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Time of India
01-07-2025
- Business
- Time of India
Gold rises on weaker dollar as markets await Fed rate-cut clues
Gold prices rose on Tuesday, supported by a weaker U.S. dollar , as investors awaited labour market data due later this week to assess the Federal Reserve's potential rate-cut trajectory amid renewed calls from U.S. President Donald Trump to lower rates. FUNDAMENTALS * Spot gold was up 0.3% at $3,312.25 per ounce, as of 0042 GMT, while U.S. gold futures rose 0.5% to $3,323.10. * The U.S. dollar index fell 0.2%, hovering near a three-year low, making bullion more affordable for holders of other currencies. * Trump continued to press the Fed on Monday to ease monetary policy, sending Fed Chair Jerome Powell a list of global central bank interest rates, annotated with handwritten comments urging U.S. rates to align with Japan's 0.5% and Denmark's 1.75%. Live Events * U.S. Treasury Secretary Scott Bessent said Monday that the administration is considering using the next expected Federal Reserve Board of Governors vacancy in early 2026 to appoint a successor to Powell. * Federal Reserve Bank of Atlanta President Raphael Bostic said Monday that the economy has yet to face the full impact of Trump's trade tariffs and reiterated that he expects one rate cut from the Fed this year. * Meanwhile, Chicago Federal Reserve Bank President Austan Goolsbee said he sees no signs of stagflation but noted the possibility of both unemployment and inflation worsening simultaneously. * Investors are closely monitoring a series of labour market reports in this holiday-shortened trading week, culminating in Thursday's government payrolls data, for insights into the Fed's monetary policy direction. * Meanwhile, Trump expressed frustration with U.S.-Japan trade negotiations on Monday as Bessent warned that countries could be notified of sharply higher tariffs, as a July 9 deadline approaches despite good-faith negotiations. * The United States will resume trade negotiations with Canada after Ottawa dropped the digital services tax. * Spot silver edged up 0.1% to $36.13 per ounce, platinum rose 0.7% to $1,362.35, while palladium gained 1.2% to $1,110.03. DATA/EVENTS (GMT) 0030 Japan JibunBK Mfg PMI June 0145 China Caixin Mfg PMI Final June 0600 UK Nationwide house price mm, yy June 0750 France HCOB Manufacturing PMI June 0755 Germany HCOB Mfg PMI June 0755 Germany Unemployment Chg, Rate SA June 0800 EU HCOB Mfg Final PMI June 0830 UK S&P Global Manufacturing PMI June 0900 EU HICP X F, E, A, T Flash YY, MM June 1345 US S&P Global Mfg PMI Final June 1400 US ISM Manufacturing PMI.
Economic Times
01-05-2025
- Business
- Economic Times
Gold retreats on firm dollar, US payrolls data on tap
Gold was subdued on Thursday on the dollar's strength, while investors awaited more clarity on trade policy between the U.S. and its trading partners, and looked forward to the U.S. non-farm payrolls report due this week. ADVERTISEMENT * Spot gold fell 0.7% to $3,265.45 an ounce, as of 0022 GMT. U.S. gold futures lost 1.4% to $3,273.70. * The dollar index, which measures the U.S. currency against a basket of others, rose 0.2%, making gold less attractive for other currency holders. * Trump administration expects to conclude initial tariff deals with some U.S. trading partners within weeks, but negotiations with India are not "finish-line close" and no official talks with China are underway, U.S. Trade Representative Jamieson Greer said on Wednesday. * Meanwhile, the U.S. economy contracted for the first time in three years in the first quarter, as businesses rushed to import goods ahead of expected tariffs from the Trump administration. ADVERTISEMENT * The market now awaits non-farm payrolls report on Friday for more cues on the Fed's monetary policy path. The report is expected to show a slowdown in hiring but no change in the 4.2% unemployment rate. * Non-yielding gold, considered a hedge against global uncertainty and inflation and tends to thrive in a low-interest-rate environment, soared to a record high of $3,500.05 per ounce on April 22. ADVERTISEMENT * Analysts in a quarterly Reuters poll have forecast an average annual gold price above $3,000 for the first time, with global trade friction and a swing away from the U.S. dollar powering demand. * China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1 until May 5 for the Chinese Labour Day holiday. ADVERTISEMENT * Spot silver rose 0.1% to $32.63 an ounce, platinum fell 0.1% to $965.32 and palladium firmed 0.1% to $938.85. DATA/EVENTS (GMT) 0030 Japan JibunBK Mfg PMI Final SA Apr 0830 UK S&P GLOBAL MANUFACTURING PMI Apr 1230 US Initial Jobless Clm 26 Apr, w/e 1345 US S&P Global Mfg PMI Final Apr 1400 US ISM Manufacturing PMI Apr 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 25 Apr. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
01-05-2025
- Business
- Time of India
Gold retreats on firm dollar, US payrolls data on tap
FUNDAMENTALS Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Gold was subdued on Thursday on the dollar's strength, while investors awaited more clarity on trade policy between the U.S. and its trading partners, and looked forward to the U.S. non-farm payrolls report due this week.* Spot gold fell 0.7% to $3,265.45 an ounce, as of 0022 GMT. U.S. gold futures lost 1.4% to $3,273.70.* The dollar index, which measures the U.S. currency against a basket of others, rose 0.2%, making gold less attractive for other currency holders.* Trump administration expects to conclude initial tariff deals with some U.S. trading partners within weeks, but negotiations with India are not "finish-line close" and no official talks with China are underway, U.S. Trade Representative Jamieson Greer said on Wednesday.* Meanwhile, the U.S. economy contracted for the first time in three years in the first quarter, as businesses rushed to import goods ahead of expected tariffs from the Trump administration.* The market now awaits non-farm payrolls report on Friday for more cues on the Fed's monetary policy path. The report is expected to show a slowdown in hiring but no change in the 4.2% unemployment rate.* Non-yielding gold, considered a hedge against global uncertainty and inflation and tends to thrive in a low-interest-rate environment, soared to a record high of $3,500.05 per ounce on April 22.* Analysts in a quarterly Reuters poll have forecast an average annual gold price above $3,000 for the first time, with global trade friction and a swing away from the U.S. dollar powering demand.* China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1 until May 5 for the Chinese Labour Day holiday.* Spot silver rose 0.1% to $32.63 an ounce, platinum fell 0.1% to $965.32 and palladium firmed 0.1% to $ (GMT) 0030 Japan JibunBK Mfg PMI Final SA Apr 0830 UK S&P GLOBAL MANUFACTURING PMI Apr 1230 US Initial Jobless Clm 26 Apr, w/e 1345 US S&P Global Mfg PMI Final Apr 1400 US ISM Manufacturing PMI Apr 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 25 Apr.
