session on Wednesday, reaching a one-week high, supported by a weakening US dollar and growing safe-haven demand amid ongoing economic and geopolitical uncertainty. As of 1:55 p.m. ET (5:55 p.m. GMT), spot gold gained 0.7% to trade at $3,312.77 per ounce, while US gold futures closed 0.9% higher at $3,313.50. The US dollar index (.DXY) fell 0.6% against a basket of major currencies, making gold more affordable for holders of foreign currencies and bolstering demand. Meanwhile, Wall Street's major indexes dipped, and government bond yields rose as investors monitored the ongoing debate over former US President Donald Trump's tax-cut bill, which has fueled concerns about the nation's mounting debt. 'We are kind of paused here in mid-range between the high and recent low, waiting for a signal of more trade and tariff deals,' said Daniel Pavilonis, senior market strategist at RJO Futures. Despite a temporary easing in US-China trade tensions, the economic outlook for the U.S. remains weak, according to a Reuters poll of economists. In geopolitical developments, CNN reported on Tuesday that new intelligence suggests Israel is preparing to strike Iranian nuclear facilities. This comes even as the US administration continues discussions with Iran over its uranium enrichment program. Gold is widely regarded as a safe-haven asset during times of economic or geopolitical instability. Bullion prices reached a record high of $3,500.05 last month. 'We expect gold's recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,' analysts at ANZ said in a note. Silver also posted gains, rising 0.8% to $33.32 per ounce.
Yahoo
21-05-2025
- Business
- Yahoo
Why gold should be part of your portfolio & how to invest
Gold prices (GC=F) are rising as the US Dollar (DX=F) weakens. RJO Futures senior market strategist Robert Haberkorn joins Wealth with Allie Canal to make the case that gold should be part of all investors' portfolios. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Gold is rising this morning as the US dollar slips with investors continuing to weigh policy uncertainty around tariffs, as well as a potential Russia-Ukraine ceasefire. And we've seen investors pile into gold as a safe haven asset amid all of this uncertainty. Our next guest says gold belongs in everyone's portfolio. Here with more is Robert Haberkorn. He's RJO Futures Senior Market Strategist. Robert, thanks for being here. So why should all investors have some gold there? Thanks for having me. Uh, well, gold's an, uh, an infla, a hedge against inflation. And you know, it's while some of the inflation numbers have been coming down as of recently, uh, the thing that's not coming down right now that we're seeing is anything with government spending. Uh, I know there's a lot of talk right now in the, uh, bill that's moving forward, but uh, we have yet to see what's going to come out of that. And, uh, with government spending like it's been over the last few years, and, uh, no indication that it, with it coming down here, gold is a great spot to, uh, hedge your assets right now for a weakening dollar. So, how do you see fiscal policy influencing gold prices over the next 12 to 18 months? And given the fact that we have this growing debt crisis right now, is that a bigger upside risk to inflation than the current tariff picture, especially since we've seen some recent signs of relief on that front? Yeah, the biggest thing is with the deficit spending and treasury yields. Treasury yields continue to move higher here. And while treasury yields are moving higher, the price of gold has gone up and made record highs here at 3,500 an ounce. Um, with yields pushing over 5%, uh, and gold still maintaining its upside and going higher here, that's pretty impressive because your gold does not yield interest. And typically in this environment when, when uh, when there is unknown, uh, safe haven buyers do go to treasury uh bonds to get that yield. They're doing that, but they're also buying gold at the same time, pushing it to all-time highs. Expect this trend to continue here this year, um, and into 2026 for gold to continue on a strong path forward in spite of US Treasury yields being high. So for beginners looking to gain exposure to gold, there are multiple ways to invest, either through physical gold, ETFs, futures trading. What's your preferred approach and what are the trade-offs between each strategy? Well, of course, the easiest way is to buy physical gold, but uh, sometimes people are looking for a little more exposure to it, and futures markets uh, are a great way to do that. When you buy a futures contract, you uh, do get leverage, but with leverage does come risk. So I'd recommend speaking to someone, uh, about that versus just buying it on your own and a futures trading account. Talk to someone that does manage and help people trade gold futures. Um, the another way to do it is, of course, through ETFs. Um, but uh, what we do on our side of business is help people buy, uh, or sell gold uh futures uh via the COMEX. And uh, it just offers a great point of leverage if you're looking for a sizable amount. Uh, and you also don't have to worry about having all the physical gold, you know, on your person. So once you find your preferred investing method, how much gold should a typical investor hold? You suggested 5 to 10% for conservative investors, but what factors should drive that allocation higher or lower? I think 5 to 10% is a good point, but given the situation we're in right now with spending and death, and the deficit here, uh, there's nothing wrong with looking up as high as I think 15% right now. Um, but 5 to 10% generally for conservative, uh, to even go a little higher up to 15%, I don't think that could hurt anybody in this environment. And gold continues to trade near all-time highs. So is it too late to get in the game? Do you want to buy now or maybe wait for a potential dip? I hear that, that question daily. I've been hearing that question daily for the last two, three years. Uh, you know, actually going back to COVID here. But uh, I do think we have higher highs coming in gold, and I do think that, uh, you know, the downside is limited right now. Uh, the downside being possibly down around, uh, the the 2900 level here. We are trading at 32, over 3200 an ounce right now. But uh, I do think downside is limited for the time being. Sign in to access your portfolio
