Latest news with #ZanerMetals
Express Tribune
4 days ago
- 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.
New Straits Times
01-07-2025
- Business
- New Straits Times
Gold rises on weaker dollar; investors await US jobs data
Gold edged higher on Monday, supported by a weaker US dollar, while investors hunkered down for US economic data due later this week for signals on the Federal Reserve's policy path. Spot gold rose 0.6 per cent to US$3,293.55 per ounce as of 2:00 p.m. EDT (1800 GMT) after reaching its lowest point since May 29 earlier in the session. The yellow metal was up for the second straight quarter, rising 5.5 per cent. US gold futures settled 0.6 per cent higher at US$3,307.70. "A weaker dollar today is providing a bit of support. But we're still within the well-defined range that has dominated since the middle of May," said Peter Grant, vice president and senior metals strategist at Zaner Metals. The dollar languished against the euro and Swiss franc as markets weighed the prospect of a ballooning US government deficit and the potential for trade deals with major trading partners. On the trade front, the US and China resolved issues over rare earth minerals and magnet shipments last week, renewing hopes for further talks between the two superpowers. Elsewhere, Canada scrapped its digital services tax targeting US tech firms late Sunday to revive stalled trade negotiations with the US Gold, traditionally considered a hedge during times of uncertainty, also thrives in a low-interest rate environment. Investors now await the US ADP employment data, due Wednesday, and Thursday's initial jobless claims data for hints on the central bank's potential policy path. Citi analysts said in a note that they expect gold prices to consolidate between US$3,100 and US$3,500 in the third quarter of the year, noting that the late April peak of US$3,500 may already be the high as the gold market deficit approaches its peak. Spot silver eased 0.1 per cent at US$35.93 per ounce, while platinum fell 0.3 per cent to US$1,334.70, and palladium dropped 3.2 per cent to US$1,097.24. The three metals were headed for gains so far this quarter.
Yahoo
30-06-2025
- Business
- Yahoo
Gold rises on weaker dollar; investors await US jobs data
By Sarah Qureshi (Reuters) - Gold edged higher on Monday, supported by a weaker U.S. dollar, while investors hunkered down for U.S. economic data due later this week for signals on the Federal Reserve's policy path. Spot gold rose 0.5% at $3,287.64 per ounce as of 1047 a.m. EDT (1447 GMT) after reaching its lowest point since May 29 earlier in the session. The yellow metal was up for the second straight quarter, rising 5.2%. U.S. gold futures was up 0.4% at $3,299.40. "A weaker dollar today is providing a bit of support. But we're still within the well-defined range that has dominated since the middle of May," said Peter Grant, vice president and senior metals strategist at Zaner Metals. The dollar fell against the yen and hit its lowest in almost four years against the euro, as market optimism over U.S. trade deals bolstered bets for earlier interest rate cuts by the Federal Reserve.[USD/] However, "Easing of geopolitical tensions and trade worries put some pressure on gold. So,it continues to coil within that range. I still think that we're going to see new all-time highs. $3,800 is a likely objective for the second half of the year," Grant added. On the trade front, the U.S. and China resolved issues over rare earth minerals and magnet shipments last week, renewing hopes for further talks between the two superpowers. Elsewhere, Canada scrapped its digital services tax targeting U.S. tech firms late Sunday to revive stalled trade negotiations with the U.S. Gold, traditionally considered a hedge during times of uncertainty, also thrives in a low-interest rate environment. Investors now await the U.S. ADP employment data, due Wednesday, and Thursday's initial jobless claims data for hints on the central bank's potential policy path. Spot silver was flat at $35.97 per ounce, while platinum eased 0.5% to $1,332.05, and palladium dropped 2.1% to $1,109.78. All the three-metals were headed for gains so far this quarter.
Khaleej Times
30-06-2025
- Business
- Khaleej Times
Gold rises on weaker dollar; investors await US jobs data
Gold edged higher on Monday, supported by a weaker U.S. dollar, while investors hunkered down for U.S. economic data due later this week for signals on the Federal Reserve's policy path. Spot gold rose 0.5% at $3,287.64 per ounce as of 1047 a.m. EDT (1447 GMT) after reaching its lowest point since May 29 earlier in the session. The yellow metal was up for the second straight quarter, rising 5.2%. U.S. gold futures was up 0.4% at $3,299.40. "A weaker dollar today is providing a bit of support. But we're still within the well-defined range that has dominated since the middle of May," said Peter Grant, vice president and senior metals strategist at Zaner Metals. The dollar fell against the yen and hit its lowest in almost four years against the euro, as market optimism over U.S. trade deals bolstered bets for earlier interest rate cuts by the Federal Reserve. However, "Easing of geopolitical tensions and trade worries put some pressure on gold. So,it continues to coil within that range. I still think that we're going to see new all-time highs. $3,800 is a likely objective for the second half of the year," Grant added. On the trade front, the U.S. and China resolved issues over rare earth minerals and magnet shipments last week, renewing hopes for further talks between the two superpowers. Elsewhere, Canada scrapped its digital services tax targeting U.S. tech firms late Sunday to revive stalled trade negotiations with the U.S. Gold, traditionally considered a hedge during times of uncertainty, also thrives in a low-interest rate environment. Investors now await the U.S. ADP employment data, due Wednesday, and Thursday's initial jobless claims data for hints on the central bank's potential policy path. Spot silver was flat at $35.97 per ounce, while platinum eased 0.5% to $1,332.05, and palladium dropped 2.1% to $1,109.78. All the three-metals were headed for gains so far this quarter.
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.
