Latest news with #ZanierMetals
Business Recorder
18 hours ago
- Business
- Business Recorder
Gold falls 2% as Iran-Israel ceasefire weighs on safe-haven appeal
Gold fell 2% to hit an over two-week low on Tuesday as the announcement of a ceasefire between Iran and Israel dented safe-haven demand for bullion. Spot gold fell 1.9% to $3,303.93 an ounce, as of 1006 a.m. EDT (1406 GMT), after hitting its lowest level since June 11 earlier in the session. U.S. gold futures slipped 2.2% to $3,318.90. 'The de-escalation of tensions in the Middle East is the primary factor that's weighing on gold. The safe-haven bid has diminished and the market is in more of a risk-on mode,' said Peter Grant, vice president and senior metals strategist at Zanier Metals. 'We've got pretty good support around $3,300 and then even better support probably at $3,250.' Gold at near 2-week low after Trump announces Israel-Iran ceasefire Global shares surged and the dollar dropped on Tuesday after news of the ceasefire between Israel and Iran, while markets shrugged off what U.S. President Donald Trump called violations by both sides. Israeli Defence Minister Israel Katz had said earlier in the day that he had ordered the military to mount new strikes on targets in Tehran, in response to what he said were Iranian missiles fired in a 'blatant violation' of the ceasefire. 'There's some questions about whether this ceasefire is going to hold … until it really gets sorted out, I think the downside (for gold) is probably pretty limited,' Grant added. Meanwhile, U.S. Federal Reserve Chair Jerome Powell said in testimony prepared for delivery at a congressional hearing on Tuesday that the central bank needs more time to see if rising tariffs drive inflation higher, before considering interest rate cuts. Markets are anticipating 50 basis point rate cuts by year-end, starting in October with 25 basis points reduction. Gold thrives in a low-rate environment as it is a zero-yielding asset. Spot silver fell 2% to $35.41 per ounce, platinum shed 0.7% to $1,286.27, and palladium dropped 1.1% to $1,064.80.
Business Recorder
13-06-2025
- Business
- Business Recorder
Gold prices soar on geopolitical risks, rate-cut bets
NEW YORK: Gold prices scaled a one-week peak on Thursday, steered by simmering Middle East tensions and cooler US economic data that fuelled fresh bets on Federal Reserve rate cuts. Spot gold gained 0.9% at $3,383.79 an ounce by 0930 ET (1330 GMT), its highest level since June 5. US gold futures climbed 1.8% to $3,404.60. 'Gold is up for the second straight day largely on heightened geopolitical risks. If gold clears $3,400 again, minor hurdles at $3,417 and $3,431 remain — but a breakout to new all-time highs looks likely ultimately,' said Peter Grant, vice president and senior metals strategist at Zanier Metals. US President Donald Trump said the US was moving personnel out of the Middle East because it 'could be a dangerous place'. Iranian Defence Minister Aziz Nasirzadeh also said on Wednesday that if Iran was subjected to strikes it would retaliate by hitting US bases in the region.
