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Yahoo
3 days ago
- Business
- Yahoo
Gold drops as dollar firms, trade deal hopes sap safe-haven demand
By Sherin Elizabeth Varghese (Reuters) - Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.9% to $3,336.01 per ounce by 02:01 p.m. ET (1801 GMT). U.S. gold futures settled 1.1% lower at $3,335.6. The U.S. dollar index rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers.[USD/] "The Japan deal was significant, and there's hope for a U.S.-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets," said Peter Grant, vice president and senior metals strategist at Zaner Metals. [MKTS/GLOB] Following this week's U.S.-Japan trade deal, the European Commission said a trade deal with the U.S. is within reach, even as EU members approved counter-tariffs on U.S. goods in case talks fail. On the data front, U.S. jobless claims fell to a three-month low, signaling a stable labor market despite sluggish hiring. Stable labor market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to U.S. President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some "buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision," Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 2.3% to $38.2 per ounce, but was still on track for a weekly gain. Platinum was 0.9% lower at $1,395.31, while palladium dropped 0.7% to $1,219.07 and both the metals were down for the week. 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
Business Recorder
3 days ago
- Business
- Business Recorder
Gold drops as dollar firms, trade deal hopes sap safe-haven demand
NEW YORK: Gold prices slipped on Friday, weighed down by a stronger US dollar and signs of progress in US-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce by 9:31 a.m. ET (1331 GMT). US gold futures fell 0.8% to $3,345.20. The US dollar index rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year US Treasury yields rose. 'The Japan deal was significant, and there's hope for a US-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets,' said Peter Grant, vice president and senior metals strategist at Zaner Metals. Following this week's US-Japan trade deal, the European Commission said a trade deal with the US is within reach, even as EU members approved counter-tariffs on US goods in case talks fail. On the data front, US jobless claims fell to a three-month low, signaling a stable labour market despite sluggish hiring. Stable labour market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to US President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some 'buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision,' Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $38.91 per ounce, but was still on track for a weekly gain of about 2%. Platinum was 1.6% lower at $1,385.20, while palladium rose 0.2% at $1,229.94.
Zawya
5 days ago
- Business
- Zawya
Gold drops as dollar firms, trade deal hopes sap safe-haven demand
Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce by 9:31 a.m. ET (1331 GMT). U.S. gold futures fell 0.8% to $3,345.20. The U.S. dollar index rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year U.S. Treasury yields rose. "The Japan deal was significant, and there's hope for a U.S.-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Following this week's U.S.-Japan trade deal, the European Commission said a trade deal with the U.S. is within reach, even as EU members approved counter-tariffs on U.S. goods in case talks fail. On the data front, U.S. jobless claims fell to a three-month low, signaling a stable labor market despite sluggish hiring. Stable labor market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to U.S. President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some "buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision," Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $38.91 per ounce, but was still on track for a weekly gain of about 2%. Platinum was 1.6% lower at $1,385.20, while palladium rose 0.2% at $1,229.94.
Reuters
5 days ago
- Business
- Reuters
Gold drops as dollar firms, trade deal hopes sap safe-haven demand
July 25 (Reuters) - Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce by 9:31 a.m. ET (1331 GMT). U.S. gold futures fell 0.8% to $3,345.20. The U.S. dollar index (.DXY), opens new tab rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year U.S. Treasury yields rose. "The Japan deal was significant, and there's hope for a U.S.-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Following this week's U.S.-Japan trade deal, the European Commission said a trade deal with the U.S. is within reach, even as EU members approved counter-tariffs on U.S. goods in case talks fail. On the data front, U.S. jobless claims fell to a three-month low, signaling a stable labor market despite sluggish hiring. Stable labor market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to U.S. President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some "buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision," Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $38.91 per ounce, but was still on track for a weekly gain of about 2%. Platinum was 1.6% lower at $1,385.20, while palladium rose 0.2% at $1,229.94.
Express Tribune
16-07-2025
- Business
- Express Tribune
Gold dips slightly, rupee inches up
Listen to article Gold prices in Pakistan fell on Tuesday, mirroring a downturn in the international market as investors reacted cautiously to fresh US inflation data and awaited clarity on potential trade tariffs. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold declined by Rs700 per tola, settling at Rs359,000. Similarly, the rate for 10 grams dropped by Rs600 to Rs307,784. The price per tola experienced a dip after an increase the previous day, when it surged by Rs1,600 to reach Rs359,700. Internationally, gold inched lower as the US Consumer Price Index (CPI) data showed a 0.1% uptick in inflation for June, in line with expectations but still keeping interest rate cut hopes subdued. Investors also remained wary of potential tariff announcements amid renewed trade rhetoric from US President Donald Trump. Spot gold fell 0.2% to $3,336.99 per ounce by 0940 am EDT (1340 GMT). US gold futures were down 0.4% to $3,345. The US dollar ticked up 0.2%, making gold more expensive for holders of other currencies. "I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we're well within the range that has been in place since the middle of May," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. "The market isn't slow – it's just moderate," Adnan Agar, Director at Interactive Commodities, told The Express Tribune. "Activity has been consistent over the past three to four days," he noted. "Today's (Tuesday's) high was $3,366 and we're trading near the day's low at $3,334." Agar attributed the dip to inflation data, which reduced the likelihood of an early interest rate cut by the US Federal Reserve. "With inflation edging up, the probability of a rate cut has now shifted further out – possibly to September 2025," he said. He added that the ongoing uncertainty around US tariff policy could continue to influence the market over the coming months. "If gold dips further, possibly to the $2,800-3,000 range, it will present a buying opportunity. In the long term, gold remains on an upward trajectory – perhaps by the end of this year or into next." Meanwhile, the Pakistani rupee recorded a marginal appreciation against the US dollar on Tuesday, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the rupee closed at 284.67, up by five paisa from the previous day's close at 284.72. The US dollar remained near a three-week high against major global currencies as investors looked ahead to key US inflation data expected later in the day, which could offer insights into the future course of monetary policy.
