2025-08-22 06:57
Retail buying remains subdued, traders say India dealers offer discount up to $2/oz to premium $3 this week China premiums at $3-$8/oz this week Aug 22 (Reuters) - Physical gold demand in key Asian hubs remained subdued this week as price volatility kept buyers at bay, while jewellers in India resumed purchases ahead of a key festival season. Gold prices in India were trading around 99,300 rupees ($1,135.77) per 10 grams on Friday after hitting a record high of 102,250 rupees earlier this month. Sign up here. "With prices easing, jewellers are feeling more confident about festival demand and have slowly started buying again," said a Mumbai-based bullion dealer with a private bank. Indians will celebrate the Dussehra and Diwali festivals in October, when buying gold is considered auspicious. This week, Indian dealers were quoting between a discount of $2 per ounce and a premium of $3 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to last week's discount of up to $6. Retail buying is still subdued, currently at around 60% of normal levels, said Amit Modak, chief executive of PN Gadgil and Sons, a Pune-based jeweller. In top consumer China, bullion changed hands between premiums of $3 and $8 an ounce over the global benchmark spot price , which traded in a range of $3,311 to $3,358 this week, down 0.2% so far for the week. "With gold in the doldrums, there is scope for exaggerated moves on news from Jackson Hole, which reflects the thin trading conditions currently gripping the market," said Ross Norman, an independent analyst. In Hong Kong, gold was sold at par to a premium of $1.70, while in Singapore , gold traded between at-par prices and a $2.50 premium. "We've seen a bit of retail buying, but nothing really substantial... In the jewellery space, demand has been quiet because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. While there has been more interest in investment bars, it is nothing really well out of the ordinary, Lan added. In Japan, bullion changed hands at par to a premium of $0.50 over spot prices. ($1 = 87.4300 Indian rupees) https://www.reuters.com/world/china/asia-gold-volatile-prices-stifle-gold-demand-top-asian-hubs-2025-08-22/
2025-08-22 06:57
Aug 22 (Reuters) - Oil prices rose slightly on Friday as hopes for an imminent peace deal between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers and putting prices on track to snap a two-week losing streak. Brent crude futures were up 12 cents at $67.79 a barrel as of 0633 GMT, while West Texas Intermediate (WTI) crude futures rose 13 cents to $63.65. Sign up here. Both contracts climbed more than 1% in the prior session. Brent has risen 2.7% this week, while WTI has gained 1.1%. Traders are pricing in more risk as hopes fade that U.S. President Donald Trump can quickly broker a deal to end the Russia-Ukraine war, which propelled a sell-off in oil over the last two weeks. "It's proving difficult to set up a Putin-Zelenskiy summit, while discussions around potential security guarantees face obstacles," analysts at ING said in a client note on Friday. "The less likely a ceasefire looks, the more likely the risk of tougher (U.S.) sanctions" on Russia, they said. The three-and-a-half-year war continued unabated on Thursday as Russia launched an air attack near Ukraine's border with the European Union and Ukraine said it hit a Russian oil refinery. Meanwhile, U.S. and European planners said they have developed military options by allied national security advisers. That followed the first in-person talks at the weekend between the U.S. and Russian leaders since Russia invaded Ukraine. Russian President Vladimir Putin demanded Ukraine give up all of the eastern Donbas region, renounce NATO ambitions and keep Western troops out of the country, sources told Reuters. Trump pledged to protect Ukraine under any war-ending deal. Ukraine President Volodymyr Zelenskiy dismissed the idea of withdrawing from internationally recognised Ukrainian land. Oil prices were also supported by a larger-than-expected drawdown from U.S. crude stockpiles in the last week, indicating strong demand. Stockpiles fell 6 million barrels in the week ended August 15, the U.S. Energy Information Administration said on Wednesday. Analysts had expected 1.8 million barrels. Investors were also looking to the Jackson Hole economic conference in Wyoming for signals of a Federal Reserve interest rate cut next month. The annual gathering of central bankers began on Thursday, with Fed Chair Jerome Powell speaking on Friday. Lower interest rates can stimulate economic growth and increase oil demand, potentially boosting prices. https://www.reuters.com/business/energy/oil-prices-set-snap-two-week-losing-streak-peace-ukraine-remains-elusive-2025-08-22/
2025-08-22 06:35
DUBAI, Aug 22 (Reuters) - Iran's Foreign Minister Abbas Araqchi will have a joint telephone call with his French, British and German counterparts on Friday to discuss nuclear talks and sanctions, state news agency IRNA reported. The three European powers have threatened to activate United Nations sanctions on Iran under a "snapback" mechanism if Iran does not return to the negotiating table over its nuclear programme. Sign up here. The countries, along with the United States, contend that Iran is using the nuclear programme to potentially develop weapons. The International Atomic Energy Agency has stated that Iran is nowhere near developing a nuclear bomb and U.S. national intelligence director Tulsi Gabbard testified in March that intelligence officials had not found evidence of Iran moving toward a nuclear weapon. Iran's state broadcaster said Araqchi and the British and European foreign ministers will discuss triggering the snapback mechanism. Tehran suspended nuclear negotiations with the U.S., which were aimed at curbing the Islamic Republic's nuclear programme, after the U.S. and Israel struck its nuclear sites in June. Since then, IAEA inspectors have been unable to access Iran's nuclear installations, despite IAEA chief Rafael Grossi stating that inspections remain essential. Iran's state-broadcaster said an Iranian delegation is due to travel to Vienna on Friday to meet with IAEA officials. It gave no further details. https://www.reuters.com/world/middle-east/iran-european-powers-discuss-nuclear-talks-sanctions-irna-reports-2025-08-22/
2025-08-22 06:32
LONDON, Aug 22 (Reuters) - Governments and employers should take urgent action to help protect the health of workers who are increasingly exposed to extreme heat, the United Nations said on Friday. Climate change is making heatwaves more common and intense, and workers worldwide are already experiencing the health impacts, the agencies said in what they described as a “much needed” major update of a report and guidance last published in 1969. Sign up here. Worker productivity drops by 2-3% for every degree above 20°C, the report said, with half of the world’s population already suffering the adverse consequences of high temperatures. The health risks include heatstroke, dehydration, kidney dysfunction and neurological disorders, said the World Health Organization and the World Meteorological Association. Manual workers in sectors like agriculture, construction and fisheries, as well as vulnerable populations like children and older adults in developing countries, were particularly at risk, they added. "Protection of workers from extreme heat is not just a health imperative but an economic necessity," said WMO Deputy Secretary-General Ko Barrett. In response, the agencies called for heat action plans tailored to regions and industries, developed alongside workers, employers, unions and public health experts. Unions in some countries have pushed for maximum legal working temperatures, for example, which the agencies said was an option but would likely differ globally depending on the context. They also called for better education for health workers and first responders, as heat stress is often misdiagnosed. The International Labour Organization recently found that more than 2.4 billion workers are exposed to excessive heat globally, resulting in more than 22.85 million occupational injuries each year. "No-one should have to risk kidney failure or collapse just to earn a living," said Rüdiger Krech, director ad interim for environment, climate change and health at the WHO, at a press conference ahead of the report’s release. https://www.reuters.com/sustainability/climate-energy/urgent-action-needed-protect-workers-heat-stress-warming-world-un-says-2025-08-22/
2025-08-22 06:28
MUMBAI, Aug 22 (Reuters) - The Indian rupee weakened further on Friday, extending its late-session slide from the previous day, as the dollar rose ahead of a speech by Federal Reserve Chair Jerome Powell and on renewed concerns of steep U.S. tariffs on local goods. The rupee fell to an intraday low of 87.4850 and was last at 87.4550, compared with its close of 87.27 in the previous session. On Thursday, the currency had briefly climbed past 87 before reversing course in the afternoon to mark its sharpest one-day decline in a month. Sign up here. "Thursday’s move, and then today, shows tariff fears are back on the table after a brief lull," a Mumbai-based currency trader said, referring to the possibility of Washington imposing additional tariffs of up to 50% on Indian goods from August 27. "The added uncertainty around Powell's speech just makes it harder for the rupee," he added. The dollar index advanced towards 99 ahead of Powell's comments at the Federal Reserve's annual Jackson Hole symposium, while most Asian currencies were weaker on the day. Investors are pricing in an over 80% chance of a rate cut at the Fed’s September meeting, but the question is whether Powell will push back against such aggressive expectations. "We do not expect Powell to decisively signal a September cut, but the speech should make it clear to markets that he is likely to support one," Goldman Sachs said in a note. The brokerage reckons that most Fed policymakers who have mixed feelings about cutting rates next month will be willing to support a reduction if Powell presses for one. https://www.reuters.com/world/india/rupee-backslides-towards-8750-with-powell-tariff-clouds-overhead-2025-08-22/
2025-08-22 06:23
Chinese stocks lead gains in Asia, dollar appreciates Powell to speak at 1400 GMT, markets eye policy clues Japan core inflation slightly ahead of estimates SINGAPORE, Aug 22 (Reuters) - Stocks in Asia mostly clung to safe ranges on Friday as traders awaited a key speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium this weekend that could shed light on the direction of monetary policy. Financial markets are looking for Powell to provide clues on the likelihood of a September rate cut in the wake of recent signs of job market weakness. Sign up here. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab gave up early gains and was last down 0.1%, paring its advance to 1.3% so far this month. "Top of mind among investors is what central bankers will say about U.S. tariffs and their impact on economic growth and inflation, and which of these two factors will have a bigger influence on interest rate policy, as central banks grapple with the risk of stagflation," said Vasu Menon, managing director for investment strategy at OCBC in Singapore. Defying the sleepy mood, China's blue-chip CSI 300 Index (.CSI300) , opens new tab jumped 1.8%, on track for a third consecutive day of gains. Tech shares led the advance, after DeepSeek released an upgrade to its flagship V3 AI model and Reuters reported Nvidia (NVDA.O) , opens new tab had asked Foxconn (2317.TW) , opens new tab to suspend work on the H20 AI chip, lending support to shares of Chinese rivals. China's tech-focused STAR 50 index (.STAR50) , opens new tab rose almost 8%. The Nikkei 225 (.N225) , opens new tab veered between gains and losses, and was last down 0.1%. Japanese data showed core consumer prices slowed for a second straight month in July but stayed above the central bank's 2% target, keeping alive expectations for a rate hike in the coming months. That did little to help the yen, though, which was poised for a 1% decline for the week. BOJ Governor Kazuo Ueda will also speak at Jackson Hole this weekend. The dollar index (.DXY) , opens new tab, which tracks the greenback against a basket of currencies of major trading partners, advanced 0.2% to 98.796, as traders parsed speeches from Fed officials who appeared lukewarm to the idea of an interest rate cut next month. S&P 500 futures bobbed between gains and losses and were last trading down 0.1%. The cash gauge on Wall Street is on a five-day losing streak, which has left it on track for its biggest one-week decline this month. Traders had ramped up bets for a September cut following a surprisingly weak payrolls report at the start of this month, and after consumer price data showed limited upward pressure from tariffs. However, market pricing pulled back slightly following the release of minutes from the Fed's July meeting. Traders are now pricing in a 73.3% probability of a cut in September, down from 82.4% on Thursday, according to the CME Group's FedWatch tool. The most likely scenario is that Powell won't provide "any definitive clues" on what the Fed will do next ahead of critical non-farm payrolls and CPI data, said Carol Kong, an economist and currency strategist at Commonwealth Bank of Australia in Sydney. "Given where the current market is, the risk is a stronger U.S. dollar, especially if he challenges the current market pricing of a 25-basis-point cut." Traders are assessing signs that U.S. economic activity picked up pace in August, with PMI data from S&P Global showing the strongest growth in manufacturing orders in 18 months. But the labour market also highlighted pockets of weakness, as the number of Americans filing new applications for jobless benefits rose by the most in about three months last week and the number of people collecting unemployment relief in the prior week climbed to the highest level in nearly four years. The euro slipped, weakening 0.2% to a two-week low of $1.1585 as the EU and the U.S. set out details of a framework trade deal struck in July. Oil prices stabilised, with Brent crude last trading up 0.1% at $67.73 per barrel, following strong gains on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and U.S. data showed signs of strong demand in the top oil consuming nation. Gold was slightly lower, with spot bullion off 0.3% at $3,329.40 per ounce. https://www.reuters.com/world/china/global-markets-corrected-wrapup-2-2025-08-22/
