Latest news with #HighRidgeFutures
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."
International Business Times
04-06-2025
- Business
- International Business Times
Gold Falls from 4-Week High as Dollar Strengthens and Tariff Fears Grow
Gold prices jumped to nearly a four-week peak in the previous session, providing a glimmer of hope for investors seeking shelter from market turbulence. But that optimism lasted only until Tuesday, when a stronger United States dollar and renewed global trade worries pushed the precious metal back down. Investor sentiment turned cautious again, particularly with important data and geopolitical updates. Spot gold fell by 1.1 percent to $3,340.79 an ounce by 10:21 a.m. ET, dropping from its previous peak — the highest since May 8. U.S. gold futures fell 0.9% to $3,365.90. The drop came as the dollar index (.DXY) was up 0.5%, rebounding from a one-month low. A strengthening dollar tends to make gold more expensive for buyers who do not use the currency and typically acts to depress demand. Even with Tuesday's slip, gold is still up almost 28 percent for the year. The metal remains a trusted haven amid inflationary pressures and geopolitical tension. Silver fell 1.2% to $34.37 an ounce but still remained near a seven-month peak hit recently. Platinum slipped 0.4 percent, to $1,059.32, while palladium gained 1.4 percent, to $1,003.10. Gold has shown huge sensitivity to changes in politics and central-bank expectations. Traders are on edge this week awaiting a possible phone conversation between U.S. President Donald Trump and Chinese President Xi Jinping. Trump shocked the world with his latest accusations aginst China for reneging on a past pledge to roll back tariffs, fueling fears that trade tensions could return to the fore. Further clouding the outlook was an announcement by the European Commission, which said it planned to challenge Washington's most recent tariff plans. Meanwhile, Trump suggested doubling tariffs on steel and aluminum, which could heighten trade friction with trade partners. "Market conditions are going through the summer slow period," said David Meger, director of metals trading at High Ridge Futures. "That, extending as well with trade jitters, could mean gold continues to trade sideways unless we see a big catalyst." Investors are also awaiting important U.S. economic updates this week. All eyes are on Friday's nonfarm payrolls report and on remarks from several Federal Reserve officials. Analysts say September could be an inflection point for rate cuts, which would normally be supportive for gold.
Business Recorder
03-06-2025
- Business
- Business Recorder
Gold falls from near four-week peak on firm dollar
NEW YORK: Gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping. Spot gold fell 1.1% to $3,340.79 an ounce as of 10:21 a.m. ET (1421 GMT), after hitting its highest since May 8, earlier in the session. US gold futures eased 0.9% to $3,365.90. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers. 'We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation,' said David Meger, director of metals trading at High Ridge Futures. Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer. Separately, the European Commission said it would push for lower US tariffs even as Trump proposed doubling duties on steel and aluminum, while Washington urged trade partners to submit revised offers by Wednesday to speed up talks.
International Business Times
01-06-2025
- Business
- International Business Times
Gold Prices Dip as Dollar Strengthens and Tariff Uncertainty Looms
The shine of gold may dazzle, but its journey is often shaped by quiet shifts in global events. Traders this week received a reminder that political decisions and currency movements can quickly take the shine off it. Gold gave back some of its recent gains as investors processed new economic data and the return of tariff tensions, underscoring how even an age-old safe harbor isn't immune from the market storm. By 2:26 p.m. ET on Friday, spot gold was down 0.7% at $3,293.59 per ounce on a weekly basis, quoted as a 1.9% decline. U.S. gold futures finished down 0.9% at $3,315.40. The downward move came after a small increase in the U.S. dollar, which gained 0.1% on the index, pricing gold higher for those holding other currencies. Also driving market jitters on Thursday, a U.S. federal appeals court reinstated significant tariffs first imposed by former President Donald Trump. That was only a day after the trade court found that Trump had exceeded his authority. That decision by the court has now thrown investors into confusion about what happens next with international trade. "Gold is consolidating," said David Meger, head of metals trading at High Ridge Futures. "We have slightly less safe-haven demand now, but escalating political tensions, particularly with tariffs, could easily support prices once more," he said. On the economic front, the U.S. Personal Consumption Expenditures (PCE) Price Index, an important inflation measure, increased by 2.1% in April from a year earlier. The increase was slightly less than the 2.2% expected by economists, indicating a potential slowdown in inflation. The report strengthened expectations in financial markets of a Federal Reserve interest rate cut in September. Lower interest rates tend to help gold, which offers no yield of its own but does become more attractive to investors when borrowing costs fall. Gold prices reached a record high of $3,500.05 per ounce earlier in April amid expectations of rate cuts and global instability. Physical demand for gold in India, meanwhile, continued to be soft. Prices in the local market gained, and wedding season also was dissipating, which resulted in a lower number of buyers in the world's second-biggest gold consumer, they said. Other precious metals fell as well. Spot silver fell 1.2% to $32.94 an ounce, while platinum fell 2.5% to $1,055.05, and palladium was down 0.6% at $967.30.
International Business Times
30-05-2025
- Business
- International Business Times
Gold Prices Dip as Dollar Strengthens and Tariff Uncertainty Persists
Gold prices dropped on Friday, ending May with their first monthly loss of 2025. The dip was attributed to a firmer U.S. dollar and continued uncertainty over trade tariffs. Spot gold dropped 0.6 percent to $3,297.09 per ounce by 9:38 a.m. ET, a decline of 1.8 percent for the week. U.S. gold futures also fell 0.7% to $3,295.40. The dollar index gained 0.2%, which made gold more expensive for holders of other currencies. A federal appeals court has temporarily reinstated sweeping tariffs that US President Donald J. Trump, had placed on imported solar panels. The move followed a U.S. trade court decision, a day earlier, that had found Trump had overstepped his authority when imposing those duties. The resurrection amplified market swings and investor unease. "It doesn't look like initially gold will be so much in favor since there's a little bit less need for safe haven, but there are going to be significant restraints on Trump, and that ultimately will pop up prices," said David Meger, director of metals trading at High Ridge Futures. In economic news, the U.S. Personal Consumption Expenditures (PCE) Price Index increased 2.1% y/y in April, below expectations of a 2.2% rise. This relatively benign inflation data helped keep alive hopes that the Federal Reserve may yet cut interest rates in the coming months. Lower rates are generally good for gold, which doesn't offer a yield and stands to be pressured as the opportunity cost of holding the metal lessens. In India, gold continued to be unattractive this week as prices domestically grew higher and the wedding season came to an end. Dealers cut discounts to $31 an ounce from $49 a week ago. In the domestic market, gold was trading at around ₹94,900 per 10 grams after falling to a one-month low. Spot silver fell 0.6% to $33.14 an ounce. Platinum fell 1.6 percent to $1,065.50, and palladium lost 1 percent to $963.57.
