Latest news with #DanielPavilonis
Business Recorder
26-06-2025
- Business
- Business Recorder
Gold dips as geopolitical tensions ease
NEW YORK: Gold prices eased on Wednesday as a ceasefire between Iran and Israel reduced safe-haven demand, while market participants stayed cautious ahead of key US economic data. Spot gold was down 0.3% at $3,314.45 per ounce at 0934 a.m. EDT (1334 GMT) after prices hit their lowest in over two weeks in the previous session. US gold futures fell 0.2% to $3,328.10. With all the momentum and potential in the markets, the factors that typically drive gold never pushed it to new highs, said Daniel Pavilonis, senior market strategist at RJO Futures 'So, I think the path is now more to the downside; it may hit $2,900 if things don't escalate in the Middle East.' US President Donald Trump revelled in the swift end to war between Iran and Israel, saying he now expected a relationship with Tehran that would preclude rebuilding its nuclear programme. Wall Street's S&P 500 and Nasdaq indexes rose on Wednesday, hovering near a record peak. Investors are also looking out for the second day of Federal Reserve Chair Jerome Powell's congressional testimony, scheduled to start at 10:00 a.m. ET. On Tuesday, Powell emphasized that a rate cut decision can only be taken after observing the affect of tariffs, inflation and weakness in the labour market. The US GDP and jobs data are due on Thursday, while the Price Consumption Expenditure (PCE) data is scheduled to be released on Friday, which traders are closely monitoring to gauge the Fed's future policy path better. The market currently sees an over 85% chance of a rate cut in September. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. Elsewhere, spot silver shed 0.3% to $35.79, platinum lost 0.8% to $1,305.74, while palladium dropped 1.8% to $1,046.73.
Business Recorder
14-06-2025
- Business
- Business Recorder
Gold prices advance as Israel-Iran escalation fuels safe-haven bids
LONDON: Gold prices soared on Friday as investors flocked to safe-haven assets following Israeli air strikes on Iran, re-igniting fears of a broader conflict in the Middle East. Spot gold rose 1.7% at $3,439.79 an ounce as of 0923 EDT (1323 GMT), coming within striking distance of its record high of $3,500.05 set in April. Prices gained more than 4% so far this week. US gold futures added 1.7% to $3,461. 'Israel knocking out Iranian targets is causing a little bit of geopolitical scare in the market. Prices will stay elevated in the anticipation of what is to come, the retaliation by Iran,' said Daniel Pavilonis, senior market strategist at RJO Futures. Israel launched a barrage of strikes across Iran on Friday, saying it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon. US President Donald Trump suggested that Iran had brought the attack on itself by resisting a US ultimatum in talks to restrict its nuclear program. Softer US inflation prints earlier this week added extra shine to gold, bolstering expectations of interest rate cuts by the Federal Reserve. Bullion is widely regarded as a safe asset, especially during times of economic turmoil and geopolitical unrest. It also tends to thrive in a low interest rate environment. Goldman Sachs reiterated its forecast that structurally strong central bank buying will raise the gold price to $3,700/toz by end-2025 and $4,000 by mid-2026. BofA sees a path for gold to rally to $4,000/oz over the next 12 months. On the physical front, demand in major Asian hubs weakened this week as rates soared, with prices in India zooming past the psychologically important 100,000-rupee mark. Spot silver eased 0.3% at $36.24 per ounce, gaining nearly 1% for the week. Platinum fell 3.9% to $1,244.91 and was up 6.3% for the week. Palladium fell 0.3% to $1,052.28 but added 0.7% so far this week.
Business Recorder
05-06-2025
- Business
- Business Recorder
Safe-haven gold rises on weaker dollar, simmering global uncertainty
NEW YORK: Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). US gold futures were up at $3,406.80. The US dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. 'There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside,' Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, 'the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge,' Pavilonis added. US President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and 'extremely hard to make a deal with,' just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their 'best offers' to avoid more import levies starting in early July. Data on Wednesday showed US private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's US non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
New Straits Times
05-06-2025
- Business
- New Straits Times
Precious-safe-haven gold rises on weak data, simmering uncertainty
Gold rose one per cent on Wednesday, supported by a softer dollar and weak US data, as investors grappled with mounting economic and political uncertainty. Spot gold climbed 0.8 per cent to US$3,378.22 an ounce by 02:02 pm ET (1802 GMT), after rising as much as 1 per cent earlier. US gold futures settled 0.7 per cent higher at $3,399.20. The US dollar index fell 0.5 per cent, making gold cheaper for buyers holding other currencies, while benchmark US 10-year Treasury yields edged lower. "The US services sector - two-thirds of the economy - contracting for the first time in a year has goosed gold a percent higher after bullion had shrugged off a weak though historically volatile ADP employment report," said Tai Wong, an independent metals trader. "A close back above $3,400 will prime a run for new all-time highs." The Institute for Supply Management said its non-manufacturing purchasing managers index dropped to 49.9 last month, the lowest reading since June 2024, while ADP data showed US private employers added the fewest workers in over two years. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," said Daniel Pavilonis, senior market strategist at RJO Futures. US President Donald Trump said his Chinese counterpart Xi Jinping was tough and "extremely hard to make a deal with", just days after accusing Beijing of violating an agreement to roll back tariffs. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies. All eyes are on Friday's US payrolls report for clues on the Federal Reserve's next move. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Spot silver was down 0.1 per cent at US$34.45, platinum rose 1.5 per cent to US$1,089.99, while palladium lost 1 per cent to US$1,000.55.
Yahoo
04-06-2025
- Business
- Yahoo
Safe-haven gold rises on weaker dollar, simmering global uncertainty
By Sherin Elizabeth Varghese (Reuters) - Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. [USD/] "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added. U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July. Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94. Error 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
