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Gold edges lower as markets await key US inflation data
Gold fell on Tuesday but remained near the two-month high reached earlier.?Market participants are awaiting important U.S. inflation data that may influence expectations about Federal Reserve policy. Gold spot was down 0.3% to $4,376.31 an ounce by 1:50 pm EDT (1750 GMT), having hit its highest level in June at $4434.84 in earlier sessions in an effort to break above the current 100-day moving average of $4,387.92. U.S. Gold Futures rose by about 0.5%, to $4,441,10. The market is looking forward to this week's data on inflation to confirm that the inflation rate has been tamed, said Peter Grant. He added that a moderated annualized CPI would?continue support gold. After Friday's disappointing U.S. July jobs report, markets lowered their bets on the Fed raising rates in September. This led to a 2.4% gain for gold. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week?which eroded expectation for a rate increase in September." According to the CME FedWatch Tool, traders still price in a 50% chance for a hike in September, and an?79% possibility in December. Cleveland Federal Reserve Bank President Beth Hammack said that she believes the time is right to start raising rates slowly to avoid needing to make sharper increases later. Gold that does not yield tends to be less attractive in an environment with higher interest rates. Donald Trump, the U.S. president, responded to Tehran's demands for a peace deal with his own. He demanded that Iran pay compensation for those who died in wars, terrorist attacks, and protests. Oil prices remained near their one-week high. Silver spot fell 1.4%, to $64.8 an ounce. Platinum lost 0.7%, to $1740.37. Palladium dropped 1.3%, to $1365.60. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter, Aurora Ellis and Mark Potter edited the report.
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Thyssenkrupp nucera reduces fiscal 2026 forecast after abandoning SOEC production plans
Thyssenkrupp nucera announced?on Tuesday that it had abandoned a?plan to establish its own?mass-production capacity for solid oxide electrolysis?cell (SOEC) stacks. It took a?one-off EBIT loss of approximately EUR30 million during the fourth quarter. The German electrolysis equipment manufacturer said that the charge was primarily due to an impairment of their pilot plant and capitalized?development?costs. SOEC technology is used to create green hydrogen by high-temperature electrolysis. Thyssenkrupp?now anticipates a loss in earnings before interest and tax (EBIT) of EUR105 to EUR75 million ($86.52 millions) for fiscal 2026. This is compared to its previous guidance of an EBIT loss between EUR80 to EUR30million. The group sales forecast is EUR450 to EUR500 for fiscal 2026, up from EUR450 to EUR550 previously. Group order intake?is also expected to be EUR550 to EUR670 millions. Green hydrogen sales forecasts were also lowered from EUR120 million to EUR170 million. The outlook for its Chlor-Alkali division remained unchanged. As part of its broader cost-saving measures, 'Thyssenkrupp nucera' froze hiring for a period of time in high-cost countries. This was after the company had experienced a second-quarter loss that was widened by higher costs of hydrogen projects and termination of an U.S. Pilot Project.
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REFILE-Barrick says Newmont deal clears path for North American IPO - Aug. 10
Barrick Mining announced a rise in its?second quarter?profit, boosted by higher bullion price, and reached a $1.95billion deal with Newmont for the settlement of disputes regarding Nevada Gold Mines. Newmont has consented to Barrick’s planned initial public offer of its North American Gold assets, according to the companies. This will pave the way for an IPO Barrick hopes to complete before the end of the year. Barrick is searching for a new chief executive officer to run its business outside North America. CEO Mark 'Hill, set to lead the company's North American unit, has said that he prefers an internal candidate. According to LSEG data, the Canadian gold miner exceeded analysts'?profit estimates of 82 cents. It earned $1.22billion, or 73c per share for the three-month period ended June 30? compared to $811m, or 47c per share a year ago. At 1:00 pm, Barrick shares had fallen 8% at the Toronto Stock Exchange. ET (1800 GMT). Gold miners are under pressure from higher fuel prices as the U.S./Israeli conflict against Iran disrupts oil supplies and keeps energy costs high. Barrick says fuel costs, lower grades and higher royalties have contributed to a 11% increase in gold total-in-sustaining costs. The realized price of gold in the second quarter rose by 34% compared to a year ago, reaching $4,417 an ounce. Gold output, however, remained flat at 796,000 pounds. Barrick said that the higher gold prices were due to lower grade gold processed at its Carlin, Cortez and North Mara gold mines, both in Nevada, and in Tanzania. Fuel costs and royalties increased as a result of the stronger gold price realized, and also a decrease in the quality of the gold. The cost of gold sales for the company rose by?20% to $1.993 per ounce in the second quarter. Gold's total sustaining cost (a key industry indicator of the cost of gold production, including capital expenditures to sustain the gold mine) rose by 11% to reach $1,866 an ounce. NEWMONT -DEAL CLEARS IPO PATH Barrick holds 61.5% of the Nevada Gold Mines joint enterprise and Newmont has 38.5%. Barrick needs Newmont's permission to proceed with its North American spin-off because Newmont holds the right of first refusal in the event Barrick attempts to sell its stake. Barrick and Newmont also had disagreements over Nevada Gold Mines. Barrick's Fourmile project will be transferred to Nevada Gold Mines Joint Venture, and Newmont's Mike and Fiberline projects will be transferred, and Newmont will pay Barrick $1.95bn in cash within 30days. Barrick stated that the agreement would?create an almost 100-million ounce gold complex in Nevada. Barrick's IPO in North America will include Barrick's interests and operatorship in Nevada Gold Mines, Pueblo Viejo and other North American exploration projects, as well as Newmont assets.
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Markets expect key US inflation data
Gold edged up on Tuesday, after reaching a?peak? of more than two months earlier. Market participants are awaiting important U.S. Inflation figures that may influence expectations about the Federal Reserve’s policy. Gold spot was up 0.2% to $4,396.87 an ounce by 11:05 am EDT (1505 GMT) after reaching its highest level in the session since June 5, at $4434.84. U.S. Gold Futures rose 0.8% to $4456.10. The market will be looking at this week's data to confirm that inflation is under control, said Peter Grant, senior metals analyst and vice president of Zaner Metals. He added that a moderated annualized CPI would continue to support gold. After Friday's?weak U.S. July jobs data, markets lowered their bets on the Fed raising rates next month. This led to a 2.4% gain in gold. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week which has eroded expectations regarding a rate hike in September." According to the CME FedWatch Tool, traders still price in about a 50 percent chance of a hike in September, and 79% in December. Beth Hammack, the president of the Cleveland Federal Reserve Bank, said that she believed it was the right time to start raising rates slowly to avoid needing to make sharper increases in the future. Gold that does not yield tends to be less attractive in an environment with higher interest rates. Donald Trump, the U.S. president, responded to Tehran's demands for a?peace?deal with his own. He demanded that Iran?pay compensation to those who died in wars, attacks and protests. Oil prices remained near their one-week high. Other metals include spot silver, which fell 1%, to $65.1 an ounce. Platinum eased by 0.1%, to $1.750.50. Palladium dropped 0.7%, to $1.372.75. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter (Editing)
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Stocks rise as oil prices continue to rise in anticipation of a possible US-Iran agreement
The oil prices rose and global stocks were up on Tuesday as traders focused on the negotiations between the United States and Iran on a peace agreement and the reopening of Strait of Hormuz. Gains were tempered by uncertainty over the?global inflation forecast. In an interview with Bloomberg News, Pakistan's defence minister stated that the U.S. is close to a "sort of arrangement" between Iran and Pakistan. The MSCI index of world stocks rose 0.10% to 1,154.40. The escalating tensions between the two countries have been a focus of attention. Oil prices jumped 5% Monday as a result. Donald Trump, the U.S. president, responded to Iranian demands for a deal by imposing his own. He demanded that Iran pay compensation to those who died in wars, protests and attacks, which could complicate efforts to reopen this vital waterway. Brent crude futures are up 5% over the past two days, and the benchmark global price is currently at $87.92. U.S. crude oil gained?0.16% at $82.26. Tony Sycamore is a market analyst for IG. "You can probably see the (oil market) sitting in the $75-$95 range while we wait to see who blinks the first." Wall Street saw the Dow Jones Industrial Average rise 0.03%, to 53,990.87, and the S&P 500 gain 0.09%, to 7,760.26. The Nasdaq Composite fell 0.03%, to 26,597.85. INFLATION DATA The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations?for September's Federal Reserve Meeting, where money markets indicate a 50% chance of an increase. Jonas Goltermann is the chief market economist at Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, new worries about stagflation." The yield on the benchmark 10-year U.S. notes dropped 1.38 basis points from 4.698% to 4.684%. The 30-year bond yields fell by 1.02 basis points, to 5.2328%. However, they remained close to the 19-year highs reached in July. The yield on benchmark German Bunds of 10 years fell by 2.52 basis points, to 3.152%. Focus on TECH STOCKS Overnight, 'Nvidia' announced that it had teamed with six major financial institutions, including BlackRock and Apollo, to create a series of funding measures totaling more than $500 billion, for AI infrastructure. The plan did not provide much detail in terms of financial terms, commitments to invest or how $500 billion could fit into existing financing deals. "A small piece of me wondered if this was how it felt when sub-prime loans first became mainstream products - the innovation which ultimately helped trigger the GFC," Sycamore said. Intel, meanwhile, raised $20 billion in a share offering, its first since 1971, when the chipmaker listed. Intel shares fell 0.5% in the last trading session. The yen has been in the spotlight again. The yen was last up 0.4% against the US dollar but it remained below the highs of last week of 155.20. This is after several suspected rounds, including a move by Japan and United States. The holiday season in Japan led to a thinner trading volume than usual. This is often seen as an opportunity for intervention as small trades have a greater impact on price than normal. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) rose by 0.04%, to 99.81. Meanwhile, the euro fell 0.01%, to $1.1541. Gold, which is up 8% this month so far, rose 0.12% on the day to $4,393.69 per ounce. (Rae Wee contributed additional reporting from Singapore; Clarence Fernandez edited the story with Toby Chopra, Kate Mayberry and Nick Zieminski.)
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Argentina's YPF increases investment forecast to $6.2 billion by 2026
YPF, the Argentinean oil company, is planning to invest up to $6.2-billion in 2026. This is higher than its previous estimate of $5.8-billion, said CEO Horacio Martin on Tuesday during a presentation for investors. The executive said that YPF now projects EBITDA (earnings before interest, tax, depreciation, and amortization) of $8 billion for this year. This is a significant jump from the 'previous estimate' of $6 billion. He said that the increase in EBITDA was due to a rise in oil prices. YPF is the leader in the Vaca Muerta Formation, which has the second largest unconventional shale-gas reserve and the fourth-largest shale-oil reserve. YPF reported a net 'profit' of $1.21billion in the second quarter 2026, compared to $58m a year ago. The company cited higher shale shale production, record shale processing levels, and a rise in international prices. The country depends on the formation's growth to 'boost' the country's foreign currency reserves, which are needed to'stabilize its economy, reduce inflation and pay back heavy debts to IMF.
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Markets expect key US inflation data
The price of gold edged up a little bit?on Monday after reaching a'more than two-month high earlier.?Market participants are awaiting important U.S. Inflation figures which could influence expectations about the Federal Reserve policy path. Gold spot was up 0.1% at $4,393.69 an ounce, at 09:37 am EDT (1337 GMT), having hit its highest level in June at $4,434.84. U.S. Gold Futures increased 0.8% to $4453.40. The market is waiting for this week's data on inflation to confirm that the inflation rate is under control, said Peter Grant, vice president and senior metals analyst at Zaner Metals. He added that a moderated annualized CPI would?continue support gold. After the weak U.S. July jobs data, which was released on Friday, led to a reduction in bets on the Fed raising rates next month and a 2.4% gain on gold each day, it is likely that Wednesday's consumer price report as well as Thursday's producer price data will influence monetary policy expectations. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week which has eroded expectations regarding a rate increase in September." According to the CME FedWatch Tool, traders still price in a probability of 48% for a hike in September and 78% in December. Beth Hammack, President of the Cleveland Federal Reserve Bank, said that she believed the time was right for a gradual increase in rates to avoid a need for a sharper increase later. Gold that does not yield tends to be less attractive in an environment with higher interest rates. In the geopolitical arena, U.S. president Donald?Trump has responded to Tehran's demands for a peace deal by requesting that Iran pay compensation to those who have died in wars, terrorist attacks, and protests. Oil prices retreated despite signs of progress made in Oman and Iran talks?over shipping via the Strait of?Hormuz, as they were weighed against the ongoing disruption of Middle East energy supplies. Silver spot fell 1.4%, to $64.81 an ounce. Platinum dropped 0.2%, to $1749.51, while palladium declined 1.3%, to $1364.75. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter (Editing)
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Sources say that Russia's Sibur Petrochemical Plant in Western Siberia was shut down after a drone attack.
Three industry sources have confirmed that the Sibur Zapsibneftekhim Petrochemical Complex in Tobolsk (in western Siberia's Tyumen region) was damaged by a drone attack on Monday. Sources said that the plant, Russia's largest liquefied gas plant, was closed indefinitely while the damage and its effects were assessed. Regional Governor Alexander 'Moor' said on Monday that an industrial site had caught fire in the Tyumen area following a drone attack, but he did not name the facility. Sibur declined to comment on an inquiry. The St. Petersburg International Mercantile Exchange has not offered any LPG deliveries from the Tobolsk loading station on Tuesday. In the first half of this year, 4,000 metric tonnes per day were regularly sold from Tobolsk. Zapsibneftekhim, according to industry sources, produces approximately 6 million metric tonnes of?LPG per year, which is about 40% of Russia's total LPG production. About half of the LPG produced at the site is used as feedstock in the petrochemical plant at Sibur Tobolsk.
Stocks fall as oil prices continue to rise amid doubts over a possible US-Iran agreement
On Tuesday, oil prices rose and global shares declined as traders evaluated talks about reopening of the Strait of Hormuz.
The uncertainty over global inflation also weighs.
Gold prices have'retreated' from their two-month high ahead of Wednesday's consumer price data. The Strait of Hormuz is expected to remain closed as long as the U.S. doesn't change its behavior or accept Iran's demands for an end to the war. This was the statement made by the newly appointed secretary of Iran’s Supreme National Security Council on Tuesday.
Ron Albahary is chief investment officer of LNW. He said that the markets are weighing the prospect of some sort of detente. However, they're mistaken in believing that this resolution will be the end of the story.
The MSCI index of global stocks fell 0.28%, reversing earlier gains.
The U.S.-Iran back and forth has been the focus of attention amid increasing?tensions which sent oil prices soaring 5% on Sunday. U.S. president Donald Trump responded with his own conditions to Iranian demands for a deal, calling on Iran to compensate those who died in?wars and attacks, protests and demonstrations. This could complicate efforts to reopen this crucial waterway.
Brent crude futures rose 1.29% per barrel to $88.90. U.S. crude oil rose by 1.22% to $83.17.
Tony Sycamore is a market analyst for IG. He said, "This will be a war now of attrition." "You can probably see the (oil market) sitting in the $75-$95 range as we wait to see which party blinks first."
Wall Street saw the Dow Jones Industrial Average fall 0.22%, to 53,858.27. The?S&P 500 fell 0.38%, to 7,723.79, and the Nasdaq composite was down 0.79%, at 26,395.56.
Investors balanced the geopolitical risk in?the Middle East against earnings optimism, and the pan-European STOXX 600 remained flat at 660.51.
INFLATION DATA
The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations for September’s Federal Reserve meeting. Money markets indicate that there is a 50% chance of an increase.
Jonas Goltermann is the chief markets economist of Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, renewed concerns about stagflation."
The yield on the benchmark U.S. 10 year notes dropped 1.17 basis points, to 4.686%.
Focus on TECH STOCKS
The S&P 500, Dow and Dow Jones hovered around their all-time records?hit in the last week. Meanwhile, the Nasdaq, which is still over 2% off its record, but above its July lows, when the tech heavy index fell almost 10% since its peak, has risen well beyond its current level. Nvidia announced overnight that it has teamed up six major financial institutions, including BlackRock and Goldman Sachs, to create a funding measure worth more than 500 billion dollars for AI infrastructure.
The company did not provide much detail about the financial terms or investment commitments, nor how $500 billion could fit in with existing funding arrangements.
Sycamore said, "A small piece of me wondered if this was how I felt when subprime loans first became mainstream products -- the innovation which helped to trigger the GFC." She was referring to the global financial crisis. Intel raised $20 billion in its first share offering since it listed in 1971. Intel shares have been down by 0.2% in the last few days.
The yen has been in the spotlight again. The yen was down by 0.02% last time against the dollar. It is still off the high of last week of 155.20. This follows several suspected rounds, including an 'joint' move from Japan and the United States.
The holiday season in Japan led to a thinner trading volume than normal. This is often seen as an 'instigator for intervention', since smaller trades have a larger impact on prices than under normal conditions.
The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.09%, to 99.86. Meanwhile, the euro fell 0.05%, to $1.1536.
Spot gold dropped 0.57%, to $4363.54 per ounce. (Additional reporting in Singapore by Rae Wee and Avinash P, and Purvi Agarwal, in Bengaluru, and editing by Clarence Fernandez and Kate Mayberry; Toby Chopra and Nick Zieminski in Rod Nickel's office)
(source: Reuters)