Latest news with #AnushreeMukherjee
Mint
10-07-2025
- Business
- Mint
Safe-haven gold firms on elevated trade tensions
Trump announces 50% US tariffs on copper, Brazilian imports US weekly jobless claims fall unexpectedly in latest week (Updates prices for US early-morning session) By Ashitha Shivaprasad and Anushree Mukherjee July 10 (Reuters) - Gold prices nudged higher on Thursday as rising trade tensions steered market participants toward the safety of bullion, though gains were limited by an uptick in the dollar. Spot gold was up 0.4% to $3,326.48 per ounce by 1307 GMT. U.S. gold futures gained 0.4% to $3,335.10. "I think generally the whole metals complex is up because of the knock-on effects of copper being tariffed," said Daniel Pavilonis, senior market strategist at RJO Futures. "However, there is limited upside seen unless a significant geopolitical escalation occurs." U.S. President Donald Trump launched a further tariff assault on Wednesday, announcing a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1. There is a "rising appeal for gold among emerging economy nations, which see the metal's counterparty-free qualities as attractive in a world burdened by persistent geopolitical risk," Paul Wong, Market Strategist at Sprott Asset Management said in a note. Minutes from the Federal Reserve's June meeting showed only "a couple" of officials said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from tariffs. Limiting price upside, the U.S. dollar index drifted 0.2% higher. Gold tends to lose appeal when the U.S. dollar strengthens, as it becomes more expensive for investors holding other currencies. On the data front, the number of Americans filing new applications for jobless benefits unexpectedly fell last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market. Among other metals, spot silver rose 1.4% to $36.82 per ounce. "Breaking above the $35 level increases the likelihood of reaching the $40 target," Wong added. Platinum gained 0.3% to $1,350.95, and palladium climbed 3.5% to $1,144.40. (Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru;Editing by Elaine Hardcastle)
Mint
09-07-2025
- Business
- Mint
Gold inches higher with focus on trade talks
EU seeks trade deal with Trump, new tariff notices due Fed minutes due at 2:00 pm ET (1800 GMT) (Rewrites paragraph 1, adds comments in paragraph 3 and updates prices for US mid-session trading) By Anushree Mukherjee and Sarah Qureshi July 9 (Reuters) - Gold prices edged up on Wednesday as investors closely watched negotiations between the United States and its trading partners, while a firmer dollar capped further gains. Spot gold was up 0.3% at $3,309.24 per ounce, as of 11:59 am ET (1559 GMT) after hitting its lowest level since June 30 earlier in the day. U.S. gold futures were steady at $3,318.10. Amid market volatility, fiscal concerns, and a widening U.S. deficit, investors are increasingly turning to gold, said Phillip Streible, chief market strategist at Blue Line Futures. On the trade front, the European Union said it was working on reaching a deal with the U.S. by the end of the month, while President Donald Trump promised that he would deliver further tariff notices on unnamed countries. Last week, Trump signed into law a massive package of tax and spending cuts that nonpartisan analysts say could add $3.3 trillion to the nation's debt over the next decade. Meanwhile, the U.S. dollar hovered near a more than two-week high, making bullion less attractive for overseas buyers. Investors are also focused on the minutes of the Federal Reserve's latest policy meeting, due at 2:00 pm ET (1800 GMT) for hints on central bank's interest rate trajectory. Minutes from the Fed's June 17-18 meeting are expected to show a divided central bank hesitant to commit to rate cuts amid uncertainty over the inflation impact tariff hikes. "We would expect out of those minutes today to reiterate the likelihood that the Fed will not be lowering rates at its July meeting and the earliest would be at its September meeting," said David Meger, director of metals trading at High Ridge Futures. Gold tends to perform well during economic uncertainty but struggles when interest rates are high, as it doesn't earn interest. Spot silver eased 1% to $36.43 per ounce, platinum shed 1.1% to $1,344.17 and palladium lost 0.7% to $1,103.27. (Reporting by Anushree Mukherjee and Sarah Qureshi in Bengaluru, Editing by Louise Heavens and Varun H K)
Yahoo
03-07-2025
- Business
- Yahoo
Analysis-Platinum prices have limited upside after June's stellar rally
By Polina Devitt and Anushree Mukherjee LONDON (Reuters) -Platinum prices have limited room to rise further after a record quarterly rally, analysts and traders said, with Chinese imports expected to soften and South African output to recover against a backdrop of still-muted auto sector demand. Prices of the metal surged 36% in the second quarter as a rise in Chinese imports and a drop in supply from major producer South Africa followed earlier heavy flows into NYMEX exchange stocks on fears platinum would be hit by U.S. import tariffs. In June alone, prices jumped 28% as hedge funds and speculative traders piled in, notching their strongest month since 1986 and hitting an 11-year high of $1,432.6 an ounce. "Platinum has broken out of a decade-long range, and, in doing so, has put itself on the radar of professional and retail investors alike who now think 'Hey, this is really undervalued fundamentally'," said Tai Wong, an independent metals trader. "But there has been a lot of volatility at the highs, and the market will want to see bigger demand from China and/or exchange-traded funds for a sustained move higher," he added. After strong deliveries of platinum to NYMEX stockpiles between December and March on fears the metal would be hit by April's reciprocal U.S. tariffs, tight near-term availability led lease rates to spike, forcing industrial users to buy instead of borrow. While platinum group metals were eventually excluded from the April tariffs, another probe ordered by Trump in mid-April into potential new tariffs on all U.S. critical minerals imports meant uncertainty continued. Meanwhile, data from the world's largest PGMs producer South Africa showed mined output of the metals fell 24% in April, capping what Morgan Stanley referred to as "exceptionally weak" production data for the first four months of 2025. China's platinum imports were also strong in the quarter, at 10 metric tons in April and 10.5 tons in May. That followed research from industry group WPIC showing Chinese platinum jewellery fabrication rose 26% in the first quarter. Put together, those factors made up "an explosive mixture for higher prices", one trader said. BULLS RUNNING OUT OF PUFF But explosions tend to be short-lived, and analysts question whether there is enough underlying support to sustain a stronger rally. Metals Focus sees the global platinum market in a deficit of 529,000 ounces this year, but the resulting reduction in above-ground stocks will still leave them at 9.2 million ounces, equal to 14 months of demand - a fairly comfortable buffer. While uncertainty over U.S. trade policy on platinum lingers, raising import tariffs for the metal would ultimately be counterintuitive, says Wilma Swarts, director of PGMs at Metals Focus, as North American supply falls short of the region's demand. Platinum lease rates, which touched 22.7% in June, have since fallen back to 11.6%. Mine supply in South Africa meanwhile is expected to show signs of recovery in the second half, with overall global mined output seen down just 6% in the year as a whole. "There were definitely some challenges with the rains, power and water disruptions in southern Africa between January and March, but nothing major or out of ordinary," said Johan Theron, spokesperson for Impala Platinum. And strength in physical demand for platinum in China only lasted until prices topped $1,050 in early June, according to one trader. China's June import data, due on July 20, is expected to show a decline after very strong platinum deliveries in the previous two months. That leaves the platinum market vulnerable to one of the last decade's most bearish factors - waning demand from the auto sector, which uses the metal as a component in catalytic converters for combustion-engine cars. CAR TROUBLE Long-term pressure on the platinum group metals from the expansion of electric vehicles persists, while global trade disputes have further dampened the auto sector's mid-term outlook. Auto production forecasters have removed as much as 10 million units from production projections over the next four years, and lower vehicle production will lead to weaker PGMs demand, Metals Focus said. The consultancy is forecasting auto sector platinum demand to decline by 2% this year after a 3% fall last year. Nornickel, the world's largest palladium producer, says any further rise in platinum prices could lead catalyst producers towards more substitution of the metal for palladium. Price spreads between the two metals of more than 30% would encourage that, it said. Platinum was 22% more expensive than palladium on Thursday. But while analysts and traders are cautious about further gains in platinum prices, they are not expecting them to correct. StoneX analyst Rhona O'Connell said some of China's high April-May platinum imports could be in part a bargain-hunting exercise. "China is renowned for buying material that is out of favour," she said. "And although the electrification of the vehicle fleet is advancing apace, the internal combustion engines and the diesel sector are still in place." Analysts see prices stabilising at levels above those seen before the rally, supporting miners' margins as the market heads for a third year of structural deficit.
Yahoo
03-07-2025
- Business
- Yahoo
Analysis-Platinum prices have limited upside after June's stellar rally
By Polina Devitt and Anushree Mukherjee LONDON (Reuters) -Platinum prices have limited room to rise further after a record quarterly rally, analysts and traders said, with Chinese imports expected to soften and South African output to recover against a backdrop of still-muted auto sector demand. Prices of the metal surged 36% in the second quarter as a rise in Chinese imports and a drop in supply from major producer South Africa followed earlier heavy flows into NYMEX exchange stocks on fears platinum would be hit by U.S. import tariffs. In June alone, prices jumped 28% as hedge funds and speculative traders piled in, notching their strongest month since 1986 and hitting an 11-year high of $1,432.6 an ounce. "Platinum has broken out of a decade-long range, and, in doing so, has put itself on the radar of professional and retail investors alike who now think 'Hey, this is really undervalued fundamentally'," said Tai Wong, an independent metals trader. "But there has been a lot of volatility at the highs, and the market will want to see bigger demand from China and/or exchange-traded funds for a sustained move higher," he added. After strong deliveries of platinum to NYMEX stockpiles between December and March on fears the metal would be hit by April's reciprocal U.S. tariffs, tight near-term availability led lease rates to spike, forcing industrial users to buy instead of borrow. While platinum group metals were eventually excluded from the April tariffs, another probe ordered by Trump in mid-April into potential new tariffs on all U.S. critical minerals imports meant uncertainty continued. Meanwhile, data from the world's largest PGMs producer South Africa showed mined output of the metals fell 24% in April, capping what Morgan Stanley referred to as "exceptionally weak" production data for the first four months of 2025. China's platinum imports were also strong in the quarter, at 10 metric tons in April and 10.5 tons in May. That followed research from industry group WPIC showing Chinese platinum jewellery fabrication rose 26% in the first quarter. Put together, those factors made up "an explosive mixture for higher prices", one trader said. BULLS RUNNING OUT OF PUFF But explosions tend to be short-lived, and analysts question whether there is enough underlying support to sustain a stronger rally. Metals Focus sees the global platinum market in a deficit of 529,000 ounces this year, but the resulting reduction in above-ground stocks will still leave them at 9.2 million ounces, equal to 14 months of demand - a fairly comfortable buffer. While uncertainty over U.S. trade policy on platinum lingers, raising import tariffs for the metal would ultimately be counterintuitive, says Wilma Swarts, director of PGMs at Metals Focus, as North American supply falls short of the region's demand. Platinum lease rates, which touched 22.7% in June, have since fallen back to 11.6%. Mine supply in South Africa meanwhile is expected to show signs of recovery in the second half, with overall global mined output seen down just 6% in the year as a whole. "There were definitely some challenges with the rains, power and water disruptions in southern Africa between January and March, but nothing major or out of ordinary," said Johan Theron, spokesperson for Impala Platinum. And strength in physical demand for platinum in China only lasted until prices topped $1,050 in early June, according to one trader. China's June import data, due on July 20, is expected to show a decline after very strong platinum deliveries in the previous two months. That leaves the platinum market vulnerable to one of the last decade's most bearish factors - waning demand from the auto sector, which uses the metal as a component in catalytic converters for combustion-engine cars. CAR TROUBLE Long-term pressure on the platinum group metals from the expansion of electric vehicles persists, while global trade disputes have further dampened the auto sector's mid-term outlook. Auto production forecasters have removed as much as 10 million units from production projections over the next four years, and lower vehicle production will lead to weaker PGMs demand, Metals Focus said. The consultancy is forecasting auto sector platinum demand to decline by 2% this year after a 3% fall last year. Nornickel, the world's largest palladium producer, says any further rise in platinum prices could lead catalyst producers towards more substitution of the metal for palladium. Price spreads between the two metals of more than 30% would encourage that, it said. Platinum was 22% more expensive than palladium on Thursday. But while analysts and traders are cautious about further gains in platinum prices, they are not expecting them to correct. StoneX analyst Rhona O'Connell said some of China's high April-May platinum imports could be in part a bargain-hunting exercise. "China is renowned for buying material that is out of favour," she said. "And although the electrification of the vehicle fleet is advancing apace, the internal combustion engines and the diesel sector are still in place." Analysts see prices stabilising at levels above those seen before the rally, supporting miners' margins as the market heads for a third year of structural deficit.
Zawya
01-07-2025
- Business
- Zawya
HSBC raises 2025 average gold price forecast to $3,215/oz
HSBC has raised its 2025 average gold price forecast to $3,215 per ounce from $3,015 an ounce previously, the bank said in a note on Tuesday, while also raising its 2026 price forecast to $3,125 an ounce from $2,915. The bank added that it sees year-end gold prices of $3,175 an ounce in 2025 and $3,025 an ounce in 2026. (Reporting by Ishaan Arora and Anushree Mukherjee in Bengaluru; Editing by Jan Harvey)
