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ASIA GOLD - Record rally stops retail purchases in India, China demand stable
The gold demand in India was muted as prices hit record highs, reducing the appeal of retail purchases. In China, bullion trades at a premium as demand remains steady before the Lunar New Year. Indian dealers offer a discount This week, official domestic prices will be up to $12 an ounce, including 6% import and 3% sales taxes, compared to the previous week's up to $6. On Friday, domestic gold prices were trading at around 142.800 rupees per 10 grams, which is not far off the record high reached earlier this week of 143.590 rupees. Chirag Thakkar is the CEO of Amrapali Group Gujarat, a bullion importer. "Most people are buying gold exchange-traded funds, with only a small amount of interest in bars and coins. "Jewellery demand is dead," said a Mumbai bullion dealer from a private bank. Bullion prices in China's top consumer range from discounts as high as $12 per ounce up to premiums of over $3 an ounce compared to the global benchmark. This week. Last week, premiums were as high as $11. "China is heading into the Chinese New Year and despite record prices, the gold price remains modest (which is surprising)," said independent analyst Ross Norman. In Singapore Gold was sold for prices that ranged from a discount of $0.20 to a premium up to $2 per ounce. In Hong Kong, gold In Japan, gold bullion is traded at a premium of $4 per ounce, while it is sold at par. The same as last time, the product was sold with a discount of $6 or a premium of $1. The benchmark gold price for international trade was headed to a weekly increase after reaching a record-high of $4,642.72/ounce last Wednesday. Norman stated that the market is still hot, from both a retail and physical perspective. This applies to China, Europe, or even Australasia. ($1 = 90.6610 Indian rupees) (Reporting by Ishaan Arora in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Subhranshu Sahu)
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How much longer before we intervene?
Rae Wee gives us a look at what the European and global markets will be like tomorrow. The markets were expected to close the week with a bang on Friday, as the artificial intelligence market regained its momentum. But for investors, the focus will be on the yen, and whether Tokyo can soon intervene to support?its currency. Satsuki Katayama, the Japanese Finance Minister, said that Tokyo would not "rule out any options" in order to combat the weakening yen. This could include a coordinated intervention with Washington. Her comments are the latest in a series of sarcastic remarks from the authorities in Tokyo in an attempt to stop the decline in the currency, which is down by about 1% this year. The yen gained on Friday. Its gains were further boosted by a report that Bank of Japan policymakers believe they can raise interest rates earlier than the markets expect. It is still on the verge of the 160-to-dollar mark, despite its recent fall to a 18-month low. Investors expect that Prime Minister Sanae Takayichi will be given a more powerful mandate for stimulating the economy in Japan's upcoming snap election. It remains to be determined how much weakness in the yen authorities will tolerate given its impact on fuel imports, food, and other materials, which could increase prices for broader consumer goods. Other than that, oil prices continued their steep declines since?the previous day and safe-havens like gold and silver stopped their dazzling rally after U.S. president Donald Trump took a wait and see attitude towards the unrests in Iran. He had earlier threatened to intervene. Trump claimed that he was told by Iranian officials that the crackdown against protests is easing. He also said that he did not believe there were any plans for large-scale executions. Investors have reduced their bets on Federal Reserve rate reductions this year after a series of positive economic data released on Thursday. According to CME FedWatch, the markets now price in a 67% probability that the Federal Reserve won't change rates in April. This is up from 37% one month ago. The odds of a stable outcome in June are also higher at 37.5% compared to last month's 17%. The following are key developments that may influence the markets on Friday. Fed's Collins Bowman and Jefferson speak - U.S. industrial production (December) Housing market index of the U.S. National Association of Home Builders (NAHB), January
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Gold falls as dollar rises on the back of positive US data, reducing rate-cut betting
Gold ?extended its losses on Friday after stronger-than-expected U.S. economic data ?dampened expectations ?of the U.S. Federal Reserve cutting interest rates sooner and softening geopolitical frictions shrunk safe-haven demand for the metal. By 0426 GMT, spot gold was down 0.4% at $4,598.52 an ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 last Wednesday. U.S. gold futures for delivery in February fell by 0.5% to $4.601,80. Kyle Rodda is an analyst with Capital.com. He said that the downward movement in gold began when the United States lowered the likelihood of any intervention in the social unrest in Iran. The dollar is poised to gain a third weekly after the U.S. Labor Department reported that weekly initial claims for unemployment fell 9,000, seasonally adjusted, to 198,000. This was below the 215,000 economists expected. Metals priced in greenbacks are more expensive to other currency holders. Bullion is generally more attractive in low-interest rate environments. On Wednesday and Thursday people inside Iran said that protests had abated since Monday, while U.S. president Donald Trump has also taken a softer stance regarding military intervention. The SPDR Gold Trust, the largest gold-backed ETF in the world, reported that its holdings increased by 0.05% to 1,074.80 tonnes on Thursday, their highest level in more than 3-1/2 years. According to a Vanda Research report published on Thursday, silver has become the most popular commodity in the market. Individual investors have been buying up silver at a rapid pace. Spot silver fell 1.8% to $90.70 an ounce. However, it was on track for a weekly gain of more than 13%. After hitting a low of $1,759.07 an ounce earlier, spot platinum fell 2.8% to $2342.14 and palladium dropped 2.3% to the same price. (Reporting and editing by Sherry Phillips and Janane Vekatraman in Bengaluru, and Ishaan Verma from Bengaluru)
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Iron ore prices fall as high prices discourage buyers
Iron ore futures fell on Friday, as the high prices and thin margins discouraged buyers in China, the world's largest consumer. As of 0330 GMT, the most-traded contract for May iron ore?on China’s Dalian Commodity Exchange?traded 0.43% lower to?812.5 Yuan ($116.64), a metric tonne. This week, the contract has fallen by 0.25%. The benchmark iron ore for February on the Singapore Exchange fell 0.34% to $106.7 per ton. According to Mysteel's data, released on January 15, the total stocks of iron ore imported into China's main ports rose?for an eighth consecutive week? to a new record high of 165.6 millions tons. Steel mill stocks dropped 2.1% on a week-to-week basis, and transaction volumes for portside ore fell 20.3%, due to high prices, which made steel mills reluctant to buy more ore. Rio Tinto and BHP have teamed up to extract 200 million metric tonnes of iron ore in the Pilbara region of Western Australia. In December, iron ore shipments reached a record high. The shipments are expected to increase in 2026. Chinese broker Galaxy Futures said that iron ore prices will likely fall in the medium-term due to a combination of weaker fundamentals and a decline in domestic steel demand. The?China's central bank has announced that they will lower interest rates for re-lending services of one year and on various monetary policy tools. The bank also said that it is still possible to cut rates in this year. Investors' appetite for risk has increased as a result of easier funding access and looser monetary policies. Coking coal and coke, which are both steelmaking ingredients, fell by 1.29% and 1.09% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly increased. Hot-rolled coils and wire rod both grew by 0.46%. Rebar remained stable at 0.16%. Meanwhile, stainless steel fell 0.1%. $1 = 6.9658 Yuan (Reporting and editing by Sonia Cheema; Ruth Chai)
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Copper prices fall on China demand concerns but still heads for a weekly gain
Copper prices fell Friday due to concerns about demand prospects in China, the top consumer, following a downbeat data and lack of rate cuts. However, the metal was still on track for a gain this week, thanks to a tight supply outlook. By 0226 GMT, the most traded copper contract at the Shanghai Futures Exchange had fallen 0.97%, to 102100 yuan (14,655.43) a metric ton. The benchmark three-month copper price on the London Metal Exchange fell 0.58%, to $13,029.5 a ton. The benchmarks are up around 0.5% this week. However, a stronger dollar has limited the gains. Copper prices are supported by mine disruptions, concerns about supply deficits, and the flow to the United States of metal ahead of potential tariffs that could tighten supply elsewhere. Shanghai and London benchmarks gained 4.2% and 7,6% respectively this month, following increases of 34% in 2025 and 44%. China's weaker loan data and plans to cut sector-specific rates of interest instead of benchmark policy rate have raised concerns about the demand outlook. China's new bank loans for 2025 have fallen to their lowest level in seven years, underlining the weak borrowing requirements amid a prolonged real estate downturn. The central bank also announced Thursday that it would be reducing interest rates in certain sectors to give the economy a?early kick-start,' a move which tends to only have a small impact on the growth. A poll showed that China's growth rate is likely to?slow down to 4.5% by 2026, and then maintain the same level in 2027. A poll revealed. Aluminium, nickel, lead, and zinc all fell in the SHFE. Shanghai tin fell by more than 6 percent following "moves" from the bourse that aimed to curb a price surge by increasing trading prices and margins, as well as limiting the number of open positions within a day at 800 lots. Aluminium, Nickel, Lead, Zinc, and Tin are among the other metals traded on the LME.
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Oil prices flatten as US strikes on Iran recede
The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military action which could disrupt oil supply. The market was also dampened by the U.S. Energy Information Administration's report, which showed that American gasoline and crude oil inventories were higher than analysts estimated. The latest U.S. inventory data showed a significant crude build, according to IG analyst Tony Sycamore. Sources told? Sources also told? Shell, the oil giant, released their 2026 Energy Security Scenarios Thursday. The scenarios are bullish on?energy and oil demand growth. The company estimates that primary energy demand could be 25 percent higher by 2050 than it was last year. ?OPEC, the oil producer organisation, said on Wednesday that supply and demand of oil will remain in balance in 2026. Demand is expected to increase in 2027 in a similar rate as it did this year. Helen Clark, Tom Hogue (Editing)
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Dollar up on declining Fed cut bets, Asia shares close to record high
Asian stocks rose on Friday, as the artificial-intelligence boom gained momentum. The dollar, meanwhile, held close to a six-week peak after positive U.S. data led traders to reduce bets placed on rate reductions in the United States. After Donald Trump, the U.S. president, took a wait and see attitude towards the 'unrest' in Iran after threatening intervention earlier, oil prices suffered?losses. Gold and silver were also down. The MSCI broadest Asia-Pacific index outside Japan rose 0.5%, hovering near a previous session's record high. This was due to the stellar results of Taiwanese chipmaker TSMC. These results have given new life to the AI market. On Thursday, the U.S. also reached a deal with Taiwan that reduces tariffs on a number of semiconductor exports. It also directs new investment towards the U.S. tech industry. This could anger China. Nasdaq Futures rose 0.22% overnight, as Wall Street gained from gains in financial and technology stocks. S&P futures also climbed 0.15%. Tony Sycamore is a market analyst for IG. He said, "We know that there are lingering questions about capex spending and AI in general. Yesterday's TSMC report was solid and sounded optimistic. It certainly gave a boost to those AI names who have?been struggling in recent months on Wall Street." "I wouldn't call it a galvanising moment or a boost, but I would say that it provided much-needed reassurance, that everything is still on track." The Nikkei 225 index fell by 0.42% in Japan, due in part to a rebound in the yen from its 18-month low. After European shares reached a record-high on Thursday, the futures of EUROSTOXX '50 fell 0.38% and FTSE futures slipped?0.18%. The dollar was near its six-week peak in currencies after a series of positive economic reports from the United States, including data showing that the number of Americans who filed new claims for unemployment benefits unexpectedly dropped last week. The euro was at a low of $1.1606, and the pound fell 0.06% to 1.0076. The dollar was trading at 99.36 against a basket, which is not far off its high of 99.493, reached on Thursday, and the highest level since December 2. As fixed-income investors grow more confident, they are less likely to see a cut in April. Instead, the next benchmark will be dropped by Powell's successor, Jose Torres. According to CME FedWatch, the markets now price in a 67% probability that the Federal Reserve won't change rates?in April. This is up from 37% one month ago. The odds of a stable outcome in June are also up to 37.5% compared to just 17% last month. The yen rose 0.1% to 158.48 dollars, but was still not far off the 18-month low of 159.45 that was hit earlier this week. Investors bet that a snap election could take place in Japan next month. This would pave the way for a fiscal stimulus plan from Prime Minister Sanae Takaichi. Daniel Hurley is a portfolio specialist with T. Rowe Price. He said that the snap election would give Takaichi the opportunity to gain a greater mandate both at home and abroad. However, failure could spell the end of her premiership. Prices on the oil market recovered from the steep drop they had experienced in the previous session, after Trump's tempered comments about Iran eased concerns about possible military action against Tehran or disruptions to oil supplies. Brent futures rose 0.11% to $63.83 per barrel after falling more than 4% the previous session. U.S. crude oil was also up 0.2% to $59.31 a barrel after Thursday's 4.6% drop. Spot gold fell 0.16% to $4,607.50 per ounce. (Reporting and editing by Shri Navaratnam).
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Chow Tai Fook, the world's largest jeweller from China, opens in Bangkok and plans to expand globally
Chow Tai Fook Jewellery Group is China's largest jewellery retailer with thousands of shops across mainland China and Hong Kong. The group has begun to look further afield in search of new growth. It started?in Southeast Asia, with a brand-new store in Thailand. The company opened its flagship store at Bangkok's Siam Paragon, a luxury shopping and lifestyle center in Bangkok. This move is part a 'wave' of Chinese and Hong Kong brands moving abroad to offset slowing domestic demand and rising market saturation in the world’s second-largest economic powerhouse. Sonia Cheng said that the company's expansion abroad "sees strong momentum in Southeast Asia". Chow Tai Fook plans to open its first store in Australia and another one in Canada before the end of June. It also plans to enter the Middle East within the next two-years. Cheng stated that "we remain committed to measured and value-adding growth with Dubai, Doha, and other markets next on the horizon – a testament to brand's global appeal." Chinese brands, such as Pop Mart and Miniso are actively expanding globally. They have moved beyond low-cost production to establish a stronger presence in the consumer and lifestyle sector. Chow Tai Fook, founded 97 years ago, has been challenged by newcomers like Laopu Gold. This brand is gaining popularity for its luxury retail experience, and traditional Chinese craftsmanship jewelry. On Friday, the jeweller named Chinese actor Yang Yang its global brand ambassador.
Gold falls as dollar rises on the back of positive US data, reducing rate-cut betting
?Gold extended its losses on Friday after stronger-than-expected U.S. economic ?data ?dampened expectations of the U.S. Federal Reserve cutting interest rates sooner and softening geopolitical frictions shrunk safe-haven demand for the metal.
By 0619 GMT, spot gold was down 0.2% at $4,604.39 per ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 last Wednesday.
U.S. Gold Futures for February Delivery edged down 0.3% to $4,608.50.
Kyle Rodda is an analyst with Capital.com. He said that the downward movement in gold began when the United States lowered the likelihood of any kind of intervention in the social unrest in Iran.
The dollar is poised to gain a third week after data from the U.S. Labor Department revealed that weekly initial claims for unemployment fell 9,000, to a seasonally-adjusted 198,000. This was below the 215,000 economists expected.
Metals priced in greenbacks are more expensive to other currency holders. Bullion is generally more attractive in low-interest rate environments.
On Wednesday and Thursday people inside Iran said that protests seemed to have diminished since Monday, while U.S. president Donald Trump also struck down a more dovish tone in regards to military intervention against Iran.
The SPDR Gold Trust, the largest gold-backed ETF in the world, reported that its holdings increased by 0.05% to 1,074,80 tons on Thursday, their highest level in more than 3-1/2 years.
According to a Vanda Research report published on Thursday, silver has become the most popular commodity in the market. Individual investors have been buying up silver at a rapid pace.
Spot silver fell 1.9% to $90.61 an ounce. However, it was on track for a weekly gain of more than 13%.
After hitting a low of $1,754.26 an ounce earlier, spot platinum fell 3.5%, to $2,326.36. Palladium also dropped 2.6%, to $1,326.36. (Reporting and editing by Sherry Phillips and Janane Vekatraman in Bengaluru, and Ishaan Verma from Bengaluru)
(source: Reuters)