Latest news with #BrianLan
The Star
a day ago
- Business
- The Star
Gold heads for second weekly loss, investors eye US inflation data
Gold fell on Friday and was headed for a second weekly loss, as a slight uptick in the dollar and the Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues into the Federal Reserve's interest rate trajectory. Spot gold slipped 1% to $3,292.19 per ounce as of 0402 GMT. Bullion has lost 2.2% so far this week. U.S. gold futures fell 1.3% to $3,305.20. The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. This week's dip is due to the Israel-Iran peace deal, said Brian Lan, managing director at GoldSilver Central, Singapore, adding that prices are consolidating with a slight downward bias and likely to stay around current levels. Iranians and Israelis have sought to resume normal life after 12 days of the most intense confrontation ever between the two foes and a ceasefire that took effect Tuesday. Investors are awaiting the U.S. core personal consumption expenditure data due at 1230 GMT for further insight into the Fed's monetary policy outlook, with analysts polled by Reuters forecasting a 0.1% monthly increase and a 2.6% annual rise. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but so far only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's July meeting. Gold thrives in a low-rate environment as it is a zero-yielding asset. "I think what could be happening is that some length is leaving gold and finding its way into other precious metals, like platinum and maybe some speculative rotation at work," Marex analyst Edward Meir said. Spot silver was down 0.7% at $36.38 per ounce, platinum fell 2.2% to $1,386.75, after hitting its highest level in nearly 11 years, while palladium gained 0.9% to hit its highest since October 2024 of $1,142.49. - Reuters
Business Recorder
a day ago
- Business
- Business Recorder
Asia gold: India demand muted despite price correction; buying picks up in China, Singapore
Demand for physical gold in India remained subdued this week despite a correction in prices, as buyers held out for a bigger drop, while demand improved in China and Singapore. This week, Indian dealers were offering a discount of up to $18 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $27. 'Retail buyers are still on the sidelines despite the correction in prices. This is traditionally a lean demand season and buyers are waiting for a bigger drop in prices,' said a Kolkata-based jeweller. Domestic gold prices were trading around 96,100 rupees per 10 grams on Friday after hitting an all-time high of 101,078 rupees earlier this month. Jewellers weren't buying much new gold from banks because retail buyers were trading in their old jewellery for new ones, which met a good part of the demand, said a Mumbai-based bullion dealer with a private bank. Spot gold was trading around $3,294.19 as of 0425 GMT, down from levels near $3,450 last week. Gold heads for second weekly loss, investors eye US inflation data Dealers in top gold consumer China charged premiums of $12-$14 an ounce over the global benchmark spot price, higher than last week's $10 premium. 'People are still interested in buying some gold as a safe haven,' Peter Fung, head of dealing at Wing Fung Precious Metals said, adding that a dip below $3,300 could attract more interest as investors seem ready to buy on any weakness. In Hong Kong, gold was sold at par to a $2.00 premium, while in Singapore, gold traded between at-par price and a $2.20 premium. 'We've seen a bit more retail buying… wholesalers are also short-covering because the prices came down quite a bit from last week,' said Brian Lan, managing director at GoldSilver Central. In Japan, bullion was sold flat to a $0.5 premium.
Business Recorder
a day ago
- Business
- Business Recorder
Gold heads for second weekly loss, investors eye US inflation data
Gold fell on Friday and was headed for a second weekly loss, as a slight uptick in the dollar and the Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues into the Federal Reserve's interest rate trajectory. Spot gold slipped 1% to $3,292.19 per ounce as of 0402 GMT. Bullion has lost 2.2% so far this week. U.S. gold futures fell 1.3% to $3,305.20. The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. This week's dip is due to the Israel-Iran peace deal, said Brian Lan, managing director at GoldSilver Central, Singapore, adding that prices are consolidating with a slight downward bias and likely to stay around current levels. Iranians and Israelis have sought to resume normal life after 12 days of the most intense confrontation ever between the two foes and a ceasefire that took effect Tuesday. Investors are awaiting the U.S. core personal consumption expenditure data due at 1230 GMT for further insight into the Fed's monetary policy outlook, with analysts polled by Reuters forecasting a 0.1% monthly increase and a 2.6% annual rise. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. Gold slips on easing ME tensions, Fed rate cut uncertainty U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but so far only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's July meeting. Gold thrives in a low-rate environment as it is a zero-yielding asset. 'I think what could be happening is that some length is leaving gold and finding its way into other precious metals, like platinum and palladium…So maybe some speculative rotation at work,' Marex analyst Edward Meir said. Spot silver was down 0.7% at $36.38 per ounce, platinum fell 2.2% to $1,386.75, after hitting its highest level in nearly 11 years, while palladium gained 0.9% to hit its highest since October 2024 of $1,142.49.
CNBC
a day ago
- Business
- CNBC
Gold heads for second weekly loss, investors eye US inflation data
Gold fell on Friday, heading for a second weekly loss as a slight uptick in the dollar and the Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues on the Federal Reserve's interest rate trajectory. Spot gold slipped 0.4% at $3,313.23 per ounce, as of 0234 GMT. Bullion was down 1.7% this week. U.S. gold futures fell 0.7% to $3,325.70. The dollar .DXY rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. This week's dip is due to the Israel-Iran peace deal, said Brian Lan, managing director at GoldSilver Central, Singapore, adding that prices are consolidating with a slight downward bias and likely to stay around current levels. Iranians and Israelis have sought to resume normal life after 12 days of the most intense confrontation ever between the two foes and a ceasefire that took effect Tuesday. Investors are awaiting the U.S. core personal consumption expenditure data due at 1230 GMT for further insight into the Fed's monetary policy outlook, with analysts polled by Reuters forecasting a 0.1% monthly increase and a 2.6% annual rise. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but so far only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's July meeting. "I think what could be happening is that some length is leaving gold and finding its way into other precious metals, like platinum and maybe some speculative rotation at work," Marex analyst Edward Meir said. Spot silver was steady at $36.63 per ounce, platinum fell 1.8% to $1,391.28, after hitting its highest level in nearly 11 years, while palladium gained 1.4% to hit its highest since October 2024 of $1,147.78
Reuters
2 days ago
- Business
- Reuters
Gold heads for second weekly loss, investors eye US inflation data
June 27 (Reuters) - Gold fell on Friday, heading for a second weekly loss as a slight uptick in the dollar and the Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues on the Federal Reserve's interest rate trajectory. Spot gold slipped 0.4% at $3,313.23 per ounce, as of 0234 GMT. Bullion was down 1.7% this week. U.S. gold futures fell 0.7% to $3,325.70. The dollar (.DXY), opens new tab rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. This week's dip is due to the Israel-Iran peace deal, said Brian Lan, managing director at GoldSilver Central, Singapore, adding that prices are consolidating with a slight downward bias and likely to stay around current levels. Iranians and Israelis have sought to resume normal life after 12 days of the most intense confrontation ever between the two foes and a ceasefire that took effect Tuesday. Investors are awaiting the U.S. core personal consumption expenditure data due at 1230 GMT for further insight into the Fed's monetary policy outlook, with analysts polled by Reuters forecasting a 0.1% monthly increase and a 2.6% annual rise. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but so far only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's July meeting. "I think what could be happening is that some length is leaving gold and finding its way into other precious metals, like platinum and maybe some speculative rotation at work," Marex analyst Edward Meir said. Spot silver was steady at $36.63 per ounce, platinum fell 1.8% to $1,391.28, after hitting its highest level in nearly 11 years, while palladium gained 1.4% to hit its highest since October 2024 of $1,147.78.
