Gold steadied in Asian trading — after blowing through a series of record highs in the previous session — with rising economic and geopolitical risks supporting haven demand.
Bullion held near $2,870 an ounce — having added 0.9% on Wednesday — after President Donald Trump said the US could take over Gaza, a comment that his aides sought to tone down, and that he wants to start working on a new nuclear deal with Iran. Washington is also expected to present a plan to end Russia's war on Ukraine next week.
Worries about the fallout from the US-China trade war, as well as the possibility Trump will impose duties on other nations, are also supporting bullion's role as a store of value in uncertain times. Gold has rallied by 9% this year, and the appetite for the precious metal from the world's central banks shows no signs of slowing, World Gold Council said.
Markets are also waiting to see if there are any ripple effects for the US economy and monetary policy if tariffs reignite inflation. A report on Wednesday showed weaker-than-expected demand for services, suggesting activity could moderate in coming months as Americans tighten their belts.
Read More: Gold's Appeal to Central Banks Seen Underpinning Demand in 2025
Trade-war fears have also jolted precious-metals markets, with indications of increased demand for gold as major dealers seek to shift metal to the US before any tariffs are imposed. Gold in the Bank of England vault is trading at a discount to the wider market, as fears over potential Trump tariffs spark a scramble for bullion that's resulting in weeks-long queues to withdraw metal.
Spot gold rose 0.1% to $2,869.94 an ounce as of 9:52 a.m. in Singapore, after touching an all-time high of $2,882.36 on Wednesday. The Bloomberg Dollar Spot Index dipped 0.1%, after declining 0.9% over the previous two sessions. Silver, platinum and palladium all climbed.
Source : Bloomberg
Gold price rallies more than 1.50% on Friday following the release of a dismal Nonfarm Payrolls (NFP) report in the United States (US), which showed the jobs market is cooling faster than expected. Al...
Spot gold prices rose more than 1%, surpassing $3,340 an ounce on Friday (August 1), as the latest U.S. jobs report reinforced evidence of a cooling labor market and strengthened expectations of a Fed...
Gold prices held steady on Friday (August 1st), but were set for a third consecutive weekly loss due to pressure from a stronger dollar and diminishing expectations for a US interest rate cut, while u...
Gold prices ticked higher on Friday, supported by uncertainty stemming from a slew of U.S. tariffs slapped on trading partners, although a stronger dollar kept bullion on track for a weekly loss. Spo...
Gold prices were muted around $3,290 per ounce on Friday and were on track for its worst weekly performance since late June, pressured by a stronger US dollar following President Trump's introduction ...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) on Friday, giving back most of its earlier gains despite broad weakness in the Greenback following a disappointing Nonfarm Payrolls (NFP) data. The AUD/USD initially...
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03,...
The yen has suffered a difficult month, but BCA Research thinks the Japanese currency is primed for a multi-year rally. At 08:30 ET (12:30 GMT), USD/JPY traded 0.2% lower at Y150.49, having earlier in the session climbed as high as Y150.91, the...
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in...
Asia-Pacific markets traded mixed Thursday as investors assessed the U.S.′ blanket 15% tariffs on imports from South Korea and awaited details on...
The STOXX 50 dropped 1.1% and the STOXX 600 declined 0.8% on the first trading day of August, which coincided with the deadline for countries to...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment...