Latest news with #KonstantinosChrysikos
Wall Street Journal
01-07-2025
- Business
- Wall Street Journal
Gold Futures Rise on Rate-Cut Hopes, Weaker U.S. Dollar
0801 GMT – Gold futures rise on increasing hopes of a U.S. interest rate cut and a weaker U.S. dollar. Futures are up 1.3% at $3,350.20 a troy ounce, and sit up 0.5% on week. The precious metal is rallying for the second day, as expectations grow that the Fed might resume loosening monetary policy later this year, MUFG analysts say in a note. Lower interest rates typically benefit non-interest bearing bullion. The market is now pricing in at least two cuts in 2025, with an upcoming U.S. jobs report seen as the key trigger, MUFG says. At the same time, trade uncertainty persists under President Trump's administration and the dollar has had its worst first-half performance since 1973, MUFG says. Both factors have supported gold's safe-haven demand. ( 2343 GMT — Gold edges higher in the early Asian session, underpinned by Fed rate-cut hopes. 'The metal could find support amid subdued yields and dovish expectations,' Kudotrade's Konstantinos Chrysikos says in an email. 'Markets expect three rate cuts in the U.S. during the second half of the year, which could support non-yielding assets like gold,' the head of Customer Relationship Management says. Worries over the Fed's independence might also drive investors toward the precious metal, Chrysikos adds. Spot gold is 0.2% higher at $3,310.66/oz. (
Khaleej Times
17-06-2025
- Business
- Khaleej Times
Dubai: Gold prices plunge, giving reprieve to jewellery shoppers
Gold jewellery prices were steady on Tuesday morning after plunging Dh4.5 per gram on Monday as precious metal fell below $4,400 per ounce. At 9am UAE time, 24K was trading at Dh409.0 per gram, up from Dh408.5 per gram at the close of the markets, but down from Dh413 per gram at the opening of the markets on Monday. Among the other variants, 22K, 21K and 18K opened at Dh378.75, Dh363.25 and Dh311.25 per gram, respectively, giving a reprieve to jewellery buyers ahead of the summer travel season when residents opt to buy precious metal for gits. Spot gold was trading at $3,392.6 per ounce, down 0.15 per cent. It was trading at $3,418.7 per ounce on Tuesday morning. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Konstantinos Chrysikos, head of customer relationship management at Kudotrade, said gold prices pulled back on Monday as traders take profits, though the broader bullish narrative remains intact. 'The precious metal could continue to find support in geopolitical risks. Tensions in the Middle East remained elevated over the weekend, as Israel and Iran exchanged strikes. Continued risks of escalation could reinforce demand for safe-haven assets. In Eastern Europe, tensions also remain, contributing further to global risk aversion,' he said. On the monetary front, Chrysikos said attention now turns to the upcoming US Federal Reserve policy meeting. 'While the Fed is widely expected to keep rates steady, last week's softer-than-expected inflation data strengthened market conviction that rate cuts could begin as early as September. This outlook could weigh on Treasury yields and benefit non-yielding assets like gold,' he added. Meanwhile, uncertainty surrounding US trade policy also lingers. President Trump is expected to finalise new tariff measures in the coming weeks, and any escalation in trade tensions could further bolster bullion demand.
