Latest news with #BrijeshPatel
Yahoo
42 minutes ago
- Business
- Yahoo
Gold firms as dollar eases in run-up to Fed verdict
By Brijesh Patel (Reuters) -Gold prices inched higher on Wednesday, helped by a slight pullback in the dollar as investors awaited the Federal Reserve's policy decision and comments that could offer more cues on the timing of the U.S. central bank's next moves. Spot gold was up 0.1% at $3,328.15 per ounce, as of 1056 GMT. U.S. gold futures edged 0.1% higher to $3,325.10. The dollar index eased 0.1% after hitting more than a one-month high on Tuesday, making gold less expensive for holders of other currencies. [USD/] "There are a range of features that taken together are keeping gold prices moribund. From a geopolitical standpoint we appear to be making progress in the tariff negotiations, but no-one is really prepared to commit one way or the other," StoneX analyst Rhona O'Connell said. Developments between China and the United States will in focus after officials agreed to seek an extension of their 90-day tariff truce, following two days of what both sides described as constructive talks in Stockholm. Trade agreements with Japan last week and the European Union over the weekend eased investors' jitters and lifted risk sentiment in the market this week. [MKTS/GLOB] Meanwhile, the Fed is widely expected to keep rates steady on Wednesday, despite U.S. President Donald Trump's persistent calls to lower them. Markets will be paying attention to Fed Chair Jerome Powell's remarks for more cues on the rate path. "The markets are pricing in two cuts before year-end which is probably too benign. The Fed will not give in to political pressure but it will be interesting to see whether the vote today is unanimous," O'Connell said. Gold tends to do well in a low-interest rate environment. Elsewhere, spot silver fell 0.6% to $37.97 per ounce, platinum slipped 0.5% to $1,388.59 and palladium was up 0.3% to $1,262.19. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Zawya
5 days ago
- Business
- Zawya
Gold subdued as trade optimism weighs, but soft dollar cap losses
Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.1% at $3,363.91 per ounce, as of 0243 GMT. However, bullion has gained 0.4% so far this week. U.S. gold futures fell 0.2% to $3,365.50. "Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market," OANDA senior market analyst Kelvin Wong said. "However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level." The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors. Offering respite to gold, the U.S. dollar index was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders. Data showed U.S. jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work. The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September. Spot silver rose 0.2% at $39.14 per ounce and was on track for a weekly gain, up 2.5% for the week. Platinum eased 0.2% to $1,407.10 and palladium climbed 0.9% to $1,238.73. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
Mint
5 days ago
- Business
- Mint
Gold subdued as trade optimism weighs, but soft dollar cap losses
(Reuters) -Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.1% at $3,363.91 per ounce, as of 0243 GMT. However, bullion has gained 0.4% so far this week. U.S. gold futures fell 0.2% to $3,365.50. "Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market," OANDA senior market analyst Kelvin Wong said. "However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level." The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors. [MKTS/GLOB] Offering respite to gold, the U.S. dollar index was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders. [USD/] Data showed U.S. jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work. The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September. Spot silver rose 0.2% at $39.14 per ounce and was on track for a weekly gain, up 2.5% for the week. Platinum eased 0.2% to $1,407.10 and palladium climbed 0.9% to $1,238.73. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
Yahoo
6 days ago
- Business
- Yahoo
Gold flat as easing trade tensions offset support from weak dollar
By Brijesh Patel (Reuters) -Gold prices held steady on Thursday after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was flat at $3,387.15 per ounce, as of 0138 GMT, after dropping 1.3% in the previous session. U.S. gold futures eased 0.1% to $3,492.50. "Yesterday, we saw gold prices seems like well might be building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold." Signalling progress on tariffs, U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports. The European Union and the United States are nearing an agreement on a similar trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Risk sentiment in the wider financial markets rose on the back of progress in trade talks and hopes that more deals could be in the offering. [MKTS/GLOB] Offering support to gold, the U.S. dollar index fell to a more than two-week low, making greenback-priced bullion less expensive for other currency holders. Investors also look forward to a rate decision from the European Central Bank due later in the day. Also on the radar, the U.S. weekly jobless claims numbers on Thursday and S&P Global's flash PMI data will be eyed to gauge economic health ahead of the Federal Reserve's monetary policy decision next week. Spot silver slipped 0.3% to $39.16 per ounce, platinum was steady at $1,411.53 and palladium dipped 1% to $1,265.50.
Mint
22-07-2025
- Business
- Mint
Gold prices rise to over one-month high on softer dollar, bond yields
July 22 (Reuters) - Gold prices climbed on Tuesday to their highest point in more than a month, supported by a weaker U.S. dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline. * Spot gold was steady at $3,390.73 per ounce, as of 0112 GMT, after hitting its highest since June 17 earlier in the session. U.S. gold futures held their ground at $3,404.20. * The U.S. dollar index was hovering near a more than one-week low against its rivals, making greenback-priced gold less expensive for other currency holders, while benchmark 10-year U.S. Treasury yields hit a more than one-week low on Monday. * The European Union is exploring a broader set of possible counter measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. * Trade negotiations have yet to yield any meaningful deals as the clock ticks down on U.S. President Donald Trump's August 1 tariff deadline. * Also on radar, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts at the end of its policy meeting on July 24. The U.S. Federal Reserve monetary policy is scheduled for next week. * Traders are pricing about a 59% chance of a rate cut by the Fed in September, according to the CME FedWatch Tool. Gold tends to perform well in a low-interest-rate environment. * Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.36% to 947.06 tons on Monday from 943.62 tons on Friday. * China brought in 63 metric tons of gold last month, the lowest amount since January, data from the General Administration of Customs showed on Sunday. * Spot silver edged 0.1% higher to $38.93 per ounce, platinum added 0.4% to $1,444.05 and palladium eased 0.2% to $1,262.35. (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)
