Gold slips from three‑week high on dollar strength, profit-taking

Gold retreated on Tuesday, easing from a three‑week high as profit‑taking and a firmer dollar pressured prices, while traders awaited clarity on US tariff plans and the outcome of talks between Washington and Tehran.

Spot gold fell 1.4% to USD 5,158.24 per ounce by 01:40 p.m. ET (1840 GMT). US gold futures for April delivery settled 0.9% lower at USD 5,176.30.

The US dollar rose 0.1%, making greenback-priced bullion more expensive for holders of other currencies.

“Gold prices (had been) trending higher again, so I suspect this is just a corrective pullback,” said Jim Wyckoff, senior analyst at Kitco Metals, adding that a higher dollar is also having a negative influence on the prices.

Prices hit a three-week high earlier in the session, after US President Donald Trump vowed to raise duties to 15% following the Supreme Court ruling that his use of an emergency law to impose tariffs exceeded his authority.

However, the US on Tuesday imposed a 10% tariff on all non‑exempt goods, as first announced by Trump on Friday.

Meanwhile, Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, amid growing concerns about the risk of military conflict between the longtime adversaries.

“You’ve still got solid safe‑haven demand, with Iran-US tensions and tariff uncertainty limiting selling in gold, keeping fundamentals supportive. But as prices near record highs, they’ll face stiff resistance, and pushing to new highs would likely require a fresh geopolitical catalyst,” Wyckoff said.

Gold, a traditional safe-haven asset, tends to benefit in times of geopolitical and economic uncertainty.

Separately, outgoing Atlanta Federal Reserve President Raphael Bostic told Reuters the US may be entering a phase of structurally higher unemployment as firms adopt AI to cut labor, a shift that the Fed may not be able to counter with lower rates.

Spot silver edged down 1.2% to USD 87.21 per ounce, after hitting a more than two-week high on Monday.

Spot platinum was up 1% at USD 2,175.95 per ounce, while palladium rose 2.3% to USD 1,785.35.

(Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas and Diti Pujara)

Gold falls from three-week high on profit-booking, firm dollar

Gold prices fell on Tuesday as investors booked profits after bullion rose more than 2% in the previous session, while pressure from a stronger dollar also weighed on the yellow metal.

Spot gold fell 1% to USD 5,179.77 per ounce by 0735 GMT, snapping a four-session winning streak and dropping from a more than three-week high hit earlier in the day.

US gold futures for April delivery were down 0.5% at USD 5,199.40.

“Obviously, we had a meaningful rally (in gold) yesterday. We have a little bit of a digestion here, and I think it’s noteworthy that we don’t see the panic that we saw on Wall Street extend into the Asian market,” said Ilya Spivak, head of global macro at Tastylive.

Asian stocks stabilised after a wobbly start as a fresh AI-linked selloff on Wall Street rattled investors, with sentiment also hurt by heightened anxiety over US President Donald Trump’s tariff policy and geopolitical tensions.

The dollar edged up, making greenback-priced bullion more expensive for holders of other currencies.

US President Donald Trump on Monday warned countries against backing away from trade deals negotiated recently with the US after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.

Elsewhere, Federal Reserve Governor Christopher Waller said he was open to leaving interest rates on hold at the March meeting if the upcoming February jobs data indicated the labour market had “pivoted to a more solid footing” after a weak 2025.

Markets currently expect three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.

Spot silver was flat at USD 88.19 per ounce, after hitting a more than two-week high on Monday.

Spot platinum gained 0.1% to USD 2,154.97 per ounce, while palladium added 0.4% to USD 1,750.14.

(Reporting by Ishaan Arora; Editing by Subhranshu Sahu, Rashmi Aich, and Mrigank Dhaniwala)

Oil rises to near seven-month highs on US-Iran tensions

Oil prices rose on Tuesday, nearing seven-month highs, with traders assessing risks to supply from any military escalation as another round of US-Iran nuclear talks loomed.

Brent crude futures rose 48 cents, or 0.7%, to USD 71.97 a barrel by 0658 GMT, while US crude futures climbed 45 cents, or 0.7%, to USD 66.76 a barrel.

Brent is trading at its highest since July 31, while WTI is at its firmest since August 1.

“At this stage, geopolitics is clearly doing most of the heavy lifting for oil prices, with the current firmness largely driven by anticipation rather than actual supply loss,” said Phillip Nova senior market analyst Priyanka Sachdeva.

“The risk of possible military escalation in the Middle East is gaining traction, and thus, traders appear to hedge against worst-case scenarios.”

Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said on Sunday.

The United States wants Iran to give up its nuclear program, but Iran has adamantly refused, and denied it is trying to develop an atomic weapon.

The State Department is pulling out non-essential government personnel and their families from the US embassy in Beirut, a senior State Department official said on Monday, amid growing concerns about the risk of a military conflict with Iran.

US President Donald Trump said in a social media post on Monday that it would be a “very bad day” for Iran if it does not make a deal.

“In the near-term, geopolitical factors related to the US-Iran conflict are likely to be the primary driver for oil prices,” said OANDA senior market analyst Kelvin Wong.

“For now, WTI crude oil is evolving in a short-term bullish dynamic, holding above its 20-day moving average, acting as a key short-term support at USD 63.90/barrel.”

On the trade policy front, Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that he would hit them with much higher duties under different trade laws.

“US President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes,” UOB Bank analysts said in a client note.

Trump said on Saturday he would raise a temporary tariff to 15% from 10% on US imports from all countries, the maximum level allowed under the law.

(Reporting by Trixie Yap in Singapore and Anushree Mukherjee in Bengaluru; Editing by Kevin Buckland; Jacqueline Wong and Muralikumar Anantharaman)

Dollar perks up as Fed appears in no rush to cut rates

SINGAPORE – The dollar was off recent lows on Thursday and hanging on to a bounce after minutes from the Federal Reserve showed policymakers did not seem to be in a rush to cut interest rates and that several were open to hikes if inflation proved sticky.

US yields were higher, and the dollar’s overnight gains against the euro and yen were consolidated in early-morning trade in Asia, holding the euro below USD 1.18.

The Aussie dollar was trading at USD 0.7045 ahead of employment data, where strong numbers could ramp up expectations for future rate hikes.

The New Zealand dollar was smarting after notching its steepest percentage drop since last April’s tariff blitz, after the central bank took a cautious line about future interest rate hikes, undershooting market expectations.

The kiwi had dropped nearly 1.4% overnight and was just under USD 0.60 in morning trade. The euro hovered at USD 1.1788, having also taken a knock on a report that European Central Bank President Christine Lagarde plans on leaving before her term ends in October next year. Sterling GBP= sat at USD 1.3497.

The Fed minutes showed policymakers divided over where to take US rates and suggested that the next chairman, due to start in May, will have a hard time pushing through rate cuts.

Several policymakers are expecting productivity gains to dampen inflation, the minutes said, but “most participants” cautioned progress may be slow and uneven. Several even indicated hikes are possible if inflation stays above target.

“This suggests there isn’t a great deal of urgency to cut rates again, at least not until after current chair (Jerome) Powell’s term ends in May,” said Peter Dragicevich, Asia-Pacific currency strategist at Corpay.

Markets are looking ahead to global purchasing managers’ index figures and US gross domestic product data, due on Friday.

YEN DROPS AS US INVESTMENT SPEND BEGINS

The yen took a knock on the stronger dollar overnight, and as the Trump administration announced projects valued at USD 36 billion as the first investments under Japan’s promised USD 550 billion US investment pledge.

It was down 1% overnight and steady at 154.78 to the dollar on Thursday, a retreat from the 152 level that it had tested last week in the wake of Prime Minister Sanae Takaichi’s landslide electoral victory.

The yen has been sliding for years on a combination of low local interest rates and concern about Japan’s budget outlook, but has lately found support on hopes for economic growth.

“Direct Japanese investment into the US will be a key watch factor this year, and one which adds to the very mixed picture on USD/JPY,” said Chris Turner, global head of research at ING.

“The question for FX markets this year is whether this investment proves a supportive dollar flow or something like Japan’s FX reserves are used to guarantee new USD loans and avoid pressure on the yen. The latter seems to be the preferred outcome for Tokyo.”

Holidays for Hong Kong, China and Taiwan lightened Asia trade and the yuan CNH= was steady at 6.89 to the dollar in offshore trade.

(Reporting by Tom Westbrook; Editing by Lincoln Feast.)

S&P 500 ends higher, lifted by Nvidia and other AI stocks

The S&P 500 ended higher on Wednesday, lifted by gains in Nvidia, Amazon and other technology-related heavyweights following recent jitters about artificial intelligence.

NVIDIA climbed after the world’s most valuable company said it had signed a multi-year deal to sell to Meta Platforms millions of its current and future AI chips.

Sandisk, Western Digital, and Seagate Technology Holdings climbed for much of the session, adding to strong gains in recent months fueled by massive AI-related demand for their storage technology.

AI-related stocks lost ground earlier this month as investors worried about high valuations and how long it might take for AI investments to boost revenue growth.

Amazon and Microsoft rose on Wednesday.

“At a certain point, weakness in tech was bound to bring in the marginal buyer. These are still high-growth names. They were expensive and they’ve gotten cheaper,” said Ross Mayfield, an investment strategy analyst at Baird in Louisville, Kentucky. “There are still a lot of people who want to be exposed to tech for the next several years.”

Software makers also showed signs of recovery following recent worries that improved AI tools could lead to more competition and squeeze their profit margins.

The S&P 500 software and services sector increased after tumbling earlier this month. It was helped by advancing Cadence Design Systems shares, after the chip-design software provider beat fourth-quarter revenue estimates.

Palo Alto Networks dropped after trimming its annual profit forecast.

According to preliminary data, the S&P 500 gained 37.05 points, or 0.56%, to end at 6,880.27 points, while the Nasdaq Composite gained 170.88 points, or 0.76%, to 22,749.27. The Dow Jones Industrial Average rose 123.44 points, or 0.25%, to 49,656.63.

Federal Reserve officials were in nearly unanimous agreement to keep interest rates on hold at their meeting last month, but remained split over what might happen next, according to minutes of their January 27-28 meeting released on Wednesday.

Traders are pricing in a roughly 50% chance of a rate cut of at least 25 basis points by the Fed’s June meeting, according to CME’s FedWatch Tool.

Data released on Wednesday showed solid business spending and US economic growth in the fourth quarter.

Analog Devices rose after the chipmaker forecast second-quarter results above Wall Street estimates.

Global Payments jumped after the payment technology firm projected annual adjusted profit above expectations.

Moderna climbed after the US Food and Drug Administration agreed to review its influenza vaccine, reversing an earlier decision rejecting the application.

(Reporting by Shashwat Chauhan and Twesha Dikshit in Bengaluru, and by Noel Randewich in San Francisco; Editing by Pooja Desai, Saumyadeb Chakrabarty, and Rod Nickel)

US yields rise on solid data, weak 20-year auction

NEW YORK – US Treasury yields rose on Wednesday as solid economic data reinforced expectations that the Federal Reserve will keep rates on hold for the next several months, and the Treasury Department’s USD 16 billion sale of 20-year bonds attracted lacklustre demand.

Data showed that new orders for key US-manufactured capital goods increased more than expected in December and shipments of such goods surged, pointing to robust business spending on equipment and solid economic growth in the fourth quarter.

That was reinforced by separate data showing that production at factories increased in January by the most in 11 months.

“The data that we got today was pretty good,” said Tom di Galoma, managing director at Mischler Financial Group.

The US central bank is expected to keep rates steady over the coming few months as the jobs market appears relatively solid, albeit with signs of weakness, and as inflation eases.

Fed officials were in near-unanimous agreement on keeping interest rates on hold at their meeting last month, according to minutes of their January 27-28 meeting. They remained split, however, over what might happen next, with several policymakers raising the risk of possible hikes in borrowing costs if inflation remains elevated, while some also split over whether and when further cuts might be warranted.

Market participants are focused on whether data will show a more rapid deterioration in the labor market that could bring forward expected rate cuts.

“I characterize the jobs market as fragile right now. Fragile doesn’t mean broken, it just means at risk, and that if something breaks it could shatter,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia.

The Fed’s Vice Chair for Supervision Michelle Bowman on Wednesday said she remains concerned about the labor market, describing the latest jobs report as strange.

LeBas also noted that the Treasury market has rallied since data last week showed sales of previously owned homes dropped 8.4% in January to the lowest level since December 2023.

The two-year note yield, which typically moves in step with Fed interest rate expectations, rose 2.3 basis points to 3.46%. It hit a four-month low of 3.385% on Tuesday.

The yield on benchmark US 10-year notes rose 2.7 basis points to 4.081%. It dropped to 4.018%, the lowest since November 28, on Tuesday.

The yield curve between two- and 10-year notes was little changed on the day at 62 basis points.

Yields extended their rise after a weak 20-year auction.

The Treasury sold the bonds at a high yield of 4.664%, about 2 basis points above where they had traded before the sale.

Demand was 2.36 times the amount of debt on offer, the weakest since at least April 2023, and dealers took a larger share than usual, indicating weak investor interest.

Yields also rose after falling on Tuesday toward technically significant levels.

“Anytime you get close to 4% on 10-year notes, it’s probably a good zone to be selling,” said di Galoma, adding that the market likely needs a fresh catalyst, such as the change in Fed Chair, for yields to continue lower.

Former Fed Governor Kevin Warsh is due to replace Fed Chair Jerome Powell when his term ends in May.

The Treasury will sell USD 9 billion in 30-year Treasury Inflation-Protected Securities on Thursday.

(Reporting by Karen Brettell; Editing by David Holmes and Edmund Klamann)

Gold rises on dip-buying after more than 2% drop

Gold edged up on Wednesday on dip-buying, after losing more than 2% in the last session on progress in US-Iran talks, while thin trade on account of the Lunar New year holidays across Asia pressured prices.

FUNDAMENTALS

* Spot gold rose 0.2% to USD 4,886.69 per ounce by 0110 GMT, after declining more than 2% to a more than one-week low on Tuesday.

* US gold futures for April delivery were steady at USD 4,904.50.

* The dollar held its ground on the day as geopolitical risks kept markets on edge and investors awaited minutes of the Federal Reserve’s January meeting for cues into future rate cuts.

* A stronger dollar makes greenback-priced bullion more expensive for other currency holders.

* Mainland Chinese, Hong Kong, Singapore, Taiwan, and South Korea markets are closed for the Lunar New Year holidays, which means low volumes and possibly volatile moves, traders said.

* The Fed could approve “several more” rate cuts this year if inflation resumes a decline to the central bank’s 2% target, Chicago Fed President Austan Goolsbee said on Tuesday, downplaying a recent weak consumer price report as masking strong service price increases.

* Markets currently expect three 25-basis-point Fed rate cuts this year, per CME’s FedWatch Tool.

* Non-yielding bullion tends to do well in low-interest-rate environments.

* Meanwhile, Iran and the US reached an understanding on Tuesday on the main “guiding principles” in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent, Iranian Foreign Minister Abbas Araqchi said.

* Meanwhile, negotiators from Ukraine and Russia concluded the first of two days of US-mediated peace talks in Geneva on Tuesday, with US President Donald Trump pressing Kyiv to act fast to reach a deal to end the four-year conflict.

* Spot silver fell 0.8% to USD 72.86 per ounce after dropping over 4% in the last session.

* Spot platinum gained 0.9% to USD 2,025.80 per ounce, while palladium added 0.5% to USD 1,690.54.

DATA/EVENTS (GMT)
0700	UK Core CPI YY Jan
0700	UK CPI YY Jan
0700	UK CPI Services MM, YY Jan
0745	France CPI (EU Norm) Final MM, YY Jan
0745	France CPI MM, YY NSA Jan
1300	US Durable Goods Dec
1300	US Housing Starts Number Dec
1415	US Industrial Production MM Jan
1900	Federal Open Market Committee issues minutes from its meeting of January 27-28

(Reporting by Ishaan Arora; Editing by Sumana Nandy)

Dollar holds gains as markets focus on peace talks, Fed minutes

TOKYO – The dollar held its ground on Wednesday as geopolitical risks kept markets on edge and investors awaited minutes from the Federal Reserve for signals on future rate cuts.

The yen was steady after data showing a rebound in Japanese manufacturer sentiment and President Donald Trump announced the first tranche of mega-investments Tokyo is making in the US The kiwi held gains before a decision by the Reserve Bank of New Zealand, which is widely expected to hold on rates.

Iran said progress had been made in nuclear talks with the US in Geneva, while peace negotiations between Ukraine and Russia continued. With many markets in Asia remaining closed for Lunar New Year holidays, investor focus remained on the Fed’s readout of its last meeting and key US economic data due on Friday.

“Weaker risk sentiment, because of concerns around renewed geopolitical tensions in the Middle East and volatility in US equity markets, briefly supported the USD,” Samara Hammoud, a currency strategist at Commonwealth Bank of Australia, wrote in a note. “However, reports that the US and Iran made progress and reached a ‘general agreement’ during nuclear negotiations in Switzerland helped ease those concerns.”

The dollar index, which measures the greenback against a basket of currencies, was little changed at 97.11 after a two-day advance. The euro EUR= was steady at USD 1.1852.

The yen strengthened 0.1% to 153.12 per dollar. Sterling held at USD 1.3563, after a 0.5% slide in the previous session.

Iran and the US reached an understanding on the main “guiding principles” in a second round of indirect talks over their nuclear dispute on Tuesday, although a deal is not imminent, Iranian Foreign Minister Abbas Araqchi said.

Elsewhere in Geneva, negotiators from Ukraine and Russia concluded the first of two days of US-mediated peace talks in Geneva, with Trump pressing Kyiv to act fast to reach a deal to end the four-year conflict.

The Fed’s Open Market Committee issues minutes from its January meeting later on Wednesday, while the Commerce Department on Friday will issue its first estimate for US gross domestic product for the fourth quarter.

In Japan, data showed exports rose for a fifth consecutive month in January, while the Reuters Tankan poll showed that confidence among the nation’s manufacturers improved in February for the first time in three months.

The International Monetary Fund urged Japan to keep raising interest rates and avoid loosening fiscal policy further. The Trump administration announced three projects valued at USD 36 billion to be financed by Japan, the first of some USD 550 billion in projects Tokyo agreed to undertake in order to lower US tariffs.

The Australian dollar was steady at USD 0.7083, while the kiwi traded little changed at USD 0.6047. New Zealand’s first female central bank chief Anna Breman chairs her debut meeting on Wednesday, with rates widely expected to stay on hold.

In cryptocurrencies, bitcoin fell 0.08% to USD 67,597.50, while ether declined 0.18% to USD 1,995.63.

(Reporting by Rocky Swift; Editing by Stephen Coates)

US Treasury yields mixed amid Fed rate cut speculation

NEW YORK – US Treasury yields rose from multi-month lows on Tuesday as traders evaluated likely Federal Reserve policy, with no other major catalysts to drive market direction.

Yields dipped earlier after data showed that Britain’s jobless rate rose to its highest in more than a decade outside the pandemic period, while German investor morale fell unexpectedly in February. But they rose back again as traders refocused on the outlook for the US economy.

Traders have increased bets that the Fed will keep rates on hold for the coming few months after data last week showed that job gains accelerated in January while inflation slowed.

Market participants also continue to expect interest rate cuts later this year, with January’s jobs data showing the economy added much fewer jobs in 2025 than previously estimated.

“Overall, I think the Treasury market is taking (the mixed data) as a sign that the Fed is not in a rush to ease, but they will get to a rate cut in the middle of this year,” said Will Compernolle, macro strategist at FHN Financial in Chicago.

Compernolle notes that 3% is seen as the neutral rate, and market positioning is mostly about how soon the US central bank is likely to reach that level.

“The pace to get there is maybe changing with the data, but that destination isn’t changing much,” Compernolle said.

Fed funds futures traders are now pricing in 60 basis points of cuts by year-end, with the benchmark interest rate expected to approach 3% by then and remain in that area through at least June 2027.

Fed Governor Michael Barr said on Tuesday that another central bank interest rate cut could come somewhere well down the road amid ongoing risks to the US inflation outlook.

Chicago Fed President Austan Goolsbee said that the Fed could approve “several more” interest rate cuts this year if inflation resumes a decline to the central bank’s 2% target.

San Francisco Fed President Mary Daly said the central bank must dig deep on the data to assess whether artificial intelligence is boosting productivity growth and enabling faster economic growth without igniting inflation or requiring the Fed to tap the brakes with tighter policy.

The 2-year note yield, which typically moves in step with Fed interest rate expectations, was last up 2.7 basis points at 3.437%, after earlier reaching 3.385%, the lowest since October 17.

The yield on benchmark US 10-year notes fell 0.4 basis points to 4.052% and earlier reached 4.018%, the lowest since November 28.

The yield curve between two- and 10-year notes flattened by around two and a half basis points to 61 basis points.

The yields also came off their earlier lows after they approached levels that are likely to provide technical resistance against further declines. This includes the key 4% level on 10-year yields.

Geopolitical risks are also in focus as the United States and Iran undergo nuclear talks.

Iran and the United States reached an understanding on Tuesday on the main “guiding principles” in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent, Iranian Foreign Minister Abbas Araqchi said.

(Reporting by Karen Brettell; Editing by Nick Zieminski and Will Dunham)

Gold drops as investors brace for US jobs and inflation numbers

Gold fell more than 1% on Tuesday as the market consolidated ahead of US jobs and inflation data that could offer further clues to the Federal Reserve’s interest-rate outlook.

Spot gold fell 1% to USD 5,013 per ounce by 01:32 p.m. ET (1832 GMT). US gold futures for April delivery settled about 1% higher at USD 5,031 per ounce.

“We’re seeing a light pullback or consolidation ahead of a bevy of key economic data coming out later this week,” said David Meger, director of metals trading at High Ridge Futures.

January’s nonfarm payroll data is due on Wednesday, with economists expecting 70,000 jobs to have been added last month, according to a Reuters poll. January’s Consumer Price Index (CPI) is due on Friday.

US retail sales were unexpectedly unchanged in December, putting consumer spending and the overall economy on a slower growth path heading into the new year.

A softer economic outlook has strengthened expectations of lower interest rates, with traders pricing in two 25-basis-point rate cuts this year. Lower rates typically support non‑yielding bullion by reducing the opportunity cost of holding the metal.

Meger said the “weakness in the US dollar will likely continue to underpin prices,” noting that geopolitical tensions and expectations for lower interest rates still provide support for gold, alongside the psychological USD 5,000 level.

Indian investors piled into gold exchange-traded funds in January as prices soared, surpassing flows into equity funds for the first time, industry data showed on Tuesday.

Silver held in London vaults totaled 27,729 metric tons at the end of January, down 0.3% from December, while gold stocks rose 0.6% to 9,158 tons, the London Bullion Market Association said.

Spot silver slipped 3.3% to USD 80.63 an ounce, after rising nearly 7% in the previous session.

“Silver (exchange-traded product) outflows are keeping silver vulnerable to volatility in the near term and are key to track, but an undersupplied market suggests a recovery in the coming months,” Standard Chartered said in a note.

Spot platinum shed 1.8% to USD 2,084.42 per ounce, while palladium lost 2.1% to USD 1,709.82.

(Reporting by Anmol Choubey in Bengaluru; Editing by Anil D’Silva and Vijay Kishore)

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