Latest news with #DavidMeger
Shafaq News
5 days ago
- Business
- Shafaq News
Gold drifts lower with focus on Israel-Iran conflict, Fed meeting
Shafaq News/ Gold prices slipped on Monday after hitting nearly an eight-week high, while the market focused on escalating Israel-Iran tensions and the Federal Reserve's policy meeting this week. Spot gold was down 0.5% to $3,416.48 an ounce by 8:57 a.m. EDT (1257 GMT) after hitting its highest level since April 22 earlier in the session. Prices rose more than 1% on Friday. US gold futures were down 0.5% to $3,436.10. "Keep in mind that gold has moved higher over the past several sessions, largely in response to the conflict between Israel and Iran. Today, we're seeing more of a pullback, likely due to profit-taking after that higher move," said David Meger, director of metals trading at High Ridge Futures. Iranian missiles struck Tel Aviv and the port city of Haifa on Monday, prompting Israel's defence minister to warn that residents in Tehran would "pay the price and soon". Meanwhile, leaders from the Group of Seven nations begin annual talks in Canada. US stock index futures rose while the dollar held ground in choppy trading. Investors are also focused on the Fed's two-day policy meeting, which wraps up on Wednesday. The US central bank is widely expected to keep interest rates unchanged. "At this point, it appears the Fed is inclined to remain on hold, given the significant uncertainty in the economy, ranging from tariffs to geopolitical tensions. So, it wouldn't be surprising to see the Fed delay any interest rate cuts, effectively kicking the can down the road," Meger said. Bullion is viewed as a safeguard during times of geopolitical instability and rising inflation. It also benefits from low interest rate environments, since it doesn't offer any yield income. Among other metals, spot silver rose 0.4% to $36.45 per ounce, platinum jumped 2.6% to $1,259.80, while palladium gained 2.3% to $1,051.07.
Time of India
12-06-2025
- Business
- Time of India
Gold prices edge down as traders monitor US-China talks
Gold prices edged lower on Tuesday as traders closely monitored U.S.-China talks, the outcome of which could simmer down trade tensions and boost the global economy, lessening demand for safe-haven assets, while a rising U.S. dollar added pressure. Spot gold fell 0.1% to $3,324.55 an ounce as of 1402 EDT (1802 GMT) and U.S. gold futures settled 0.3% lower at $3,343.40. The dollar index rose 0.2% against its rivals, making gold more expensive for other currency holders. USD/ "Over the last several sessions, we've seen gold retrace a bit off the recent highs, mostly done on the back of optimism in regards to the expectations of negotiations between China and the U.S., UK and Russia," said David Meger, director of metals trading at High Ridge Futures. U.S. Commerce Secretary Howard Lutnick said the talks with China were going well and expected to last all day as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers. A trade deal could dampen gold's appeal as a safe haven, since it tends to thrive amidst geopolitical and economic uncertainty as a store of value. "(Investors are) waiting for a pullback to happen, like around $3,100 an ounce, but right now it's just wait and see on what comes out of the China talks," said Bob Haberkorn, senior market strategist at RJO Futures. Investors are also keenly awaiting U.S. Consumer Price Index data on Wednesday. Spot silver was down 0.5% to $36.53 per ounce. Platinum eased 0.5% to $1,213.08, after hitting its highest level since May 2021. Palladium lost 1.2% to $1,061.85. "The rally in platinum has been supported by a combination of supply concerns, speculative interest and a broader uplift across the precious metals complex," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. "Palladium is lagging primarily due to its narrower demand base and weaker investment appeal."
Zawya
30-05-2025
- Business
- Zawya
Gold ticks lower, markets digest tariff developments
Gold prices slipped on Friday as the dollar edged higher and markets digested the latest tariff developments, while a softer inflation report kept hopes for a U.S. rate cut alive. Spot gold was down 0.6% at $3,297.09 an ounce as of 09:38 am ET (1338 GMT) and was down 1.8% so far this week. U.S. gold futures fell 0.7% to $3,295.40. The dollar index rose 0.2%, making gold more expensive for other currency holders. A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. "Gold at this point in time is pulling back off these recent highs and is in a consolidation period," said David Meger, director of metals trading at High Ridge Futures. "Gold is under slight pressure as we're seeing a little lesser need for safe-haven but it does look like there is going to be significant push back from Trump and that will eventually help prices." On the data front, the U.S. Personal Consumption Expenditures Price index (PCE) was up 2.1% year on year in April versus a 2.2% forecast. After the report, traders continued to bet that the U.S. central bank will cut its target for short-term borrowing costs in September. Bullion, which thrives in a low-interest rate environment and is also used to hedge against inflation and uncertainty, hit a record high of $3,500.05 in April. Elsewhere, physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of the wedding season kept buyers at bay. Spot silver fell 0.6% to $33.14, platinum eased 1.6% to $1,065.50 and palladium dropped 1% to $963.57.
Yahoo
26-05-2025
- Business
- Yahoo
Gold firms as dollar slips further, geopolitical uncertainty lingers
By Sarah Qureshi (Reuters) - Gold prices rose more than 1% on Tuesday as the U.S. dollar weakened further and stocks slipped amid uncertainty over U.S. tariff policy and a potential ceasefire between Russia and Ukraine. Spot gold was up 1.7% at $3,284.74 an ounce by 1345 ET (1745 GMT). U.S. gold futures settled 1.6% higher at $3,284.6. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the U.S. sovereign rating, one notch down from "Aaa" to "Aa1" on Friday due to concerns about the nation's growing debt. A softer dollar makes bullion cheaper for buyers holding other currencies. [USD/] "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade, weakening dollar have supported the precious metals complex overall," said David Meger, director of metals trading at High Ridge Futures. U.S. stocks eased as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts. Bullion is considered a safe asset during periods of geopolitical and economic uncertainties. "Gold will have serious resistance at $3,350 with some minor resistance at $3,300. We are trading in the new range of $3,150 to $3,350," said Phillip Streible, chief market strategist at Blue Line Futures. Ongoing tensions between Russia and Ukraine are more of a factor for platinum and palladium, Meger said, as no potential deal could mean a lesser supply on the market coming from Russia. Russia is the world's biggest palladium producer and the second biggest platinum producer. The EU and Britain announced new sanctions against Russia on Tuesday without waiting for the U.S. to join them, a day after President Donald Trump spoke to Vladimir Putin but was unable to extract a promise for a ceasefire in Ukraine. Platinum reached its highest since October 2024, climbing 5% to $1,048.05. Palladium rose 4.2% to $1,015.58, its highest since February 4. Spot silver rose 2.1% to $33.01. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Gold firms as dollar slips further, geopolitical uncertainty lingers
By Sarah Qureshi (Reuters) - Gold prices rose more than 1% on Tuesday as the U.S. dollar weakened further and stocks slipped amid uncertainty over U.S. tariff policy and a potential ceasefire between Russia and Ukraine. Spot gold was up 1.7% at $3,284.74 an ounce by 1345 ET (1745 GMT). U.S. gold futures settled 1.6% higher at $3,284.6. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the U.S. sovereign rating, one notch down from "Aaa" to "Aa1" on Friday due to concerns about the nation's growing debt. A softer dollar makes bullion cheaper for buyers holding other currencies. [USD/] "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade, weakening dollar have supported the precious metals complex overall," said David Meger, director of metals trading at High Ridge Futures. U.S. stocks eased as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts. Bullion is considered a safe asset during periods of geopolitical and economic uncertainties. "Gold will have serious resistance at $3,350 with some minor resistance at $3,300. We are trading in the new range of $3,150 to $3,350," said Phillip Streible, chief market strategist at Blue Line Futures. Ongoing tensions between Russia and Ukraine are more of a factor for platinum and palladium, Meger said, as no potential deal could mean a lesser supply on the market coming from Russia. Russia is the world's biggest palladium producer and the second biggest platinum producer. The EU and Britain announced new sanctions against Russia on Tuesday without waiting for the U.S. to join them, a day after President Donald Trump spoke to Vladimir Putin but was unable to extract a promise for a ceasefire in Ukraine. Platinum reached its highest since October 2024, climbing 5% to $1,048.05. Palladium rose 4.2% to $1,015.58, its highest since February 4. Spot silver rose 2.1% to $33.01. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
