Latest news with #YLGBullionInternationalCo.
The Star
06-05-2025
- Business
- The Star
Gold hits two-week high on safe-haven demand ahead of Fed policy
An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Dec. 22, 2023. - Photographer: Chalinee Thirasupa/Bloomberg Gold prices rose to a two-week high on Tuesday as concerns over U.S. President Donald Trump's tariff plans boosted interest in the safe-haven metal, while investors awaited the Federal Reserve policy meeting on Wednesday. Spot gold gained 0.9% to $3,362.69 an ounce as of 0632 GMT, after hitting its highest since April 22 earlier in the session. U.S. gold futures climbed 1.5% to $3,370.40. "Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President Donald Trump," said IG market strategist Yeap Jun Rong. On Sunday, Trump announced a 100% tariff on movies produced overseas, but disclosed few details on just how such a levy would work. On Monday, he said he intends to announce pharmaceutical tariffs within the next two weeks. The Fed's interest rate decision and Fed Chair Jerome Powell's comments on Wednesday are being closely watched for clues into the central bank's rate trajectory. The Fed has held its policy rate in the 4.25%-4.50% range since last December. "Any dovish signals could provide further support for gold, reinforcing its broader upward momentum," Rong said. The Fed will doubtless leave rates unchanged on Wednesday, but the meeting may be the last where the outcome is so cut and dry with Trump's tariffs casting a shadow of uncertainty over the economic outlook, a Reuters report said. "Fed officials will want to see evidence from labor market and other hard data before cutting. We think this will take a couple of months and therefore expect three 25bp cuts in July, September, and October," Goldman Sachs said. The non-yielding bullion, a safeguard against political and financial turmoil, thrives in a low interest rate environment. Spot silver rose 1.5% to $32.98 an ounce, platinum climbed 1.4% to $972.25 and palladium advanced 0.5% to $945.25. - Reuters
The Star
01-05-2025
- Business
- The Star
Gold slips to 2-week low as trade tensions ease; US payrolls data on tap
An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Dec. 22, 2023. - Photographer: Chalinee Thirasupa/Bloomberg Gold eased to hit its lowest level in two weeks on Thursday as the dollar's strength and easing trade tensions dulled the metal's safe-haven allure, while investors awaited the U.S. non-farm payrolls report. Spot gold was down 1.6% at $3,235.55 an ounce as of 0629 GMT, after hitting its lowest level since mid-April. U.S. gold futures lost 2.3% to $3,243.30. The dollar rose 0.4% against its peers, making bullion more expensive for overseas buyers. U.S. President Donald Trump said he has "potential" trade deals with India, South Korea and Japan as he sought to convert his tariff policy into trade agreements. "Gold retraced as trade war concerns eased, but market confidence remains shaky with investors reacting to headlines daily," said Ilya Spivak, head of global macro at Tastylive. The non-yielding metal, considered a hedge against political and financial turmoil and tends to thrive in a low interest rate environment, scaled multiple record peaks in April due to elevated uncertainties. "The Federal Reserve's dovish policy outlook could support gold, but it may need to unwind more of the April panic first," Spivak added. The U.S. economy contracted for the first time in three years in the first quarter of fiscal 2025, as businesses rushed to import goods ahead of Trump's expected tariffs. Clearer signs of a faltering economy by June will move the Fed to resume cutting rates, ultimately by a full percentage point by end-2025, traders bet on Wednesday. The market is now waiting for the non-farm payrolls report on Friday for more cues on the Fed's policy path. China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1-5 for the Chinese Labour Day holiday. Spot silver fell 1.5% to $32.10 an ounce, platinum shed 1% to $957.33 and palladium rose 0.2% to $939.74. - Reuters
The Star
23-04-2025
- Business
- The Star
Gold falls as Trump backs down from threat to fire Fed chief
An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Dec. 22, 2023. - Photographer: Chalinee Thirasupa/Bloomberg Gold prices fell more than 2% on Wednesday as U.S. President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with top metals consumer China, denting bullion's safe-haven appeal. Spot gold declined 2.2% to $3,308.81 an ounce as of 0704 GMT. U.S. gold futures shed 2.9% to $3,320.30. Hopes for a U.S.-China trade deal and Trump's softened stance toward Powell "caused the sell-off in gold price to hit a kind of a very extreme oversold level in the short term perspective here," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. U.S. stocks and the dollar rebounded after Trump withdrew his threats to fire Powell after days of intensifying criticism of the central bank chief for not cutting interest rates. A stronger dollar makes gold more expensive for overseas buyers. Trump also expressed optimism that a trade deal with China could "substantially" reduce tariffs on Chinese imports, hinting that the final deal will not "be anywhere near" current tariff rates. U.S. Treasury Secretary Scott Bessent said he believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a "slog". "There is no form of a bullish exhaustion yet from the upper bond level so there could still be potential movement on the upside for the gold," ONADA's Wong said. Fed Bank of Minneapolis President Neel Kashkari said it is too soon to know how short-term borrowing costs may need to be adjusted for Trump's tariffs and their expected impact on inflation and the economy. Gold, considered a hedge against global uncertainty and inflation, hit its 28th record high this year, surging to $3,500 for the first time on Tuesday. JP Morgan said it expects prices to cross the $4,000-per-ounce milestone next year. Spot silver rose 0.8% to $32.79 an ounce, platinum gained 0.2% to $960.54 and palladium held steady at $935.15. - Reuters
