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Reuters
a day ago
- Business
- Reuters
Gold hits five-week peak on trade jitters, lower bond yields
July 22 (Reuters) - Gold climbed to a five-week high on Tuesday, drawing strength from trade uncertainty and weaker U.S. bond yields as investors continue to eye U.S. President Donald Trump's August 1 tariff deadline. Spot gold rose 0.6% to $3,415.61 per ounce by 1414 GMT, hitting its highest since June 16. U.S. gold futures were up 0.6% at $3,428.10. The yield on benchmark U.S. 10-year notes fell to a near two-week low, making non-yielding bullion more attractive. "Trade uncertainty is prompting some safe haven demand. The U.S. has got several trade deals in the works and there's rumors that the EU and the U.S. might not be able to come to an agreement or certainly are not anywhere close yet," said Jim Wyckoff, a senior analyst at Kitco Metals. Treasury Secretary Scott Bessent on Tuesday said he would meet his Chinese counterpart next week, suggesting a possible extension of an August 12 tariff deadline. He added that the U.S. is poised to announce "a rash of trade deals" with other countries. Meanwhile, European Union diplomats hinted that the EU is looking at broader counter-measures against the U.S. as prospects for a trade agreement dwindle. Investors are also positioning ahead of next week's Federal Reserve meeting. While the Fed is expected to hold rates steady, markets are eyeing a potential rate cut in October. Gold, traditionally considered a hedge during times of uncertainty, also tends to do well in a low-interest rate environment. Bessent on Tuesday also said there was no need for Fed Chair Jerome Powell to step down immediately, a day after calling for a review of the central bank as an institution. Meanwhile, Fed Vice Chair Michelle Bowman underscored the importance of the central bank's independence amid rising pressure from Trump to lower borrowing costs. Spot silver lost 0.1% to $38.89 per ounce, platinum added 0.2% to $1,440.75 and palladium declined 0.1% to $1,262.75.
Business Recorder
18-06-2025
- Business
- Business Recorder
Gold steadies as firmer dollar counters ME tensions
NEW YORK: Gold prices steadied on Tuesday as a stronger dollar offset safe-haven demand driven by Iran-Israel tensions, while silver surged to a 13-year high. Spot gold was little changed at $3,385.82 an ounce as of 10:58 am EDT (1458 GMT). US gold futures fell 0.4% to $3,404.60. The US dollar index firmed 0.3%, making dollar-priced bullion more expensive for other currency holders. 'Prices are seeing some consolidation for now as we await the Fed decision and watch developments in the Middle East conflict,' said Jim Wycoff, senior analyst at Kitco Metals. US President Donald Trump said that he wanted a 'real end' to the nuclear dispute with Iran, and indicated he may send senior American officials to meet with the Islamic Republic as the Israel-Iran air war raged for a fifth day. Elsewhere, the Federal Reserve will announce its policy decision on Wednesday, followed by Chair Jerome Powell's press conference. The US central bank is widely anticipated to leave its benchmark overnight interest rate in the 4.25%-4.50% range, where it has been since December. A low interest rate environment and geopolitical uncertainty tend to boost gold's appeal. Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years, a survey by the World Gold Council showed. Data showed that US retail sales dropped more than expected in May, but consumer spending remained supported by solid wage growth. Spot silver gained 2.3% to $37.16 per ounce, reaching its highest level since February 2012. Citi in a note said silver could rise to $40 over the next six to 12 months.
Zawya
28-05-2025
- Business
- Zawya
Gold drifts up on bargain hunting ahead of Fed minutes
Gold prices rose on Wednesday as traders sought bargains following the previous session's declines, while the market remains focused on minutes from the Federal Reserve's latest policy meeting due later in the day. Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday. U.S. gold futures rose 0.3% to $3,310.60. "The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place," Jim Wyckoff, senior analyst at Kitco Metals, said. "The minutes can be market movers. Market watchers are going to be looking at new comments on inflation this afternoon." Minutes of the Fed's May policy meeting are due at 2 p.m. EDT (1800 GMT). The meeting took place amid heightened concern over global trade tensions, following President Trump's early April announcement of major new import tariffs. Some of the most aggressive tariffs were eased or delayed a week later. Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April. Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand. Focus is also on Thursday's U.S. GDP data, Friday's Personal Consumption Expenditures (PCE), and comments from U.S. central bank officials. Elsewhere, gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, data showed. Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.
Yahoo
22-05-2025
- Business
- Yahoo
Gold falls over 1% on dollar uptick, profit taking
By Sarah Qureshi (Reuters) - Gold fell more than 1% on Thursday as the U.S. dollar strengthened and investors booked profits after prices touched a two-week high earlier in the session. Spot gold fell 0.4% to $3,301.37 an ounce, by 1043 a.m. ET (1443 GMT). Prices hit their highest level since May 9 earlier in the session and recorded gains in the previous three sessions. U.S. gold futures also fell 0.4% to $3,301.00. The dollar index rose 0.3%, making bullion more expensive for foreign currency holders. [USD/] "We're seeing some profit taking pressure from recent gains and a firmer U.S. dollar index is another bearish factor," Jim Wycoff, senior analyst at Kitco Metals. "The specter of a shaky global bond market is going to be a bullish underlying factor for the gold market that's going to limit the downside." Bond vigilantes continued to stalk global debt markets as the U.S. House of Representatives passed President Donald Trump's "big beautiful" tax bill by a single vote. The bill will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office. Gold is used as a safe store of value during times of political and financial uncertainty. Data showed U.S. business activity picked up in May amid a truce in the trade war between Washington and China, but Trump's sweeping tariffs on imported goods raised prices for companies and consumers. Trade deals from the U.S. administration are expected to be announced in the coming weeks and these will play a crucial role in shaping gold prices for the remainder of the year, said Zain Vawda, analyst at MarketPulse by OANDA. Elsewhere, spot silver fell 1.1% to $32.99 an ounce, platinum edged 0.1% lower to $1,077.92 and palladium lost 2.7% to $1,009.89.
Time of India
16-05-2025
- Business
- Time of India
Cooling trade tensions set gold on track for worst week since November
Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the market. Spot gold fell 1.7% to $3,185.87 an ounce as of 1007 ET (14:07 GMT) and was down 4.2% so far this week. Last month, prices had reached a record high of $3,500.05 amid escalated tariff tensions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Iraq: Jewelry On Sale For Half Price! (See Price List) Luxury Jewelry | search ads Undo U.S. gold futures was down 1.2% to $3,188.70. "The thawing of the U.S.-China trade war has revived risk appetite across the broader marketplace. This shift is prompting profit-taking among futures traders, particularly in the gold market, and has triggered a week-long wave of liquidation," said Jim Wycoff, senior analyst at Kitco Metals. Washington and Beijing earlier this week announced a 90-day pause, while they work out the details to end their tit-for-tat trade war. Later, the U.S. said that it was slashing "de minimis" fees on smaller shipments from China. Live Events As a result, the Wall Street's three main indexes opened higher on Friday, building on this week's gains, after a long period of uncertainty. Bullion is considered a hedge against economic and geopolitical turmoil. It also tends to do well in a low-interest rate environment. Meanwhile, recent slowing inflation data, combined with a weaker-than-expected economic data, in the United States cemented bets of more Federal Reserve rate cuts this year. Markets expect the U.S. central bank to implement two rate cuts, beginning in September. Spot silver lost 1.3% to $32.27 an ounce and fell over 1% for the week. "It seems to me that if gold resumed its bull market run, then silver has a more upside price potential too," said Wycoff. Meanwhile, platinum dipped 0.6% to $983.56 and palladium eased 0.3% to $965.46. Both the sister metals also headed for weekly declines.
