Latest news with #ZanerMetals
Yahoo
14-05-2025
- Business
- Yahoo
Gold skids more than 3% on tariff relief. Is it time to sell?
Gold prices suffered a hefty decline Monday, losing more than 3% as trade tensions ease, but some strategists say that it's not time yet to take profits — and that the precious metal may still rally to fresh record highs. 'The progress made in trade talks between the U.S. and China over the weekend significantly dials back trade tensions, stoking risk appetite and sapping gold's haven bid,' Peter Grant, vice president and senior metals strategist at Zaner Metals, told MarketWatch. My husband and I spend more money on our daughter and her family than on my single son. Do we compensate him? The bulls are back in town. Goldman and this Wall Street optimist are lifting their S&P 500 targets on tariff relief. 'Be vigilant with your finances': My IRA had an unknown beneficiary designation. How could this happen? 'I am scared to death that I'll run out of money': My wife and I are in our 50s and have $4.4 million. Can we retire early? 'It just doesn't seem right': My sister picks up the check for our parents, but later asks me to repay her The market, however, will want to see additional progress toward trade deals with China and other major trading partners, so the downside for gold is 'limited' from here, at least initially, he said. The May 1 low of $3,204.91 has held and is 'now reinforced as important short-term support.' On Monday, gold for June delivery GC00 GCM25 fell $116, or 3.5%, to settle at $2,228 an ounce on Comex. That was the biggest daily percentage loss for a most-active contract since April 23 and the lowest finish since May 1, according to Dow Jones Market Data. In a note Monday, chief global investment strategist Tim Hayes and analyst London Stockton, both at Ned Davis Research, said they've maintained a bullish position for most of the time since gold hit a cyclical bottom in the second half of 2022. Strength in the precious metal, which has gained 25% this year versus total returns of 2% for the Barclays Aggregate Total Return Bond Index, has also led to 'complacency and overbought conditions,' they said. Gold has seen a historical trendline growth of 6% per annum, and it's risen 'so far above the trendline that it is entering the top 20% of readings,' Hayes and Stockton said. 'This doesn't mean that gold will turn around right away — it does warn that the gold trade is a crowded trade with little margin for error if the conditions supporting gold start to worsen.' But 'now is not that time' to take profits in gold, they said, noting that their approach right now is to hold gold. The metal has yet to break below the 50-day moving average this year, 'providing itself an alternative for global asset allocation even without the appeal of interest or dividend payouts.' Zaner Metals' Grant, meanwhile, said there is 'still a fair amount of economic uncertainty out there, and geopolitical tensions remain elevated.' He said: 'Monetary policy remains generally tilted toward easing. Even with the recent gains in the dollar, the downtrend since the beginning of the year is intact. Central-bank demand and heightened investor interest are supportive as well.' Grant said his 'preferred scenario' for gold calls for additional consolidation within the $3,500 to $3,200 range, with 'modest risk for a downside extension' to $3,165 to $3,150. Gold prices last climbed to a record intraday high of $3,509.90 on April 22. Still, Grant believes the 'underlying trend remains positive' and expects further tests of $3,500 within weeks. My eldest son refused to share his father's $500K inheritance with his siblings. Should I cut him off? My friend's partner is pregnant, but she's married to another man. Is he financially responsible? 'We live modestly': My wife and I have $900K in stocks and $380K in savings and CDs. Are we holding too much cash? Gold skids more than 3% on tariff relief. Is it time to sell? The bull market has survived Trump's tariff onslaught. But stocks aren't out of the woods just yet.
Zawya
14-04-2025
- Business
- Zawya
Gold falls more than 1% as risk sentiment improves
Gold prices dipped more than 1% on Monday, retreating from a record high hit earlier in the day, as risk appetite improved after the White House exempted smartphones and computers from reciprocal tariffs on China. Spot gold was down 1.2% at $3,199.09 an ounce, as of 09:24 a.m. ET (1324 GMT), after hitting an all-time high of $3,245.42. U.S. gold futures fell 0.9% to $3,215.70. "Some risk-on trading here got us off the recent highs, but still the environment is pretty good for gold," said Bart Melek, head of commodity strategies at TD Securities. Risk sentiment in wider financial markets ticked higher after Washington announced the exclusion of certain electronics like smartphones and computers from President Donald Trump's reciprocal tariffs. "Perhaps some relief on the tariff front, with the exemption of some electronics maybe taking some of the safe haven bid out," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "However, ongoing uncertainty about trade and tariffs, weakness in the dollar and softer yields tend to be supportive for gold." Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, keeping market participants on the edge. Supporting gold, the dollar was languishing near a three-year low against its rivals. The trade war between the United States and China has rattled global markets and driven investors into the metal, which is traditionally viewed as a hedge against geopolitical and economic uncertainty. Goldman Sachs remained most bullish among major banks on gold, raising its year-end forecast to $3,700, citing stronger-than-expected central bank demand and heightened recession risks impacting ETF inflows. Elsewhere, spot silver slipped 1.1% to $31.91 an ounce, while platinum gained 0.5% to $947.05. Palladium rose 3.4% to $946.36. (Reporting by Brijesh Patel, Ishaan Arora and Anmol Choubey in Bengaluru; Editing by Emelia Sithole-Matarise)
Yahoo
04-04-2025
- Business
- Yahoo
Gold eases after record high on knock-on effect of wider selloff
By Anmol Choubey (Reuters) - Gold prices trimmed losses on Thursday after falling over 2% from an all-time high, as a wider market selloff triggered by U.S. President Donald Trump's import tariffs infected bullion traders. Spot gold fell 0.8% to $3,108.55 as of 11:27 a.m. EDT (1527 GMT) after earlier scaling a record high $3,167.57. U.S. gold futures fell 1.1% to $3,132.40. Traders attributed the dip to some profit-taking and margin calls in other asset classes likely prompting investors selling some of their gold holdings to cover losses. "As the market sold-off on the deleveraging pressures, the market was looking for buying opportunities on the dip," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "People were selling profitable positions to cover those margins but I think in the long run they'll continue to look for safe-havens and gold is certainly that." Trump's tariffs drove a sharp slide in financial markets because of concerns they could dampen economic growth. [MKTS/GLOB] However, gold's overall trajectory appeared intact, with the safe haven having surged over $500 so far this year. [GOL/ETF] David Meger, director of metals trading at High Ridge Futures, termed gold's moves "a pullback or retracement within the sideways to higher trend". Central banks are expected to help sustain gold's rally this year with buying aimed at further diversifying reserves away from the dollar due to risks stemming from Trump's policies. But while the rally's momentum may push prices higher in the first half, a mix of physical and financial market factors could pressure gold by end-2025, HSBC said in a note, forecasting prices to average $3,015. Silver slipped 5.9% to $32.01, its lowest since March 4. While it usually follows gold, silver is more exposed to wider market fluctuations considering its industrial applications. It is being pressured by demand concerns given the global selloff, said Phillip Streible, chief market strategist at Blue Line Futures. Platinum fell 3.1% to $952.80, and palladium lost 3.5% to $935.61. Sign in to access your portfolio
Yahoo
03-04-2025
- Business
- Yahoo
Gold prices extend rise after Trump unveils tariff plans
By Brijesh Patel (Reuters) - Gold prices extended gains on Wednesday to hover near all-time highs, boosted by safe-haven inflows after U.S. President Donald Trump announces reciprocal tariffs that would escalate a trade war. Spot gold was up 0.6% at $3,129.46 an ounce at 04:53 p.m. EDT (2053 GMT). U.S. gold futures settled 0.6% higher at $3,166.20. "The reciprocal tariffs are much more aggressive than expected, which should lead to asset market selloffs and a lower dollar," said Tai Wong, an independent metals trader. "Gold's prospects are excellent here with $3,200 the new short-term target. There are plenty of unanswered questions and the sense that many things might be negotiable will make markets very volatile in the short term," he added. Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, in a move that ratchets up a trade war that he kicked off on his return to the White House. Trump displayed a poster that listed reciprocal tariffs, including 34% on China and 20% on the European Union, as a response to duties put on U.S. goods. Gold, often used as a safe store of value during times of political and financial uncertainty, has risen more than $500 so far in 2025, and hit a record peak of $3,148.88 on Tuesday. "A breach of resistance at $3,147.41/$3,149.84 would bode well for a push to $3,200, and lend confidence to bullish outlooks that highlight $3,300 and $3,500," said Peter Grant, vice president and senior metals strategist at Zaner Metals. The dollar index slipped 0.4% following Trump's tariff announcement, making gold less expensive for other currency holders. Meanwhile, the ADP National Employment Report on Wednesday showed U.S. private payrolls growth accelerated in March. The biggest jobs data this week will come on Friday with the release of the monthly U.S. employment report. Among other metals, spot silver rose 0.7% to $33.99 per ounce, while platinum gained 0.7% to $986.18 and palladium was down 0.8% to $975.93. Sign in to access your portfolio
Shafaq News
02-04-2025
- Business
- Shafaq News
Gold nears all-time high as investors await Trump tariff plan
Shafaq News/ Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for U.S. President Donald Trump's latest tariff plans later in the day. Spot gold was up 0.5% to $3,127.23 an ounce at 11:45 a.m. EDT (1545 GMT). U.S. gold futures were up 0.7% to $3,166.30. "Risks remain that tariffs could stoke inflation, which has buoyed gold prices. While a U.S. recession is not our base-case scenario, the risk of such has helped maintain strong interest in gold as a safe haven," said Standard Chartered analyst Suki Cooper. "If the tariffs are not as extensive as feared, some positioning could be unwound in gold, in which case the physical market floor will be key in setting the downside." Trump, who has been promoting April 2 as "Liberation Day," is expected to introduce sweeping new tariffs on multiple countries at 4 p.m. EDT (2000 GMT) during an event at the White House. The U.S. president has said his reciprocal tariff plans aim to equalize the comparatively lower U.S. tariff rates with those imposed by other nations. "A breach of resistance at $3,147.41/$3,149.84 would bode well for a push to $3,200, and lend confidence to bullish outlooks that highlight $3,300 and $3,500," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Gold, often used as a safe store of value during times of political and financial uncertainty, has risen more than $500 so far in 2025 and hit a record peak of $3,148.88 on Tuesday. Meanwhile, the ADP National Employment Report on Wednesday showed U.S. private payrolls growth accelerated in March. The biggest jobs data this week will come on Friday with the release of the monthly U.S. employment report. Among other metals, spot silver rose 0.3% to $33.83, while platinum dropped 0.8% to $971.96 and palladium was down 1.2% to $972.12.
