
Gold retreats on firm dollar, US payrolls data on tap
Live Events
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Gold was subdued on Thursday on the dollar's strength, while investors awaited more clarity on trade policy between the U.S. and its trading partners, and looked forward to the U.S. non-farm payrolls report due this week.* Spot gold fell 0.7% to $3,265.45 an ounce, as of 0022 GMT. U.S. gold futures lost 1.4% to $3,273.70.* The dollar index, which measures the U.S. currency against a basket of others, rose 0.2%, making gold less attractive for other currency holders.* Trump administration expects to conclude initial tariff deals with some U.S. trading partners within weeks, but negotiations with India are not "finish-line close" and no official talks with China are underway, U.S. Trade Representative Jamieson Greer said on Wednesday.* Meanwhile, the U.S. economy contracted for the first time in three years in the first quarter, as businesses rushed to import goods ahead of expected tariffs from the Trump administration.* The market now awaits non-farm payrolls report on Friday for more cues on the Fed's monetary policy path. The report is expected to show a slowdown in hiring but no change in the 4.2% unemployment rate.* Non-yielding gold, considered a hedge against global uncertainty and inflation and tends to thrive in a low-interest-rate environment, soared to a record high of $3,500.05 per ounce on April 22.* Analysts in a quarterly Reuters poll have forecast an average annual gold price above $3,000 for the first time, with global trade friction and a swing away from the U.S. dollar powering demand.* China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1 until May 5 for the Chinese Labour Day holiday.* Spot silver rose 0.1% to $32.63 an ounce, platinum fell 0.1% to $965.32 and palladium firmed 0.1% to $938.85.DATA/EVENTS (GMT) 0030 Japan JibunBK Mfg PMI Final SA Apr 0830 UK S&P GLOBAL MANUFACTURING PMI Apr 1230 US Initial Jobless Clm 26 Apr, w/e 1345 US S&P Global Mfg PMI Final Apr 1400 US ISM Manufacturing PMI Apr 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 25 Apr.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
37 minutes ago
- Time of India
Cryptocurrency Live News & Updates : Dow Jones Declines, Tesla Stock Plummets Post Earnings
24 Jul 2025 | 11:55:14 PM IST Tesla's stock fell 9% following disappointing earnings, impacting market sentiment, while Alphabet and IBM reported positive results, leaving U.S. markets mixed. In the latest market developments, Tesla's disappointing earnings led to a significant 9% drop in its stock, negatively affecting investor sentiment. This decline contributed to a 200-point drop in the Dow Jones, despite positive earnings from Alphabet and IBM, which helped the Nasdaq and S&P 500 to rise slightly. Meanwhile, Stellar Lumens (XLM) experienced a sharp decline of over 20%, but signs of increased on-chain activity and stablecoin adoption suggest a potential rebound. Gala (GALA) is at a critical juncture, with its price action testing a key support level that could determine its next move. Additionally, Tether is preparing for future USDT issuance on the Ethereum network, indicating ongoing developments in the stablecoin sector. Lastly, OPTO Miner has launched a mobile platform for cloud-based crypto mining, aiming to simplify access to cryptocurrency mining while promoting sustainability through clean energy. These updates reflect the dynamic nature of the cryptocurrency market, with both challenges and opportunities emerging for investors. Show more


Mint
an hour ago
- Mint
Oil Rises as Trade Talk Progress Undercuts Eased Venezuela Curbs
(Bloomberg) -- Oil gained as technical support turbocharged a rally sparked by progress in international trade talks, undercutting a US move to restore Chevron Corp.'s ability to pump oil in Venezuela. West Texas Intermediate climbed 1.2% to settle above $66 a barrel, following four sessions of declines. The European Union and the US are progressing toward a deal that would set a 15% tariff for most imports, similar to the one President Donald Trump struck with Japan. That would be a smaller rate than investors feared, with the US president earlier threatening a 30% levy on most goods if an agreement wasn't reached by Aug. 1. The US benchmark also pushed through its 50-day moving average, triggering a spate of technical buying just ahead of the market's close. The technical boost erased an earlier slide spurred by the Trump administration's decision to let Chevron resume pumping oil in Venezuela, raising the prospect of increased supplies flooding into a market already facing the threat of oversupply. US imports of Venezuelan crude have ground to a halt, down from 300,000 barrels a day in January, according to Matt Smith, Americas lead oil analyst at market intelligence firm Kpler. Still, energy products from the Latin American country have already accounted for 15% of waterborne deliveries to the US Gulf Coast this year, he added. 'The revocation of Chevron's license has been to the benefit of China, given barrels have been redirected there,' Smith said. 'Perhaps the realization of this, along with the supply issues on the US Gulf Coast, has been a driver behind the reversal of the decision.' Oil prices have been in a holding pattern this month, with tightness in global diesel markets offset by expectations of a deluge of crude supply from OPEC as the group raises production quotas. While diesel inventories in the US are starting to build back up, they're still at the lowest seasonal level since 1996. The relative calm comes after a period of choppy trading that Norwegian oil giant Equinor ASA said Wednesday had hurt its energy trading business. France's TotalEnergies SE painted a dour outlook Thursday, saying the oil market is facing 'abundant supply that is fueled by OPEC 's decision to unwind some voluntary production cuts.' To get Bloomberg's Energy Daily newsletter in your inbox, click here. More stories like this are available on


News18
an hour ago
- News18
Donald Trump Mandates Removal of ‘Woke' AI Biases for Federal Contracts US News
Today, President Donald J. Trump signed an Executive Order to ensure that artificial intelligence (AI) models procured by the Federal government prioritize truthfulness and ideological Trump is protecting Americans from biased AI outputs driven by ideologies like diversity, equity, and inclusion (DEI) at the cost of accuracy. Source: CNN News18 Mobile App -