Sunday, 27 July 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Gold rises, set for weekly gain as US fiscal woes boost appeal
Friday, 23 May 2025 19:23 WIB | GOLD |GOLD

Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal health sent investors towards safe-haven bullion.

Spot gold was up 1% at $3,325.47 an ounce as of 1119 GMT. Bullion has risen 4% this week, its highest since April 7.

President Donald Trump's tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold, UBS analyst Giovanni Staunovo said.

"We have also seen the 30-year Treasury bills rising strongly in recent weeks, so this shows caution regarding the fiscal situation as well and in this environment, obviously an asset being perceived as a safe haven is benefiting."

The dollar (.DXY), opens new tab slipped 0.5% and was heading for its biggest weekly drop since April 7, making greenback-priced gold cheaper for holders of other currencies.

The Republican-controlled U.S. House of Representatives on Thursday passed a sweeping tax and spending bill that would enact much of Trump's policy agenda and saddle the country with trillions of dollars more in debt.

Last week, Moody's cut the United States' top sovereign credit rating by one notch, citing concerns about its growing $36 trillion debt pile.

Recent concerns about the U.S. deficit has weighed on risk appetite among investors this week, lifting demand for assets such as gold. Gold is used as a safe store of value during political and financial uncertainty.

On the technical front, Spot gold is expected to retest a resistance of $3,335 per ounce, a break above which could lead to a gain to $3,366, according to Reuters technical analyst Wang Tao.

Elsewhere, spot silver was steady at $33.07 an ounce, platinum gained 0.8% to $1,089.45 and palladium slipped 0.8% to $1,006.75.

Source: Reuters

RELATED NEWS
Gold Weakens As Dollar Strengthens, Trade Deal Hopes Reduce Safe-Haven Demand ...
Saturday, 26 July 2025 02:54 WIB

Gold prices weakened on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations, which have dampened demand for safe-haven assets. Spot gold fell 0.9% to $3...

Gold Weakens as Dollar Strengthens and Trade Deal Hopes Reduce Safe-Haven Demand ...
Friday, 25 July 2025 23:22 WIB

Gold prices weakened on Friday (July 25th), weighed down by a stronger US dollar and signs of progress in US-EU trade negotiations, which have reduced safe-haven demand. Spot gold fell 1% to $3,333.12...

Gold price selling bias remains unabated; looks to US data for a fresh impetus...
Friday, 25 July 2025 16:03 WIB

Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session and drops to a fresh daily low, back closer to the $3,350 level in the last hour. Thursday's US ...

Gold subdued as trade optimism weighs, but soft dollar caps losses ...
Friday, 25 July 2025 13:06 WIB

Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses f...

Gold Holds Decline ...
Friday, 25 July 2025 09:07 WIB

Gold hovered around $3,360 per ounce on Friday, following two straight sessions of losses amid easing trade tensions and rising risk appetite. Investors continue to monitor progress in tariff negotiat...

LATEST NEWS
S&P 500 Hits Fifth Straight Record Close

The S&P 500 rose 0.4% on Friday (July 25), notching its fifth consecutive record close—its longest streak in more than a year—while the Nasdaq 100 gained 0.2% after hitting an intraday high. The Dow Jones Industrial Average gained 208 points as...

Oil Prices Plummet, Closing At Three-Week Low Amid US And China Economic Concerns

Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited by optimism that a US trade deal could boost...

Gold Weakens As Dollar Strengthens, Trade Deal Hopes Reduce Safe-Haven Demand

Gold prices weakened on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations, which have dampened demand for safe-haven assets. Spot gold fell 0.9% to $3,336.01 an ounce at 2:01 PM ET (18:01 GMT). U.S....

POPULAR NEWS
Indonesia Stocks Hit Near 9-Month High, Break 7,500
Thursday, 24 July 2025 15:19 WIB

Equities in Indonesia rose 64 points, or 0.9%, to 7,555 around noon on Thursday, gaining for a second straight session and supported primarily by...

European Central Bank set to pause interest rate cuts amid US-EU trade uncertainty
Thursday, 24 July 2025 18:08 WIB

The European Central Bank (ECB) is on track to leave its key interest rates unchanged after its July policy meeting, after having reduced rates at...

United States Initial Jobless Claims
Thursday, 24 July 2025 19:53 WIB

Initial jobless claims in the US fell by 4,000 from the previous week to 217,000 in the third week of July, well under market expectations that they...

European Stocks Close Lower
Friday, 25 July 2025 23:48 WIB

European stocks closed mostly lower on Friday (July 25th) as markets continued to monitor the latest corporate earnings reports while awaiting the...