Latest news with #Adriana Kugler
Asharq Al-Awsat
4 days ago
- Business
- Asharq Al-Awsat
Gold Eases on Firmer Dollar, Solid US Data
Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust US economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59. US gold futures settled 0.4% lower at $3,345.3. Following the latest US data, "there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures, Reuters reported. The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders. US jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the US Commerce Secretary on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the US via Swiss refineries, Swiss customs data showed on Thursday. Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13.
Reuters
5 days ago
- Business
- Reuters
Gold eases on firmer dollar, solid US data
July 17 (Reuters) - Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust U.S. economic data, while caution persisted as markets awaited clarity on tariff developments. Spot gold fell 0.2% to $3,338.78 per ounce, by 1231 p.m. EDT (1631 GMT) after hitting a session low of $3,309.59. U.S. gold futures fell 0.4% to $3,344.20. Following the latest U.S. data, "there was a bit of rise in the dollar and U.S. Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar gained 0.2%, making the greenback-priced gold more expensive for foreign currency holders. U.S. jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases. Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices. Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest. On the trade front, Japan's top trade negotiator held talks with the U.S. Commerce Secretary on U.S. tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline. "If Trump follows through on his threats and trade tensions escalate, it's not a stretch to imagine gold challenging — and potentially breaking-its record highs again," said Fawad Razaq, market analyst at City Index and Palladium rose 2.8% to $1,265.76, reaching its highest level since September 2023. Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said. Elsewhere, spot silver added 0.2% to $38.01 per ounce, while platinum lost 1% to $1,432.50.
Reuters
5 days ago
- Business
- Reuters
Wall Street lifted by United Airlines, strong data; Nasdaq flies to record
July 17 (Reuters) - The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results. U.S. retail sales bounced back sharply in June, signaling renewed economic momentum and giving the Federal Reserve more reason to hold off on rate cuts as it weighs the inflationary impact of import tariffs. Another pointer for the consumer health, PepsiCo (PEP.O), opens new tab forecast upbeat results, fueled by demand for energy drinks and healthier sodas, helping it offset concerns about a dip in annual core profit. The company's shares jumped 6.8%. Investors have already weathered a whirlwind of mixed economic signals this week - producer prices stalled in June, while a spike in consumer inflation dashed hopes for aggressive Fed easing. Traders now peg the odds of a September rate cut at just over 54%, with a July move nearly ruled out, according to CME's FedWatch tool. "The Fed is going to be more cautious and data-driven than what the market wants them to do," said Jason Barsema, president of Halo Investing. Echoing this cautious stance, Fed Governor Adriana Kugler warned that rate cuts are on hold for now, as Trump-era tariffs begin to push up consumer prices and tight policy remains key to keeping inflation expectations in check. U.S. Treasury yields also edged lower following the retail sales data. At 11:26 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 120.53 points, or 0.27%, to 44,375.31, the S&P 500 (.SPX), opens new tab gained 23.93 points, or 0.38%, to 6,287.63 and the Nasdaq Composite (.IXIC), opens new tab gained 144.32 points, or 0.70%, to 20,874.81. "Today is a day of somewhat justification of consumer health and earnings that continue to impress in a way that offer relief to markets," said Keith Buchanan, senior portfolio manager at Globalt Investments. United Airlines (UAL.O), opens new tab gained 3.4% after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump's budget cuts and trade tensions. Rivals Delta (DAL.N), opens new tab and American Airlines (AAL.O), opens new tab also climbed over 1% each. U.S. chipmakers edged up after TSMC ( opens new tab, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. U.S.-listed shares of TSMC gained 3.7%, Marvell (MRVL.O), opens new tab rose 2% and Nvidia (NVDA.O), opens new tab added 1%. The technology sector (.SPLRCT), opens new tab was leading the pack among sectors, with 1% gain. Wall Street also watched Netflix (NFLX.O), opens new tab ahead of its quarterly results after the market's close. Its shares were up 0.6%. Markets whipsawed on Wednesday after reports suggested Trump was mulling over the ouster of Fed Chair Jerome Powell. Though Trump quickly shot down the reports, his persistent criticism of the central bank - and hints at a possible ouster - kept investors jittery over the Fed's independence. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners. Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well. Advancing issues outnumbered decliners by a 1.9-to-1 ratio on the NYSE and by a 2.56-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and four new lows, while the Nasdaq Composite recorded 78 new highs and 23 new lows.
