[MARKET ANALYSIS] Spot gold retreats from Monday's best as USD strength weighs
Spot gold is experiencing a retreat from Monday's highs, largely influenced by the strengthening USD, placing it in a precarious trading range.
[MARKET ANALYSIS] JPY dragged on reports PM Takaichi raised reservations about rate hikes to BoJ Governor Ueda, DXY slightly firmer
[MARKET ANALYSIS] WTI and Brent trades firmer as risk premium from geopolitical development between the US and Iran continue
[MARKET ANALYSIS] Spot gold retreats from Monday's best as USD strength weighs
China announces that the hot-rolled steel coil issue with South Korea has been resolved
Russia's Kremlin highlights that the special operation goals have not yet been achieved, cannot provide a date for the next round of Ukraine talks
Open the platform and use it. The whole workspace is free to try, with no signup and no card. When you want the headlines arriving live instead of on a delay, Newsquawk Pro is £24.99 for 7 days.
- In the precious metals space, spot gold has eroded some of Monday's upside, hovering just below the USD 5,200/oz mark, with recent USD strength weighing. XAU and XAG trade in the lower ranges of USD 5135.135-5250.005/oz and 84.785-88.756/oz, respectively.
- Elsewhere in the precious metal space, UBS reported that gold may surge to USD 6,200/oz in the near future, outlining that factors fuelling the recent rally remain intact. Primarily, ongoing geopolitical concerns between the US and Iran and equity/AI uncertainty.
- Note, Shanghai Gold Exchange said it will cut its margin ratio and price limits for some gold and silver contracts as of the closing settlement on the 24th of February.
- Copper prices have picked up, coinciding with its largest buyer, China, returning to the market after the holiday period. As such, the red metal trades above the USD 13k/t mark. That aside, there hasn’t been much newsflow regarding the red metal. Currently, 3M LME copper trades in the upper range of USD 13.005-13.061k/t.
This movement suggests that if USD strength persists, gold may struggle to maintain upward momentum, despite bullish forecasts from firms like UBS regarding its future price amidst ongoing geopolitical tensions. Traders should watch for any shifts in forex dynamics that could further impact gold and silver, especially with recent changes in margin requirements from the Shanghai Gold Exchange.
Related headlines
- [MARKET ANALYSIS] Crude takes a breather after a choppy mid-week; metals mixed1 hour ago
- [MARKET ANALYSIS] European bourses tilt higher, Elliott reportedly pushes DTE GY to scrap TMUS merger; AVGO misses Q4 guidance estimates1 hour ago
- EUROPEAN OPEN: EZJ LN & ITH LN join FTSE 100, ENT LN & PSN LN to leave; DTE GY faces Elliott push against TMUS merger; VOD LN to launch first UK TV service; SHEL LN acquires BP/ LN stakes in offshore blocks2 hours ago
- [MARKET ANALYSIS] Asia-Pac stocks took impetus from the rebound on Wall St as yields eased6 hours ago
- US Daily Equity Opening News - MSFT to report quarterly Azure sales; AVGO slips on outlook; HPE falls amid supply constraints; VRNS in take-private talks; Elliott urges DTEGY to reconsider TMUS merger; DEC to acquire Birch Resources for USD 1.8bln1 hour ago
- [MARKET ANALYSIS] Yields slip off best levels as energy benchmarks edge lower; JGBs in focus following a GPIF meeting and BoJ sources1 hour ago
- [MARKET ANALYSIS] Dollar is marginally softer with a mixed performance against major peers, while JPY continues its outperforms despite no obvious news catalysts6 hours ago
- India's Trade Minister says final trade agreement between US and India will be published as soon as the US can provide India with tariff advantages 2 hours ago
- Russian President Putin says attacks on three oil refineries have been repelled; adds that Russia must respond in kind50 min ago
- Russian President Putin says that Russia and Ukraine should agree first; he notes that there is an opportunity to reach a peace agreement1 hour ago
- Russian Deputy PM Novak says OPEC's role in the market remains important; will continue to exert significant influence on the oil market because of its high output4 hours ago
- [MARKET ANALYSIS] JPY rallies against all G10 peers, most pronounced against USD into payrolls on Friday2 hours ago
- [MARKET UPDATE] Yen strength continues with USD/JPY below 157.50, EUR/JPY below 183.00 - no headline driver but traders cite increased BoJ hike bets3 hours ago
- PRE-MARKET INDIAN STOCKS NEWS: Oil and Natural Gas Corporation (ONGC IS) international investment arm sent a team to Venezuela to review assets after receiving clearance from the US6 hours ago
- [MARKET UPATE] Further JPY strength with EUR/JPY below 182, USD/JPY beneath 157 to a 156.63 base, surpassing 7th August low2 hours ago
- UAE President received a phone call from US Presiednt Trump; the two discussed cooperation and developments in the Middle East, WAM reports4 hours ago
- India and China could hold talks on the sidelines of BRICS summit, Indian Trade Minister says 2 hours ago
- BoJ accounts show there was no large-scale yen intervention on Wednesday49 min ago
- European Equity pre-Market Summary - 3rd September 2026: Choppy Asia-Pac trade as South Korean chip names fall in late trade3 hours ago
- BoJ is reportedly favouring 25bps hike and a flexible future pace, sources suggest2 hours ago
The whole workspace, free to try.
Try it free