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Business Recorder
05-07-2025
- Business
- Business Recorder
Gold prices rebound on dollar weakness
BENGALURU: Gold prices rebounded on Friday and were heading for a weekly gain, helped by a retreat in the US dollar and safe-haven inflows, as US President Donald Trump's deadline for trade deals loomed. Spot gold was up 0.3% to $3,336.39 per ounce, as of 1211 GMT. The precious metal is up about 1.9% this week. US gold futures gained 0.1% to $3,346.60. The dollar index slipped 0.2% and was on track for a second week of decline, making gold less expensive for other currency holders. 'The apprehension about the fiscal situation in the US (after Trump's sweeping tax-cut bill passed Congress) and the lingering uncertainty over the approaching July 9 deadline for the tariff issue has boosted safe-haven demand,' said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Trump announced that Washington will start sending letters to countries on Friday, marking a shift from earlier plans for individual trade deals. On April 2, he announced reciprocal tariffs of 10%-50%, but later reduced most to 10% until July 9 to allow for negotiations. Meanwhile, Trump's tax-cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown and adding new tax breaks promised during Trump's 2024 campaign. Data showed US job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private industry gains being the smallest in eight months as businesses battled rising economic headwinds. 'The latest US payroll data supports the case of a slowdown of the economy, but no standstill, slowing the pressure on the Fed to cut interest rates anytime soon,' said UBS commodity analyst Giovanni Staunovo. Elsewhere, spot silver edged 0.2% higher to $36.9 per ounce and palladium eased 0.1% to $1,135.79. Platinum rose 1.5% to $1,387.54 per ounce and was heading for its fifth straight week of gains.
Yahoo
04-07-2025
- Business
- Yahoo
Gold poised for weekly gain on dollar weakness, safe-haven demand
By Brijesh Patel (Reuters) - Gold prices rebounded on Friday and were heading for a weekly gain, helped by a retreat in the U.S. dollar and safe-haven inflows, as U.S. President Donald Trump's deadline for trade deals loomed. Spot gold was up 0.3% to $3,336.39 per ounce, as of 1211 GMT. The precious metal is up about 1.9% this week. U.S. gold futures gained 0.1% to $3,346.60. The dollar index slipped 0.2% and was on track for a second week of decline, making gold less expensive for other currency holders. [USD/] "The apprehension about the fiscal situation in the U.S. (after Trump's sweeping tax-cut bill passed Congress) and the lingering uncertainty over the approaching July 9 deadline for the tariff issue has boosted safe-haven demand," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Trump announced that Washington will start sending letters to countries on Friday, marking a shift from earlier plans for individual trade deals. On April 2, he announced reciprocal tariffs of 10%-50%, but later reduced most to 10% until July 9 to allow for negotiations. Meanwhile, Trump's tax-cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown and adding new tax breaks promised during Trump's 2024 campaign. Data showed U.S. job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private industry gains being the smallest in eight months as businesses battled rising economic headwinds. "The latest U.S. payroll data supports the case of a slowdown of the economy, but no standstill, slowing the pressure on the Fed to cut interest rates anytime soon," said UBS commodity analyst Giovanni Staunovo. Elsewhere, spot silver edged 0.2% higher to $36.9 per ounce and palladium eased 0.1% to $1,135.79. Platinum rose 1.5% to $1,387.54 per ounce and was heading for its fifth straight week of gains. Sign in to access your portfolio
Zawya
04-07-2025
- Business
- Zawya
Gold poised for weekly gain on dollar weakness, safe-haven demand
Gold prices rebounded on Friday and were heading for a weekly gain, helped by a retreat in the U.S. dollar and safe-haven inflows as U.S. President Donald Trump's deadline for trade deals loomed. Spot gold was up 0.3% to $3,334.47 per ounce, as of 1002 GMT. The precious metal is up about 1.9% this week. U.S. gold futures gained 0.1% to $3,344.70. The dollar index slipped 0.2% and was on track for a second week of decline, making gold less expensive for other currency holders. "The apprehension about the fiscal situation in the U.S. (after Trump's sweeping tax-cut bill passed Congress) and the lingering uncertainty over the approaching July 9 deadline for the tariff issue has boosted safe-haven demand," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Trump announced that Washington will start sending letters to countries on Friday, marking a shift from earlier plans for individual trade deals. On April 2, he announced reciprocal tariffs of 10%-50%, but later reduced most to 10% until July 9 to allow for negotiations. Meanwhile, Trump's tax-cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown, and adding new tax breaks promised during Trump's 2024 campaign. Data showed U.S. job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private industry gains the smallest in eight months as businesses battled rising economic headwinds. "The latest U.S. payroll data supports the case of a slowdown of the economy, but no standstill, slowing the pressure on the Fed to cut interest rates anytime soon," said UBS commodity analyst Giovanni Staunovo. Elsewhere, spot silver edged 0.1% lower to $36.78 per ounce and palladium eased 0.3% to $1,133.21. Platinum rose 0.5% to $1,374.21 per ounce and was heading for its fifth straight week of gains. (Reporting by Brijesh Patel in Bengaluru, additional reporting by Ishaan Arora; Editing by Harikrishnan Nair)
Asharq Al-Awsat
02-07-2025
- Business
- Asharq Al-Awsat
Gold Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data
Gold prices edged higher on Wednesday as investors shifted their focus to the US fiscal situation and lingering uncertainty ahead of the July 9 deadline for US tariffs to take effect. Spot gold was up 0.1% at $3,340.67 per ounce at 1157 GMT. US gold futures were steady at $3,351.10. "The markets are again focused on the US fiscal situation ... and combined with uncertainty about the July 9 tariff deadline, these create fog for traders, who are directing flows towards safe-haven assets like gold," said Ricardo Evangelista, senior analyst at brokerage ActivTrades, Reuters reported. US Senate Republicans narrowly passed President Donald Trump's tax and spending bill on Tuesday, a package cutting taxes, reducing social safety net programmes and boosting military spending while adding $3.3 trillion to the national debt. "We still think debt level concerns, ongoing pressure on the Fed to adjust their rates and weaker US economic data will support the price of gold," said UBS commodity analyst Giovanni Staunovo. Data on Tuesday showed US job openings increased unexpectedly in May, but a decline in hiring added to signs that the labor market has shifted into lower gear. Fed Chair Jerome Powell reiterated that the US central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The focus now shifts to US ADP employment data due later in the day, followed by June non-farm payroll figures on Thursday, for further insights into labor market conditions. In other precious metals, spot silver gained 0.5% to $36.24 an ounce, platinum rose 2.2% to $1,380.31 and palladium climbed 2% to $1,122.
Yahoo
01-07-2025
- Business
- Yahoo
Gold firms on weaker dollar and US tariffs, fiscal uncertainty
By Anushree Mukherjee (Reuters) - Gold prices rose over 1% on Tuesday as a weaker dollar and uncertainty over U.S. tariffs, along with concerns about the country's fiscal outlook drove investors toward safe-haven assets. Spot gold was up 1.3% at $3,347.42 per ounce, as of 1012 GMT, while U.S. gold futures rose 1.6% to $3,359.30. The U.S. dollar weakened to its lowest level since early 2022, making gold less expensive for overseas buyers.[USD/] "The precious metal's safe-haven appeal is being boosted by concerns over the U.S. fiscal outlook and ongoing tariff-related uncertainty, as the Trump administration keeps all options on the table ahead of the looming July deadline," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. President Donald Trump expressed frustration with U.S.-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. Markets are also focused on a vote over Trump's sweeping tax-cut and spending bill, adding to the already uncertain market environment. Meanwhile, Trump continued to pressure the Federal Reserve to cut interest rates, sending Fed Chair Jerome Powell a list of global interest rates with handwritten notes. "I expect prices to move higher in the near term, attracting additional buying interest as they approach $3,350, with the next significant resistance level around $3,370," Evangelista added. On the data front, markets are waiting for job opening readings due later in the day, the ADP employment report on Wednesday and non-farm payrolls on Thursday. Gold is seen as a safe haven during times of economic uncertainty and tends to perform well in low-interest rate environments. HSBC said in a note that it expects official sector gold purchases to moderate on further rallies above $3,300 and could increase should gold correct nearer to $3,000. Spot silver firmed 1.1% to $36.49 per ounce, platinum was down 0.7% at $1,343.51, while palladium gained 1.5% to $1,114.30. 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
