Latest news with #SarahQureshi
Yahoo
31-07-2025
- Business
- Yahoo
Safe-haven gold gains on tariff uncertainty ahead of August 1 deadline
By Sarah Qureshi and Noel John (Reuters) - Gold prices rose on Thursday as traders turned to the safe haven asset amid ongoing tariff uncertainty ahead of U.S. President Donald Trump's August 1 deadline to end negotiations. Spot gold was up 0.7% at $3,296.46 per ounce, as of 12:47 p.m. ET (1647 GMT), after rising as much as $3,314.65 earlier today. U.S. gold futures slipped 0.2% to $3,294. "We've seen an uptick in trade uncertainty as we approach this August 1st deadline for tariffs... just a little bit of a revival of the safe haven bid," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Trump said he had agreed to extend an existing trade deal with Mexico for 90 days and continue talks over that period with the aim of signing a new deal. This followed a day after he made a blitz of tariff announcements on Wednesday, including on imports from Brazil and South Korea, ahead of the deadline for higher U.S. tariff rates. U.S. inflation increased in June as tariffs on imports started raising the cost of some goods. The PCE index rose 0.3% last month after an upwardly revised 0.2% gain in May. Meanwhile, the U.S. Federal Reserve on Wednesday held interest rates steady in 4.25%-4.50% range, and Chair Jerome Powell's comments after the decision dampened hopes for a September rate cut. Gold thrives in a low-interest rate environment as it is a non-yielding asset. Investors now await the U.S. non-farm payrolls data on Friday for more clues on the Fed's rate path. Spot silver dropped 1.3% to $36.66 per ounce, its lowest since July 7. Platinum fell to its lowest level since June 24, easing 1.4% to $1,295.06, and palladium lost 0.9% to $1,194.63, reaching an over two-week low. "It would not be surprising if strong selling pressure in silver futures is partly due to sympathy selling amid the big copper market meltdown," Jim Wyckoff, a senior analyst at Kitco Metals, said. [MET/L]
Yahoo
18-07-2025
- Business
- Yahoo
Gold eases on firmer dollar, solid US data
By Sarah Qureshi (Reuters) - Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust U.S. economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59. U.S. gold futures settled 0.4% lower at $3,345.3. Following the latest U.S. data, "there was a bit of rise in the dollar and U.S. Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders. [USD/] U.S. jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the U.S. Commerce Secretary on U.S. tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the U.S. via Swiss refineries, Swiss customs data showed on Thursday. Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13. 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
CTV News
07-07-2025
- Business
- CTV News
Lack of new U.S. power capacity could double blackouts by 2030, says Energy Department
FILE - This Sept. 8, 2011 file photo shows Deborah Springs shopping in a convenience store for food items after a power outage in San Diego. (AP Photo/Gregory Bull, File) U.S. power outages could double in five years if suppliers fail to add capacity during peak demand, the Department of Energy said on Monday. 'Blackouts could increase by 100% in 2030 if the U.S. continues to shutter reliable power sources,' DOE noted in a report on grid reliability and security. It cited green policies of the Biden administration as a major reason for the retirement of power plants and the delay in approving their replacements. The gap between electricity demand and supply is widening, particularly as artificial intelligence drives the need for more power-hungry data centers, it added. The department said it expects 209 gigawatts of new electricity generation to be added by 2030 to replace 104 GW of plant retirements, but only 22 GW of the new energy will come from power sources that provide stable and continuous power supply, raising outage risk in several regions. Reporting by Sarah Qureshi in Bengaluru; Editing by Richard Chang
Yahoo
30-06-2025
- Business
- Yahoo
Gold rises on weaker dollar; investors await US jobs data
By Sarah Qureshi (Reuters) - Gold edged higher on Monday, supported by a weaker U.S. dollar, while investors hunkered down for U.S. economic data due later this week for signals on the Federal Reserve's policy path. Spot gold rose 0.5% at $3,287.64 per ounce as of 1047 a.m. EDT (1447 GMT) after reaching its lowest point since May 29 earlier in the session. The yellow metal was up for the second straight quarter, rising 5.2%. U.S. gold futures was up 0.4% at $3,299.40. "A weaker dollar today is providing a bit of support. But we're still within the well-defined range that has dominated since the middle of May," said Peter Grant, vice president and senior metals strategist at Zaner Metals. The dollar fell against the yen and hit its lowest in almost four years against the euro, as market optimism over U.S. trade deals bolstered bets for earlier interest rate cuts by the Federal Reserve.[USD/] However, "Easing of geopolitical tensions and trade worries put some pressure on gold. So,it continues to coil within that range. I still think that we're going to see new all-time highs. $3,800 is a likely objective for the second half of the year," Grant added. On the trade front, the U.S. and China resolved issues over rare earth minerals and magnet shipments last week, renewing hopes for further talks between the two superpowers. Elsewhere, Canada scrapped its digital services tax targeting U.S. tech firms late Sunday to revive stalled trade negotiations with the U.S. Gold, traditionally considered a hedge during times of uncertainty, also thrives in a low-interest rate environment. Investors now await the U.S. ADP employment data, due Wednesday, and Thursday's initial jobless claims data for hints on the central bank's potential policy path. Spot silver was flat at $35.97 per ounce, while platinum eased 0.5% to $1,332.05, and palladium dropped 2.1% to $1,109.78. All the three-metals were headed for gains so far this quarter.
Yahoo
30-05-2025
- Business
- Yahoo
Oil price outlook weakens on OPEC+ hikes, lingering trade concerns
By Sarah Qureshi and Kavya Balaraman (Reuters) - Analysts have revised down their oil price forecasts for the third consecutive month as swelling OPEC+ supply and lingering uncertainty around the impact of trade disputes on fuel demand weigh on prices, a Reuters poll showed. A survey of 40 economists and analysts in May forecasts Brent crude will average $66.98 per barrel in 2025, down from April's $68.98 forecast, while U.S. crude is seen at $63.35, below last month's $65.08 estimate. Prices have averaged roughly $71.08 and $67.56 so far this year respectively, as per LSEG data. While tensions have somewhat eased between the U.S. and other trade partners, trade conflicts still loom as a key factor that could weaken oil demand, said Tobias Keller, analyst at UniCredit. "On the supply side, oil prices will be heavily influenced by OPEC+ production decisions, while geopolitical tensions... pose ongoing risks of disruption and price volatility," Keller added. Eight OPEC+ members began unwinding output cuts earlier this year, agreeing to larger-than-expected increases of 411,000 bpd for May and June. The members may decide on a similar output hike for July at a meeting on Saturday, sources have told Reuters. The move "seems driven by a desire to punish non-compliant members rather than support oil prices at any specific level. Compliance will be hard to enforce, especially in Kazakhstan," said Suvro Sarkar, lead energy analyst at DBS Bank. Meanwhile, analysts polled by Reuters expect global oil demand to grow by an average of 775,000 barrels per day in 2025, with many pointing to elevated trade uncertainty and the risk of economic slowdown as key concerns. This compares to the 740,000 bpd 2025 average demand growth forecast from the International Energy Agency earlier this month. With U.S. consumption and China oil demand constrained by fuel efficiency gains, economic uncertainty and the shift to electric mobility, "demand growth is largely coming from the resource nations themselves," said Norbert Ruecker, head of economics & next generation research at Julius Baer. Meanwhile, Russia's war in Ukraine continues to pose a geopolitical risk premium for oil. Analysts say markets have largely priced in the uncertainty. "Potential de-escalation efforts and the possibility of lifting sanctions on Russian oil could further lower prices," said Sarkar. 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
