Latest news with #USFederalCourt
News18
2 days ago
- Business
- News18
Gold Price Prediction: Will Gold Hit Rs 1,10,000 Per 10 grams? Here's What Experts Say
Last Updated: Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan; Good time to invest? Gold Price Prediction: Investors booked profits in gold on Friday, May 30, as June MCX gold futures opened lower by Rs 592, or 0.62%, at Rs 94,797 per 10 grams, amid concerns about Trump-era tariffs and volatile trade. This was despite supportive preliminary GDP data showing an economic contraction, which had earlier boosted gold's safe-haven appeal. Analysts remain bullish on gold, projecting a potential rise to Rs 1,10,000 per 10 grams within a year, citing gold's consistent track record of delivering solid long-term returns. On Thursday, gold and silver futures closed higher in domestic and global markets. Gold June futures settled at Rs 95,389/10g with a 0.12% gain, and silver July futures at Rs 97,826/kg, up 0.59%. However, on Friday, silver July futures at MCX also opened lower by Rs 884, or 0.9%, at Rs 96,942/kg. Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan. However, prices recovered after President Trump announced plans to appeal the ruling. Meanwhile, the dollar index slipped as US jobless claims rose more than expected, lending support to bullion prices. Currently, the US Dollar Index (DXY) is hovering near 99.44, up 0.16%. US jobless claims increased last week to 240,000, higher than expectations of 229,000. Preliminary GDP data also signaled contraction, adding to gold's safe-haven demand. Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile, driven by dollar index fluctuations, geopolitical tensions, and key US data releases. 'Gold could hold support at $3,250/oz and silver at $32.80/oz on a weekly closing basis," he said. Rahul Kalantri, VP Commodities at Mehta Equities Ltd., noted that while gold plunged initially after the US court ruling, prices bounced back amid growing economic concerns. 'Gold has support at $3,274-3,255 and resistance at $3,322-3,340; silver's support is at $32.82-32.65 and resistance at $33.35-33.55," Kalantri said. In INR terms, gold has support at Rs 94,910-94,580 and resistance at Rs 95,750-95,940. Silver's support is at Rs 96,480-95,750, with resistance at Rs 97,950-98,750. Trading Strategy Manoj Kumar Jain suggests: Gold price prediction Angel One expects gold to continue delivering strong returns, projecting a price of $4,000/oz internationally and Rs 1,10,000/10g domestically within a year. They suggest accumulating around Rs 85,000/10g for long-term investment. First Published: May 30, 2025, 14:06 IST
ABC News
5 days ago
- Business
- ABC News
Investors face more uncertainty as a US Federal court blocks Trump's sweeping tariffs
Investors face more uncertainty as a US Federal court blocks Trump's sweeping tariffs, saying they're illegal. Independent economist Evan Lucas joins the program.
New Straits Times
5 days ago
- Business
- New Straits Times
Bursa Malaysia ends morning session lower as sentiment turned cautious
KUALA LUMPUR: Bursa Malaysia ended the morning session lower in choppy trading, as sentiment turned cautious despite a global rally following a US court decision to block President Donald Trump's tariffs. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.29 points to 1,522.19 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60, fluctuating between 1,518.38 and 1,526.94 throughout the morning session. In the broader market, decliners led gainers 428 to 400, while 418 counters were unchanged, 1,140 untraded and 110 suspended. Turnover was 2.15 billion shares worth RM1.05 billion. It was reported that the US Federal Court blocked Trump's 'Liberation Day' tariffs from going into effect, ruling that the president exceeded his authority by imposing broad tariffs on imports from countries that sell more to the US than they buy. An analyst noted that despite Wall Street's overnight rally, the local bourse bucked the trend to finish in the red at midday, with investors remaining cautious while seeking further clarity on the implications of the latest tariff dispute developments, despite global markets responding positively. Among heavyweights, Maybank gained three sen to RM9.87, and Public Bank added one sen to RM4.34, while Tenaga fell two sen to RM14.08, and CIMB shed one sen to RM6.86. IHH Healthcare was flat at RM6.91. In active trade, Permaju inched down half-a-sen to one sen, while Harvest Miracle and TA Win were flat at 18 sen and two sen, respectively. Tanco gained one sen to RM1.04, and NexG gained half-a-sen to 37 sen. On the index board, the FBM Emas Index edged up 0.89 points to 11,398.06, the FBM ACE Index rose 14.36 points to 4,563.70, but the FBMT 100 Index fell 2.12 points to 11,159.24. The FBM Emas Shariah Index climbed 8.71 points to 11,384.22, while the FBM 70 Index rose by 25.90 points to 16,332.56. By sector, the Financial Services Index plunged 44.17 points to 17,913.73, the Industrial Products and Services Index increased 0.82 points to 153.52, the Energy Index fell 0.36 points to 706.15, while the Plantation Index rose 26.14 points to 7,318.69.
Barnama
5 days ago
- Business
- Barnama
Bursa Malaysia Ends Morning Session Lower As Sentiment Turned Cautious
WORLD KUALA LUMPUR, May 29 (Bernama) -- Bursa Malaysia ended the morning session lower in choppy trading, as sentiment turned cautious despite a global rally following a US court decision to block President Donald Trump's tariffs. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.29 points to 1,522.19 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60, fluctuating between 1,518.38 and 1,526.94 throughout the morning session. In the broader market, decliners led gainers 428 to 400, while 418 counters were unchanged, 1,140 untraded and 110 suspended. Turnover was 2.15 billion shares worth RM1.05 billion. It was reported that the US Federal Court blocked Trump's 'Liberation Day' tariffs from going into effect, ruling that the president exceeded his authority by imposing broad tariffs on imports from countries that sell more to the US than they buy. An analyst noted that despite Wall Street's overnight rally, the local bourse bucked the trend to finish in the red at midday, with investors remaining cautious while seeking further clarity on the implications of the latest tariff dispute developments, despite global markets responding positively. Among heavyweights, Maybank gained three sen to RM9.87, and Public Bank added one sen to RM4.34, while Tenaga fell two sen to RM14.08, and CIMB shed one sen to RM6.86. IHH Healthcare was flat at RM6.91. In active trade, Permaju inched down half-a-sen to one sen, while Harvest Miracle and TA Win were flat at 18 sen and two sen, respectively. Tanco gained one sen to RM1.04, and NexG gained half-a-sen to 37 sen.
New Straits Times
23-04-2025
- Politics
- New Straits Times
1MDB trial: Roger Ng allowed to testify despite US restrictions
PUTRAJAYA: Former Goldman Sachs banker Roger Ng Chong Hwa has been allowed to testify in Datuk Seri Najib Razak's corruption trial over the misappropriation of billions of ringgit from 1Malaysia Development Bhd (1MDB) funds. Presiding judge Datuk Collin Lawrence Sequerah made the ruling despite restrictions imposed on Ng by a United States (US) court, stating that the Malaysian High Court is bound by its own jurisdiction and is not subject to any foreign authority. Ng was sentenced to 10 years in prison by the US Federal Court in Brooklyn, New York, after being found guilty of helping embezzle billions of dollars from 1MDB. Sequerah, a Court of Appeal judge sitting as a High Court judge, said the protective order issued by the US court is not binding on Malaysian courts. He said he would not wait for Ng's lawyer, Datuk Tan Hock Chuan, to request a modification of the protective order from the US court to allow Ng to testify in the trial. "This is a case of public interest that has dragged on for too long. This court is not prepared to wait for any such modifications," he said today. Najib's lead counsel, Tan Sri Muhammad Shafee Abdullah, later requested time to interview Ng, and the judge adjourned the trial to the afternoon session. Earlier, Tan informed the court that his team had been in communication with the US prosecutor, who sent a letter last night — a copy of which was given to the defence — concerning the protective order issued by the Eastern District Court of New York. He said his client is prohibited from being interviewed or testifying in court regarding information disclosed or submitted to the US defence team. "The US prosecutor has advised that, after confirmation with the US Department of Justice, the protective order remains in force to this day. "The US prosecutor also advised that the protective order applies to the entire defence team and to Ng himself. "Therefore, the US prosecutor advised that an application be made to the Eastern District Court of New York to amend the protective order so that my client can be interviewed," he said. If Ng were to be interviewed or testify in court, the US prosecutor had warned he could face criminal liability and further legal sanctions, the lawyer added. Tan said his client is currently appealing to the Court of Appeals and is awaiting a decision. Ng was sentenced to 10 years' imprisonment by the US Federal Court in Brooklyn after being found guilty of helping embezzle billions from 1MDB. Chief Judge Margo Brodie had ordered Ng to be handed over to US authorities before being transferred to Malaysian custody. According to a letter from the US Department of Justice to Judge Brodie, once investigations in Malaysia are complete, Ng is to be returned to the US to serve the remainder of his sentence. Najib faces four charges of using his position to obtain RM2.3 billion in bribes from 1MDB funds, and 21 charges of money laundering involving the same amount.
