Latest news with #CMTrade
Yahoo
23-07-2025
- Business
- Yahoo
Gold loses lustre as US-Japan deal curbs safe-haven demand
Gold (GC=F) Gold prices were lower in early European trading, as safe-haven demand took a hit after US president Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. Gold futures were down 0.3% to $3,434.50 per ounce, at the time of writing, while spot gold was muted at $3,422.89 per ounce. Trump struck a trade deal with Japan that lowers tariffs on car imports and saves Tokyo from punishing new levies on other goods in exchange for a $550bn (£406.5bn) package of US-bound investment and loans. The deal includes reduced 15% tariffs for car exports to the US, down from the previous 25%. Read more: FTSE 100 LIVE: Stocks surge as Trump strikes trade deals with Japan, the Philippines and Indonesia "If further trade deals are signed ahead of 1 August, this could further boost general risk appetite and reduce the demand for gold," CM Trade chief market analyst Tim Waterer said. "But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal." Oil (BZ=F, CL=F) Oil prices were lower this Wednesday morning, making it the fourth consecutive session of losses for crude, although the US tariff deal with Japan improved global trade sentiment and limited further sliding. Brent (BZ=F) crude futures slipped 0.1% to trade at $68.49 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures retreated 0.2% to $65.20 a barrel. "The slide of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," Vandana Hari, founder of oil market analysis provider Vanda Insights, told Reuters. Read more: Which Mag 7 stocks will be the top performers this earnings season? Separately, US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. "This will offer some relief to the middle distillate market, which has been looking increasingly tight," ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. Pound (GBPUSD=X, GBPEUR=X) The pound was steady against the dollar, up 0.1% to trade at $1.3546, with fear of tax rises in the autumn capping further gains. The latest UK government borrowing figures has increased concerns over tax hikes in the autumn as well as unsettling the bond market which has hit the pound in global markets. "That GBP risk premium is partly because of the euro's idiosyncratic strength (due to its appeal as a reserve currency) but may also embed some UK budget concerns. Those were fuelled further this morning as the UK unveiled larger borrowing for June than expected by the UK fiscal watchdog," analysts at ING wrote. Stocks: Create your watchlist and portfolio Capital Economics UK economist Alex Kerr, said: 'The government's U-turns on spending cuts and potential upward revisions to the OBR's borrowing forecasts means the chancellor will probably need to raise £15-25bn at the autumn budget to maintain the £9.9bn of headroom against her fiscal mandate.' The US dollar index ( which measures the greenback against a basket of six currencies, was muted at 97.40. Kevin Thozet, a member of the investment committee at Carmignac, said he expected the dollar to fall in the near future. He blamed the 'eroding credibility of US institutions, weakened by constant attacks against Powell and Fed independence, the surge in political uncertainty triggered by the trade war, and the reinforced risk of local inflation de-anchoring fuelled by higher tariffs and loose fiscal stance'. Elsewhere in currencies, the pound pushed higher against the euro. Sterling was up 0.2% against the single currency to trade at €1.1538 at the time of writing. In equities, the FTSE 100 (^FTSE) hit a new record high of 9,057.61 this morning. For more details, on market movements check our live coverage 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
Yahoo
23-07-2025
- Business
- Yahoo
Gold loses lustre as US-Japan deal curbs safe-haven demand
Gold (GC=F) Gold prices were lower in early European trading, as safe-haven demand took a hit after US president Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. Gold futures were down 0.3% to $3,434.50 per ounce, at the time of writing, while spot gold was muted at $3,422.89 per ounce. Trump struck a trade deal with Japan that lowers tariffs on car imports and saves Tokyo from punishing new levies on other goods in exchange for a $550bn (£406.5bn) package of US-bound investment and loans. The deal includes reduced 15% tariffs for car exports to the US, down from the previous 25%. Read more: FTSE 100 LIVE: Stocks surge as Trump strikes trade deals with Japan, the Philippines and Indonesia "If further trade deals are signed ahead of 1 August, this could further boost general risk appetite and reduce the demand for gold," CM Trade chief market analyst Tim Waterer said. "But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal." Oil (BZ=F, CL=F) Oil prices were lower this Wednesday morning, making it the fourth consecutive session of losses for crude, although the US tariff deal with Japan improved global trade sentiment and limited further sliding. Brent (BZ=F) crude futures slipped 0.1% to trade at $68.49 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures retreated 0.2% to $65.20 a barrel. "The slide of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," Vandana Hari, founder of oil market analysis provider Vanda Insights, told Reuters. Read more: Which Mag 7 stocks will be the top performers this earnings season? Separately, US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. "This will offer some relief to the middle distillate market, which has been looking increasingly tight," ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year. Pound (GBPUSD=X, GBPEUR=X) The pound was steady against the dollar, up 0.1% to trade at $1.3546, with fear of tax rises in the autumn capping further gains. The latest UK government borrowing figures has increased concerns over tax hikes in the autumn as well as unsettling the bond market which has hit the pound in global markets. "That GBP risk premium is partly because of the euro's idiosyncratic strength (due to its appeal as a reserve currency) but may also embed some UK budget concerns. Those were fuelled further this morning as the UK unveiled larger borrowing for June than expected by the UK fiscal watchdog," analysts at ING wrote. Stocks: Create your watchlist and portfolio Capital Economics UK economist Alex Kerr, said: 'The government's U-turns on spending cuts and potential upward revisions to the OBR's borrowing forecasts means the chancellor will probably need to raise £15-25bn at the autumn budget to maintain the £9.9bn of headroom against her fiscal mandate.' The US dollar index ( which measures the greenback against a basket of six currencies, was muted at 97.40. Elsewhere in currencies, the pound pushed higher against the euro. Sterling was up 0.2% against the single currency to trade at €1.1538 at the time of writing. In equities, the FTSE 100 (^FTSE) hit a new record high of 9,057.61 this morning. For more details, on market movements check our live coverage here.
Mint
23-07-2025
- Business
- Mint
Gold eases as US-Japan trade deal lifts risk appetite; weak dollar caps losses
- Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion. Spot gold was down 0.2% at $3,422.95 per ounce, as of 0459 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,436.10. Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. "If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold," CM Trade Chief Market Analyst Tim Waterer said. "But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal." Japanese shares led an Asian share market rally on Wednesday after Trump announced the U.S.-Japan deal. [MKTS/GLOB] Offering support to bullion, the U.S. dollar index languished near a two-week low against its rivals, making greenback-priced gold less expensive for other currency holders. Benchmark 10-year U.S. Treasury yields on Tuesday touched their lowest level since July 9. [US/] Meanwhile, Trump continued his attack on U.S. Federal Reserve Chair Jerome Powell, calling him a "numbskull" who has kept interest rates too high and said he will be out in eight months. "These are low-liquidity conditions and that could just easily see volatility recede should the pressure on Powell's firing ease. Bears may therefore be lurking to fade into moves below $3,500," said Matt Simpson, a senior analyst at City Index. Elsewhere, spot silver fell 0.2% to $39.20 per ounce, platinum edged 0.1% lower to $1,439.65 and palladium slipped 0.2% to $1,272.50. This article was generated from an automated news agency feed without modifications to text.
CNBC
23-07-2025
- Business
- CNBC
Gold eases as U.S.-Japan trade deal lifts risk appetite, but weak dollar caps losses
Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion. Spot gold was down 0.2% at $3,423.44 per ounce, as of 0136 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,437.70. Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline to August 12 for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. "If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold," CM Trade Chief Market Analyst Tim Waterer said. "But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal." Japanese shares led an Asian share market rally on Wednesday after Trump announced Japan trade deal. Offering support to bullion, the U.S. dollar index languished near a two-week low against its rivals, making greenback-priced gold less expensive for other currency holders. Benchmark 10-year U.S. Treasury yields on Tuesday touched their lowest level since July 9. Meanwhile, Trump continued his attack on U.S. Federal Reserve Chair Jerome Powell, calling him a "numbskull" who has kept interest rates too high and said he will be out in eight months. "These are low-liquidity conditions and that could just easily see volatility recede should the pressure on Powell's firing ease. Bears may therefore be lurking to fade into moves below $3,500," said Matt Simpson, a senior analyst at City Index. Elsewhere, spot silver fell 0.3% to $39.15 per ounce, platinum dropped 0.3% to $1,437.83 and palladium slipped 0.8% to $1,264.96.
Business Recorder
23-07-2025
- Business
- Business Recorder
Gold eases as US-Japan trade deal lifts risk appetite, but weak dollar caps losses
Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion. Spot gold was down 0.2% at $3,423.44 per ounce, as of 0136 GMT, after hitting its highest point since June 16 earlier in the session. US gold futures also slipped 0.2% to $3,437.70. Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline to August 12 for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. 'If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold,' CM Trade Chief Market Analyst Tim Waterer said. 'But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal.' Japanese shares led an Asian share market rally on Wednesday after Trump announced Japan trade deal. Offering support to bullion, the U.S. dollar index languished near a two-week low against its rivals, making greenback-priced gold less expensive for other currency holders. Benchmark 10-year U.S. Treasury yields on Tuesday touched their lowest level since July 9. Meanwhile, Trump continued his attack on U.S. Federal Reserve Chair Jerome Powell, calling him a 'numbskull' who has kept interest rates too high and said he will be out in eight months. 'These are low-liquidity conditions and that could just easily see volatility recede should the pressure on Powell's firing ease. Bears may therefore be lurking to fade into moves below $3,500,' said Matt Simpson, a senior analyst at City Index. Elsewhere, spot silver fell 0.3% to $39.15 per ounce, platinum dropped 0.3% to $1,437.83 and palladium slipped 0.8% to $1,264.96.
