Gold prices rose on Friday (July 18th), but were on track for a weekly decline as concerns about the US Federal Reserve's independence eased and strong US data emerged, while platinum rose to a nearly 11-year high.
Spot gold rose 0.3% to $3,349.49 an ounce, as of 08:34 GMT, after falling 1.1% in the previous session. Bullion has fallen 0.2% so far this week. US gold futures fell 0.3% to $3,354.70. The US dollar, open a new tab, fell 0.4% for the day, but was headed for a second straight weekly gain. A stronger dollar tends to make gold more expensive for buyers holding other currencies.
Earlier this week, a source told Reuters that US President Donald Trump was open to firing Fed Chairman Powell, but Trump later said he had no plans to fire him despite Powell's renewed criticism of interest rate policy.
Meanwhile, US data showed that retail sales rose more than expected in June, while initial jobless claims were better than expected. "Market participants remain concerned about the Fed's independence. For now, that risk has receded, and US economic data remains solid, limiting gold price gains," said UBS commodities analyst Giovanni Staunovo. "But at the same time, Trump wants the Fed to cut interest rates aggressively... This provides a floor for the market."
Gold bullion is seen as a safe haven asset during times of uncertainty and performs well in low-interest-rate environments. "While gold may struggle in the short term without any specific new policy surprises, its upward trend remains strong, supported by central bank buying and, increasingly, real-money demand for allocated bullion," said Adrian Ash, head of research at online marketplace BullionVault.
"In precious metals, the carnival has shifted from gold as a safe haven asset to silver, platinum, and palladium as pro-growth industrial alternatives." Spot platinum rose 1% to $1,472.20 an ounce, its highest since August 2014. Palladium rose 1.4% to $1,297.78, its highest since August 2023. Silver was unchanged at $38.12. (alg)
Source: Reuters
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer in...
Gold held steady just below its record, around $3,645/oz, after an unexpected decline in US producer prices (PPI) fueled hopes of Fed policy easing. The market now awaits the release of US CPI data Th...
Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meetin...
Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting i...
Gold prices hovered near an all-time high on Wednesday, buoyed by expectations of a U.S. interest rate cut this month, while market participants awaited U.S. inflation data for clues on the Federal Re...
Less than four months ago, President Donald Trump met with Qatar's leader, praised his magnificent palace, and signed a comprehensive defense agreement with the Gulf monarchy, a key ally that hosts the largest US base in the Middle East. Israel's...
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer inflation data due later in the day. Spot gold...
Gold prices weakened on Thursday (September 11th) after hitting a new record earlier this week. Selling pressure emerged as the US dollar strengthened and bond yields rose, reducing the precious metal's appeal as a hedge. Investors tended to take...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...