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Eileen Soreng

Global turmoil to be good for gold - Reuters poll

29 Jan 2020

BENGALURU Gold prices will hold above $1,500 an ounce this year and make modest gains in 2021 as low interest rates and geopolitical uncertainly bolster its appeal, while silver prices will begin to catch up, a Reuters poll showed on Tuesday.

Record palladium-platinum price gap to narrow in 2021 - Reuters poll

28 Jan 2020

LONDON/BENGALURU Palladium will cost on average more than twice as much as platinum this year, but that premium will narrow in 2021 as prices slip from record highs and platinum gains ground, a Reuters poll showed on Tuesday.

PRECIOUS-Palladium's relentless rally pushes it above $2,500 an ounce

17 Jan 2020

Jan 17 Palladium soared over 9% to power above the key $2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner.

Palladium's relentless rally pushes it above $2,500 an ounce

17 Jan 2020

Palladium soared over 9% to power above the key $2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner.

PRECIOUS-Gold slips as signing of trade deal, U.S. data prop up stock markets

16 Jan 2020

Jan 16 Gold slipped on Thursday as the safe-haven metal was hurt by upbeat U.S. economic data that signalled a healthy economy and as stock markets climbed on optimism over the signing of the U.S.-China Phase 1 trade deal.

Gold slips as signing of trade deal and U.S. data prop up stock markets

16 Jan 2020

Gold slipped on Thursday, as the safe-haven metal was hurt by upbeat U.S. economic data that signalled a healthy economy, and as stock markets climbed on optimism brought about by the signing of the U.S.-China Phase 1 trade deal.

Gold firms on renewed U.S.-Iran tensions, eyes fifth weekly gain

10 Jan 2020

Gold edged higher on Friday, and was on track to post a weekly gain for fifth straight week, as fresh sanctions on Iran by the United States stoked uncertainty supporting demand for the bullion.

PRECIOUS-Gold firms on renewed U.S.-Iran tensions, eyes fifth weekly gain

10 Jan 2020

(Adds analyst comments, market details, updates prices) * U.S. payrolls weaker than expected in December * SPDR Gold holdings fell 0.5% on Thursday * Palladium set to register best week since mid-June By Eileen Soreng Jan 10 Gold edged higher on Friday, and was on track to post a weekly gain for fifth straight week, as fresh sanctions on Iran by the United States stoked uncertainty supporting demand for the bullion. The targets of the sanctions included Iran's manufacturing, mining and textile sectors as well as senior Iranian officials who Washington said were involved in the Jan. 8 attack on military bases housing U.S. troops. Spot gold rose 0.4% to $1,557.86 per ounce by 2:12 p.m. EST (1912 GMT) and was up about 0.4% for the week. U.S. gold futures settled up 0.4% at $1,560.1 per ounce. "The main catalyst for gold prices is the dialogue that's taking place over Iran and weather or not we are going to see an acceleration of the conflict... The instability over that is causing all the volatility," said Jeffrey Sica, founder of Circle Squared Alternative Investments. With the sanctions its becoming obvious that there is going to be even economic consequences, Sica added. Gold, often considered a safe investment during political and economic turmoil, surged above $1,600 on Wednesday after Iran launched missile strikes on U.S. forces in retaliation for the killing of its top commander in a drone attack. However, prices retreated 4% after the two sides softened their stance. "The pullback that we saw the last couple of days gave people an opportunity to buy today," said Michael Matousek, head trader at U.S. Global Investors. "There's some resistance at $1,562 but if it trades up through there, that's going to be a key level to where short-term traders are going to be involved." Meanwhile, data from the U.S. Labor Department showed job growth slowed more than expected in December helping prop up the bullion further. The U.S. dollar also fell from four-week highs against the safe-haven yen and slid versus the Swiss franc on the possibility of renewed tensions in the Middle East. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell for the second straight session on Thursday. Elsewhere, palladium was up 0.4% at $2,115.88 per ounce, having hit a record peak of $2,149.50 in the previous session on supply constraints. The metal was still on track for its biggest weekly rise since mid-June, up more than 6% so far. Silver was up 0.9% at $18.06 per ounce. Platinum gained 1.3% to $978.48 per ounce but was down 0.2% for the week so far. (Reporting by Eileen Soreng in Bengaluru Editing by Matthew Lewis and Marguerita Choy)

PRECIOUS-Gold's rally fizzles on de-escalating U.S.-Iran tensions

09 Jan 2020

(Updates prices) * Palladium hits record peak of $2,149.50/oz * SPDR Gold holdings fell 1.05% on Wednesday By Eileen Soreng Jan 9 Gold fell on Thursday, having surged past the key $1,600 level for the first time in seven years in the last session, as markets wagered the United States and Iran will not resort to a further conflict, boosting risk-taking. Spot gold fell 0.2% to $1,552.28 per ounce at 1:51 p.m. ET (1851 GMT), having earlier slipped to $1,539.78 an ounce. U.S. gold futures settled down 0.4% at $1,554.3 per ounce. "The return of risk appetite meant that safe assets such as gold have suffered from some profit-taking and it's possible that could continue for a little longer," Standard Chartered Bank analyst Suki Cooper said. Gold prices slid after having risen as much as 2.4% early on Wednesday to break above the key $1,600 level after Iran's retaliatory attacks on military bases housing U.S. troops in Iraq. Concerns of a wider war in the Middle East subsided after U.S. President Donald Trump refrained from ordering more military action on Wednesday and Iran's foreign minister diplomat said missile strikes "concluded" Tehran's response. Reduced demand for safe-haven bullion was also reflected in the holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust , which dropped 1.05% on Wednesday. "Gold will remain very twitchy on Iran-related headlines or rocket fire in Baghdad for some days to weeks," said Tai Wong, head of base and precious metals derivatives trading at BMO. "Even if the de-escalation happens there should still be some risk premium helping gold hold above $1,525 level where gold was trading before the U.S. strike." As the United States and Iran backed away from conflict in the Middle East, U.S. stock indexes hit record highs, while firming optimism about a U.S.-China trade deal added to the upbeat mood. China's Vice Premier Liu He will sign a Phase 1 deal in Washington next week, the commerce ministry said on Thursday. Elsewhere, palladium hit a record peak of $2,149.50 an ounce on sustained supply concerns, and was last down 0.4% at $2,096.06 per ounce. "The outlook for palladium remains bullish. There is simply not enough material around and being taken out of the ground," said BMO's Wong said. "The demand is really inelastic because substitution (with platinum) is difficult and if you are an automaker you need the catalytic converters to sell cars, so you will pay what you need." Silver fell 1% to $17.90 per ounce, while platinum gained 1.2% to $964.82. (Reporting by Eileen Soreng in Bengaluru; Editing by Lisa Shumaker and Steve Orlofsky)

Gold's rally fizzles on de-escalating U.S.-Iran tensions

09 Jan 2020

Gold fell on Thursday, having surged past the key $1,600 level for the first time in seven years in the last session, as markets wagered the United States and Iran will not resort to a further conflict, boosting risk-taking.

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