Latest news with #FawadRazaqzada
Zawya
a day ago
- Business
- Zawya
Safe-haven gold near a one-month low as global tensions ebb
* zzSpot gold down over 2% for the weekGold fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited U.S. inflation data for clues on the future trajectory of interest rates. Spot gold lost 1.4% to $3,282.68 per ounce by 1055 GMT, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. U.S. gold futures fell 1.6% to $3,294.50. The Iran-Israel ceasefire, brokered earlier this week by U.S. President Donald Trump, is holding for now. A White House official said on Thursday that the U.S. has reached an agreement with China on how to expedite rare earths shipments to the U.S. July 9 is the deadline for Trump's "reciprocal" tariffs as nations rush to get an agreement. "The loss of haven demand has meant that despite the latest leg down in the dollar, gold has not benefited from this at all," said Fawad Razaqzada, market analyst at City Index and "A bit of a pullback would not be too bad an outcome as that will allow long-term technical overbought conditions on higher time frames to work off, allowing the metal to shine again when macro conditions are more favourable once more." The immediate focus is the U.S. Personal Consumption Expenditure data, an inflation gauge, scheduled for release at 1230 GMT. Fed Bank of Richmond President Thomas Barkin said tariffs are very likely to push inflation up over the coming months. Despite its reputation as a hedge against inflation and uncertainty, zero-yield bullion loses appeal in a high interest rate environment. Spot silver fell 1.8% to $35.96. Platinum dropped 5.9% to $1,334.63, after hitting its highest since 2014. Palladium fell 1.2% to $1,117.96. The main reason for the price increase in platinum was likely to be the high discount to gold, which is apparently considered too expensive, said Commerzbank in a note. (Reporting by Ashitha Shivaprasad in Bengaluru; editing by Barbara Lewis and David Evans)
NDTV
3 days ago
- Business
- NDTV
UK Oil Major Shell Says Not In Talks To Buy Rival BP
United Kingdom: British oil major Shell said Wednesday it was not in talks with BP to acquire its rival, after the Wall Street Journal reported there had been preliminary discussions. "This is further market speculation. No talks are taking place," a Shell spokesman told AFP, adding that the firm was focused on adding value by improving its performance. BP declined to comment. The Wall Street Journal said its sources indicated that the two firms had held "early talks" about merging their operations. A tie-up between Shell and BP would be one of the biggest mergers ever in the oil and gas industry and would give it added heft against US oil majors ExxonMobil and Chevron, and France's TotalEnergies. "All big companies will look hard at any acquisition opportunities in their industry that could greatly increase their size and scale," AJ Bell investment analyst Dan Coatsworth told AFP. "But that doesn't mean deals will go ahead," he added, calling Shell buying BP "the perennial takeover rumour that won't go away". City Index analyst Fawad Razaqzada told AFP that a Shell purchase of BP would trigger competition concerns, making it difficult to receive approval from regulators. BP has struggled in recent years against its rivals. In February, it abandoned its ambitious climate objectives to refocus on oil and gas in a bid to boost flagging profits. BP's first quarter net profit fell by 70 percent to $687 million, while Shell beat analyst expectations with a 35 percent drop to $4.8 billion in net earnings. Activist US investment fund Elliott, which recently built up a stake of more than five percent in BP and has been calling for strategic changes, also declined to comment when contacted by AFP.
Wall Street Journal
16-06-2025
- Business
- Wall Street Journal
Gold Edges Higher Amid Ongoing Geopolitical Tensions
2341 GMT — Gold edges higher in the early Asian session amid ongoing geopolitical tensions that typically enhance the safe-haven appeal of the precious metal. Israel struck buildings belonging to an Iranian state-owned media company in Tehran. The attacks came despite messages passed by Tehran via intermediaries seeking a return to nuclear talks if the U.S. stays out of the conflict. 'The geopolitical backdrop remains highly combustible,' says Fawad Razaqzada, market analyst at City Index and in an email. 'The Israeli strikes on Iran have injected a clear risk premium across commodities,' the analyst adds. Spot gold is 0.3% higher at $3,396.27/oz. (
Wall Street Journal
16-06-2025
- Business
- Wall Street Journal
Gold Edges Higher Amid Likely Safe-Haven Demand
2350 GMT — Gold edges higher in early Asian trade amid likely safe-haven demand spurred by ongoing geopolitical tensions. Israel and Iran ramped up their aerial attacks early Sunday, while President Trump has suggested that 'it's possible' the U.S. could get involved in the conflict. Gold has been rallying on safe haven flows, says Fawad Razaqzada, market analyst at City Index and in an email. 'There is little doubt about the gold outlook which remains positive,' amid factors including increased geopolitical risks in the Middle East, Razaqzada adds. Spot gold is 0.3% higher at $3,444.61/oz. ( 2231 GMT — The spot gold price ended last week at a record closing high and will look to build on this in the Asian trading day, says Chris Weston, head of research at Pepperstone. It could test the all-time-high of $3,500.10 per troy ounce, he says. Traders have cut back on profitable longs in silver, platinum and palladium, potentially to raise cash in their portfolios or even flipping the exposure into gold, he adds. ( @JamesGlynnWSJ)
Zawya
12-06-2025
- Business
- Zawya
Middle East tensions, tariff jitters push gold to one-week high
Gold prices rose 1% to a one-week high on Thursday as tensions in the Middle East and trade uncertainties fuelled demand for the safe-haven asset. Spot gold was up 0.9% at $3,382.61 an ounce as of 1123 GMT, after hitting its highest level since June 5 earlier in the day. U.S. gold futures climbed 1.8% to $3,403.0. The U.S. dollar index fell 0.8% to a more-than-three-year low, making dollar-priced bullion more attractive to overseas buyers. "You have Middle East tensions and equity markets dropping because of renewed uncertainty about the trade situation. All of that is helping to boost the appeal of haven assets," said Fawad Razaqzada, market analyst at City Index and U.S. President Donald Trump said on Wednesday he might extend the July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, while letters to other countries to accept or reject trade terms would soon be sent out. Washington and Beijing have agreed on a framework to restore a fragile truce in the U.S.-China trade war, potentially avoiding higher tariffs. In a sign of increased Middle East volatility, Trump said on Wednesday U.S. personnel were being moved out of the region as it could be a "dangerous place" and that the United States would not allow Iran to have a nuclear weapon. Gold, a safe-haven asset, often thrives during times of economic uncertainty and in low-interest-rate environments. Investors are now turning their focus to the U.S. Producer Price Index (PPI) data due at 1230 GMT, ahead of the Federal Reserve's meeting on June 17–18. "PPI will be watched to see whether they can spring a CPI-like surprise or whether expectations for rising input prices will be confirmed," said Ole Hansen, head of commodity strategy at Saxo Bank. Elsewhere, spot silver was steady at $36.24 per ounce, platinum rose 0.7% to $1,264.57, hovering at a more-than four-year high, while palladium was down 1.7% at $1,062.04.
