عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Gold Heads for Second Weekly Fall; Focus on US Payrolls Data

FILE PHOTO: Flakes of gold leaf are pictured in Tokyo April 4, 2008. REUTERS/Michael Caronna/File Photo
FILE PHOTO: Flakes of gold leaf are pictured in Tokyo April 4, 2008. REUTERS/Michael Caronna/File Photo
TT
TT

Gold Heads for Second Weekly Fall; Focus on US Payrolls Data

FILE PHOTO: Flakes of gold leaf are pictured in Tokyo April 4, 2008. REUTERS/Michael Caronna/File Photo
FILE PHOTO: Flakes of gold leaf are pictured in Tokyo April 4, 2008. REUTERS/Michael Caronna/File Photo

Gold prices inched higher on Friday but were headed for a second straight week of decline, while market participants braced for US payrolls data for cues on the Federal Reserve's interest rate trajectory.
Spot gold was up 0.3% to $2,639.86 per ounce by 0818 GMT, while US gold futures added 0.5% to $2,661.80. Bullion is down about 0.5% so far this week.
The US payrolls report is due at 1330 GMT. Markets see a 70.1% chance of a 25 basis points cut at the Fed's Dec. 17-18 meeting, according to the CME Group's FedWatch Tool.
The gold market is trying to find direction, and if the NFP numbers don't come in as strong as the market is expecting, it will raise odds for a December cut and be positive for gold, said Soni Kumari, a commodity strategist at ANZ.
Fed Chair Jerome Powell on Wednesday said the US economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to be more judicious with the future path of rate cuts.
Safe-haven gold has gained more than 27% so far this year, after hitting several record highs throughout the year on the back of the Fed's rate easing and escalated geopolitical tensions.
"For December, support is around $2,550 and resistance is at $2,700. Undertone will be bearish for a couple of weeks as we expect profit booking due to the massive rally this year," said Jigar Trivedi, a senior analyst at Reliance Securities.
Spot silver was down 0.2% at $31.29 per ounce, but is up more than 2% for the week.
Platinum gained 0.1% to $939.60 and palladium rose 1.1% to $973.50. Both are set for their second straight week of losses.

Most Viewed

 
 
Business

Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
TT
TT

Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold climbed to a three-week high on Monday as uncertainty stoked by the US Supreme Court's decision to strike down a vast swathe of President Donald Trump's tariffs pressured the dollar and pushed investors to the safety of bullion.

Spot gold climbed 1.1% to $5,158.29 per ounce by 0558 GMT, having earlier hit its highest since January 30. ‌US gold futures for ‌April delivery were up 2% at $5,180.40.

"The court's ‌tariff ⁠ruling has, aside ⁠from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play," said Tim Waterer, chief market analyst at KCM Trade.

The US Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies, ⁠handing the Republican president a stinging defeat in ‌a landmark ruling on Friday ‌with major implications for the global economy.

After the court ruling, Trump said ‌he would raise a temporary tariff from 10% to 15% ‌on US imports from all countries.

Wall Street futures and the dollar slid in Asia on Monday as murkiness around US tariffs revived the "sell America" trade, Reuters reported.

"Whether gold can claw its way back above $5,400 in the near-term ‌may rest on how long tariff uncertainty lingers and whether the US engages in military action ⁠against Iran," Waterer ⁠said.

Iran has indicated it is prepared to make concessions on its nuclear program in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.

Meanwhile, data on Friday showed that underlying US inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won't cut interest rates before June.

Spot silver climbed 2.9% to $86.98 per ounce, a more than two-week high.
Spot platinum edged 0.1% higher to $2,158.55 per ounce, while palladium slipped 0.2% to $1,745.09.

Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
TT
TT

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.

Business

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
TT
TT

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).

A statistical report published on Sunday showed that the economies of the Gulf Cooperation Council countries recorded growth in gross domestic product, supported by economic diversification programs and fiscal reforms. Combined GDP reached $2.3 trillion, ranking ninth globally, with a growth rate of 2.2 percent.

The report revealed that GCC countries achieved qualitative advances in 2024 across competitiveness, energy, trade, and digitization, driven by growth in non-oil sectors, improved quality of life, the development of digital infrastructure, and a stronger regional and international presence.

In the “GCC in Numbers” report issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf, it was emphasized that GCC states continue to record real GDP growth “thanks to economic diversification programs and fiscal reforms, with GDP reaching $2.3 trillion, ranking ninth globally, and posting growth of 2.2 percent.”

The report also showed improvement in global economic indicators, including competitiveness, resilience, and economic dynamism.

GCC countries ranked first globally in oil reserves at 511.9 billion barrels, third worldwide in natural gas production at 442 billion cubic metres, and second globally in natural gas reserves at 44.3 billion cubic metres.

GCC countries ranked 10th globally in total exports valued at $849.6 billion, 11th in imports at $739.0 billion, 10th in total trade at $1.5895 trillion, and sixth worldwide in trade balance surplus at $109.7 billion.