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Business Recorder
10 hours ago
- Business
- Business Recorder
Gold little changed, platinum retreats from 10-year high
BENGALURU: Gold prices were little changed on Thursday as heightened geopolitical tensions offset pressure from the Federal Reserve's hawkish stance, while platinum slipped after scaling its highest level since September 2014. The US market will remain closed today in observance of Juneteenth. Spot gold was down 0.1% at $3,365.79 an ounce at 0940 a.m. EDT (1340 GMT). US gold futures fell 0.7% to $3,382.80. The US dollar ticked up, making greenback-priced metals more expensive for other currency holders. 'The US Federal Reserve indicated that inflation risk remains high. So that reduces the chances of resuming the interest rate cuts, which is weighing on gold prices,' said ANZ Commodity Strategist Soni Kumari. The Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook. Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of 'meaningful' inflation ahead as higher import tariffs loom. On the geopolitical front, Israel bombed nuclear targets in Iran and Iranian missiles hit an Israeli hospital overnight, as the week-old air war escalated with no sign yet of an off-ramp. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty.
Hindustan Times
a day ago
- Business
- Hindustan Times
Gold prices remain steady, platinum highest in 10-year amid Israel-Iran conflict
Gold prices held steady as investors kept an eye on the conflict between Israel and Iran, while platinum scaled its highest level since September 2014 on speculative buying. Spot gold was steady at $3,369.79 an ounce at 0955 GMT. U.S. gold futures fell 0.6% to $3,387.30. "We're not expecting that gold prices will fall back to 3,000 because there are a lot of uncertainties," said ANZ Commodity Strategist Soni Kumari, pointing to whether the U.S. decides to become directly involved in the conflict. Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities. Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook. However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment. In other metals, platinum lost 2.5% to $1,288.67, but hit its highest level since September 2014 earlier in the session. Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives. The fundamentals in the platinum market have not changed, whenever a key technical level such as the 1,000 mark is broken, investors and the speculators will start buying, Kumari said. Palladium lost 1% to $1,038.18, while silver fell 1.1% to $36.32 per ounce.
Zawya
a day ago
- Business
- Zawya
Gold prices holds steady, platinum scales over 10-year high
Gold prices held steady as investors kept an eye on the conflict between Israel and Iran, while platinum scaled its highest level since September 2014 on speculative buying. Spot gold was steady at $3,369.79 an ounce at 0955 GMT. U.S. gold futures fell 0.6% to $3,387.30. "We're not expecting that gold prices will fall back to 3,000 because there are a lot of uncertainties," said ANZ Commodity Strategist Soni Kumari, pointing to whether the U.S. decides to become directly involved in the conflict. Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities. Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook. However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment. In other metals, platinum lost 2.5% to $1,288.67, but hit its highest level since September 2014 earlier in the session. Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives. The fundamentals in the platinum market have not changed, whenever a key technical level such as the 1,000 mark is broken, investors and the speculators will start buying, Kumari said. Palladium lost 1% to $1,038.18, while silver fell 1.1% to $36.32 per ounce. (Reporting by Anushree Mukherjee in Bengaluru;Editing by Elaine Hardcastle)
Shafaq News
a day ago
- Business
- Shafaq News
Gold eases as Fed signals slower policy easing, platinum scales 10-year high
Shafaq News/ Gold prices edged down on Thursday, after the U.S. Federal Reserve signalled a hawkish interest rate outlook, while platinum scaled its highest level since September 2014 on speculative buying. Spot gold was down 0.1% at $3,363.89 an ounce at 0818 GMT. U.S. gold futures fell 0.8% to $3,380.60. "The U.S. Federal Reserve indicated that inflation risk remains high. So that reduces the chances of resuming the interest rate cuts, which is weighing on gold prices," said ANZ Commodity Strategist Soni Kumari, adding that a stronger dollar was adding to the pressure. The Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook. However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom. Meanwhile, Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment. In other metals, platinum lost 1.3% to $1,305.68, and hit its highest level since September 2014 earlier in the session. Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives. The fundamentals in the platinum market have not changed, whenever a key technical level such as the 1,000 mark is broken, investors and the speculators will start buying, Kumari said. Palladium lost 1% to $1,038.40, while silver fell 1.1% to $36.34 per ounce.
Business Recorder
23-05-2025
- Business
- Business Recorder
London copper edges higher as dollar weakens
NEW DELHI: Copper prices in London edged higher on Friday, supported by a softer dollar and poised for weekly gains, although the upside was limited due to persisting uncertainty over US tariffs. Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,516 a metric ton, as of 0334 GMT. It rose 0.7% so far this week. The US dollar was soft on Friday and is set to log its first weekly drop in five weeks against the euro and the yen, making greenback-priced commodities more attractive for buyers using other currencies. The weakness in the dollar has been exacerbated by worries over the United States' worsening fiscal health, sending investors scurrying for safe havens. Last week, the US and China agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions, but there is no clarity on what will follow after the temporary truce. Copper rallies to one-month peak on signs of improving demand 'There are uncertainties lingering around what will happen after the 90-day truce,' said ANZ Commodity Strategist Soni Kumari. 'Market will consolidate in the current range around $9,400-$9,500 a metric ton. And, once we start seeing slowdown of copper imports into the US that will pull down prices a bit.' Among other London metals, aluminium was up 0.2% at $2,462 a ton, zinc firmed 0.2% to $2,702, lead added 0.5% to $1,980 and nickel was up 0.01% to $15,495. Tin firmed 0.3% to $32,475. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was down 0.1% at 77,830 yuan ($10,806.6) per ton. SHFE aluminium was down 0.1% to 20,170 yuan a ton, zinc added 0.1% to 22,455 yuan, lead was up 0.3% at 16,830 yuan, nickel edged 0.7% lower to 122,660 yuan, and tin fell 0.6% to 264,230 yuan.
