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Jordan News
2 days ago
- Business
- Jordan News
Global Gold Prices Rise - Jordan News
Gold prices edged higher on Thursday, supported by a weaker U.S. dollar and growing uncertainty following reports that former President Donald Trump may consider replacing Federal Reserve Chairman Jerome Powell as early as September or October. اضافة اعلان The reports raised concerns about the future independence of the U.S. central bank, boosting demand for gold bullion as a safe haven. Spot gold rose 0.2% to $3,339.20 per ounce as of 02:42 GMT, while U.S. gold futures climbed 0.3% to $3,353.10. The dollar fell to its lowest level since March 2022, making dollar-denominated gold cheaper for foreign buyers. Speaking before a Senate committee on Wednesday, Powell said that although Trump's tariffs could cause a temporary spike in prices, the risk of sustained inflation is high enough to keep the central bank cautious about further interest rate cuts. Tim Waterer, chief market analyst at KCM Trade, noted: 'Trump clearly wants a more accommodative Fed Chair next time, so the growing likelihood of an aggressive rate-cutting cycle is weighing on the U.S. dollar.' Gold tends to perform well during periods of uncertainty and in low interest rate environments. On Wednesday, Trump described Powell as 'very bad' and said he was considering three or four candidates to lead the Federal Reserve. Meanwhile, The Wall Street Journal reported that Trump had considered announcing Powell's potential successor by September or October. Markets are now awaiting the release of U.S. GDP data later today, with personal consumption expenditures (PCE) data due on Friday. 'Gold is holding steady for now as we await the next batch of U.S. macroeconomic data, including GDP and core PCE,' Waterer added. A ceasefire between Israel and Iran appeared to be holding on Wednesday. At the NATO summit, Trump praised the quick end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions in next week's talks. Spot silver rose 0.2% to $36.36 per ounce, platinum jumped 2.3% to $1,385.38, and palladium surged 5.5% to $1,115.58. (Agencies)
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
Gold Rises as Weaker Dollar, Trump's Criticism of Powell Fuel Uncertainty
Gold edged higher on Thursday, supported by a weaker dollar and growing uncertainty after reports suggested US President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the US central bank, boosting demand for safe-haven bullion, Reuters reported. Spot gold was up 0.1% at $3,336.02 per ounce, as of 0640 GMT. US gold futures rose 0.2% to $3,349.30. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. Powell told a US Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the Fed to be cautious about further rate cuts. "Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post. Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October. Markets are awaiting US GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday for cues on Fed's rate-cut trajectory. A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week. Spot silver edged up 0.1% to $36.34 per ounce, platinum firmed 1.8% to $1,379.58, while palladium rose 3.4% to $1,093.70.
Zawya
2 days ago
- Business
- Zawya
Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty
Gold prices edged higher on Thursday, lifted by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion. Spot gold was up 0.2% at $3,339.20 per ounce, as of 0242 GMT. U.S. gold futures rose 0.3% to $3,353.10. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts. "Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post. Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October. Markets are awaiting U.S. GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday. "Gold is just basically treading water for the moment until we get a read on the next batch of U.S. macro data including GDP and core PCE," Waterer said. A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week. Spot silver edged up 0.2% to $36.36 per ounce, platinum firmed 2.3% to $1,385.38, while palladium surged 5.5% to $1,115.58.
Yahoo
2 days ago
- Business
- Yahoo
Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty
By Anmol Choubey (Reuters) -Gold prices edged higher on Thursday, lifted by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion. Spot gold was up 0.2% at $3,339.20 per ounce, as of 0242 GMT. U.S. gold futures rose 0.3% to $3,353.10. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. [USD/] Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts. "Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post. Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October. Markets are awaiting U.S. GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday. "Gold is just basically treading water for the moment until we get a read on the next batch of U.S. macro data including GDP and core PCE," Waterer said. A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week. Spot silver edged up 0.2% to $36.36 per ounce, platinum firmed 2.3% to $1,385.38, while palladium surged 5.5% to $1,115.58. 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
Reuters
2 days ago
- Business
- Reuters
Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty
June 26 (Reuters) - Gold prices edged higher on Thursday, lifted by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion. Spot gold was up 0.2% at $3,339.20 per ounce, as of 0242 GMT. U.S. gold futures rose 0.3% to $3,353.10. The dollar (.DXY), opens new tab fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts. "Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post. Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October. Markets are awaiting U.S. GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday. "Gold is just basically treading water for the moment until we get a read on the next batch of U.S. macro data including GDP and core PCE," Waterer said. A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week. Spot silver edged up 0.2% to $36.36 per ounce, platinum firmed 2.3% to $1,385.38, while palladium surged 5.5% to $1,115.58.
