Latest news with #Marex
Khaleej Times
4 hours ago
- Business
- Khaleej Times
Gold falls to near 3-week low as US-EU deal boosts risk appetite ahead of Fed meeting
Gold fell to a near three-week low on Monday as a U.S.-European Union trade accord lifted the dollar and risk sentiment, while investors awaited fresh cues on rate policy from this week's Federal Reserve meeting. Spot gold fell 0.6% to $3,316.03 per ounce as of 11:36 a.m. ET (1536 GMT), after touching its lowest level since July 9, earlier in the session. U.S. gold futures were down 0.7% at $3,313.2 per ounce. The U.S. dollar index rose to a one-week high, making bullion more expensive for overseas buyers. "I think the more trade announcements we get, the more the dollar increases. These tariff deals are dollar friendly, lowering the allure of gold and driving the sell-off amid a risk-on sentiment," said Marex analyst Edward Meir. A weekend deal between U.S. President Donald Trump and the European Commission imposed a 15% tariff on EU goods, half the rate initially threatened, easing fears of a broader trade war. That pact came on the heels of last week's U.S.-Japan agreement, while U.S. and Chinese officials will resume talks in Stockholm on Monday, aiming to extend their trade truce by another 90 days. However, a U.S. trade representative said no major breakthrough was expected with China, noting discussions would focus on monitoring and implementing existing commitments. "You're not seeing a huge move on the downside in gold because the deals could still prove to be either difficult to implement or unrealistic," said Meir. The U.S. Federal Reserve is expected to keep its benchmark rate in the 4.25%–4.50% range when its two-day meeting concludes on Wednesday. Markets, meanwhile, continue to price in a potential September rate reduction. Gold tends to do well in a low-interest-rate environment. Elsewhere, spot silver was down 0.1% at $38.12 per ounce and platinum fell 0.6% to $1,393.25, while palladium gained 2.1% to $1,245.52.
Reuters
5 hours ago
- Business
- Reuters
Gold falls to near 3-week low as US-EU deal boosts risk appetite ahead of Fed meeting
July 28 (Reuters) - Gold fell to a near three-week low on Monday as a U.S.-European Union trade accord lifted the dollar and risk sentiment, while investors awaited fresh cues on rate policy from this week's Federal Reserve meeting. Spot gold fell 0.6% to $3,316.03 per ounce as of 11:36 a.m. ET (1536 GMT), after touching its lowest level since July 9, earlier in the session. U.S. gold futures were down 0.7% at $3,313.2 per ounce. The U.S. dollar index (.DXY), opens new tab rose to a one-week high, making bullion more expensive for overseas buyers. "I think the more trade announcements we get, the more the dollar increases. These tariff deals are dollar friendly, lowering the allure of gold and driving the sell-off amid a risk-on sentiment," said Marex analyst Edward Meir. A weekend deal between U.S. President Donald Trump and the European Commission imposed a 15% tariff on EU goods, half the rate initially threatened, easing fears of a broader trade war. That pact came on the heels of last week's U.S.-Japan agreement, while U.S. and Chinese officials will resume talks in Stockholm on Monday, aiming to extend their trade truce by another 90 days. However, a U.S. trade representative said no major breakthrough was expected with China, noting discussions would focus on monitoring and implementing existing commitments. "You're not seeing a huge move on the downside in gold because the deals could still prove to be either difficult to implement or unrealistic," said Meir. The U.S. Federal Reserve is expected to keep its benchmark rate in the 4.25%–4.50% range when its two-day meeting concludes on Wednesday. Markets, meanwhile, continue to price in a potential September rate reduction. Gold tends to do well in a low-interest-rate environment. Elsewhere, spot silver was down 0.1% at $38.12 per ounce and platinum fell 0.6% to $1,393.25, while palladium gained 2.1% to $1,245.52.
Reuters
7 hours ago
- Business
- Reuters
Gold falls 1% as US-EU deal boosts risk appetite ahead of Fed meeting
July 28 (Reuters) - Gold fell to a near three-week low on Monday as a U.S.-European Union trade accord lifted the dollar and risk sentiment, while investors awaited fresh cues on rate policy from this week's Federal Reserve meeting. Spot gold fell 1% to $3,304.87 per ounce as of 10:10 a.m. ET (1410 GMT), touching its lowest level since July 9. U.S. gold futures were down 0.6% at $3,320.20 per ounce. The U.S. dollar index (.DXY), opens new tab rose to a one-week high, making bullion more expensive for overseas buyers. "I think the more trade announcements we get, the more the dollar increases. These tariff deals are dollar friendly, lowering the allure of gold and driving the sell-off amid a risk-on sentiment," said Marex analyst Edward Meir. A weekend deal between U.S. President Donald Trump and the European Commission imposed a 15% tariff on EU goods, half the rate initially threatened, easing fears of a broader trade war. That pact came on the heels of last week's U.S.-Japan agreement, while U.S. and Chinese officials will resume talks in Stockholm on Monday, aiming to extend their trade truce by another 90 days. However, a U.S. trade representative said no major breakthrough was expected with China, noting discussions would focus on monitoring and implementing existing commitments. "You're not seeing a huge move on the downside in gold because the deals could still prove to be either difficult to implement or unrealistic," said Meir. The U.S. Federal Reserve is expected to keep its benchmark rate in the 4.25%–4.50% range when its two-day meeting concludes on Wednesday. Markets, meanwhile, continue to price in a potential September rate reduction. Gold tends to do well in a low-interest-rate environment. Elsewhere, spot silver was down 0.2% at $38.05 per ounce, while platinum fell 1.8% at $1,375.88 and palladium gained 0.5% to $1,226.25.
Times
3 days ago
- Business
- Times
Close Brothers sells Winterflood for £104m
One of the best-known players in the London stock market is changing hands after the owner of Winterflood Securities agreed to sell the market-making firm for about £104 million. The troubled merchant bank Close Brothers said on Friday that it would offload the equities business to Marex, a British broker focused on commodities that is listed in the United States. The sale comes two years after the death at 86 of Brian Winterflood, a veteran of the British stock market, who set up his firm 37 years ago. The late City grandee was a champion of share dealing in smaller companies whose career spanned the golden age of the trading floor before the rise of electronic dealing, an innovation he also seized upon. He entered the market in 1953 as a messenger for a stockbroker, lived through the Big Bang deregulation of the Square Mile in 1986 and two years later founded the market-maker that bears his name, which was sold to Close Brothers in 1993. A spokeswoman for Marex said it planned to keep the Winterflood brand. The London-listed Close Brothers, itself a venerable name that can trace its roots to 1878, has been engulfed in turmoil since January last year when the Financial Conduct Authority began an inquiry into car loans. There is speculation that the motor finance industry will be forced to pay out tens of billions of pounds in compensation to borrowers, although this will hinge partly on a Supreme Court ruling expected next week. Motor finance is a big part of Close Brothers' business and it has taken a series of emergency actions to bolster its capital position by more than £400 million to prepare for the scandal's fallout. These included suspending dividends and selling its asset management division. Offloading Winterflood leaves Close Brothers focused on specialist lending and will increase its common equity tier one capital ratio, a measure of balance sheet strength, by about 30 basis points to 14.3 per cent when the deal goes through, and then by a further 25 basis points later.
Business Recorder
19-07-2025
- Business
- Business Recorder
Copper hits one-week high on Chinese buying
LONDON: Copper climbed to a more than one-week high on Friday, driven by Chinese buyers, hopes for a US-China trade deal, and higher risk appetite among other investors. Three-month copper on the London Metal Exchange gained 0.8% to $9,745 per metric ton by 1400 GMT, its strongest since July 9. LME copper has eased from its three-month peak of $10,200.50, hit on July 2, and Chinese participants are buying on dips, Marex senior base metals strategist Alastair Munro said. 'Add to that chatter on wires around a potential US-Sino trade agreement in months surprise remains on the topside.' China's commerce minister said on Friday the country, the world's biggest metals consumer, wants to bring its trade ties with the US back to a stable footing. Hopes for more metals-intensive economic support were buoyed after an official with the industry ministry said China would issue action plans to stabilise growth in the machinery, autos, and electrical equipment sectors. The most-traded copper contract on the Shanghai Futures Exchange rose 0.7% to 78,410 yuan ($10,922.74) a ton. 'LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops,' a Shanghai-based metals analyst at a futures company said. Also supporting the market was higher risk appetite among investors in general as stock markets moved higher, and a weaker dollar. A softer dollar makes commodities priced in the greenback less expensive for buyers using other currencies. US Comex copper futures climbed 1.3% to $5.58 a lb, bringing the premium of Comex over LME copper to $2,554 a ton. Nickel was the weakest performing LME metal on rising inventories and weak demand for the metal mainly used to make stainless steel and electric vehicle batteries. It was up 0.5% to $15,170 a ton after earlier sinking into the red.
