U.S., Iran Meet in Rome With Nuclear Talks Under -2-

0752 GMT - Gold is on track to post a weekly gain of more than 3%, supported by a softer U.S. dollar and concerns over the country' fiscal and economic outlook. In early trade, futures rise 1.1% to $3,331 a troy ounce, while the U.S. dollar index slips 0.5% to 99.45. "Gold is showing strength again, as it is particularly in demand in these politically uncertain times, also because other supposed safe havens such as the U.S. dollar are currently under pressure," says Barbara Lambrecht, commodity analyst at Commerzbank Research. Focus this week has shifted to the U.S. fiscal outlook after the House passed President Trump's tax-and-spending bill, which analysts say could significantly inflate the government deficit in the coming years. ([e-mail])

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Oil Set for Weekly Loss Amid OPEC+ Supply Concerns -- Market Talk

0748 GMT - Oil prices are poised for a weekly decline, pressured by fears of another large OPEC+ output hike at a time when the market is already facing excess supply. In early trade, Brent crude and WTI both fall 0.8% to $63.91 and $60.66 a barrel, respectively. "The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels," analysts at ING say. A larger supply increase following those in May and June "would cement the shift in policy from the group--moving from defending prices to defending market share." Traders are also closely monitoring geopolitical developments amid fears of a broader conflict in the Middle East and the latest round of U.S.-Iran talks set to take place on Friday. ([e-mail])

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Gold Futures Appear to Be Undergoing Much-Needed Downward Correction, Charts Show -- Market Talk

0703 GMT - Gold futures appear to be undergoing much-needed downward correction, based on monthly chart, StoneX's Matt Simpson says in commentary. The chart shows gold may fail to break the prior month's high for the first time this year, the senior market analyst notes. With only one week of the month remaining, gold is presently on track to form a "spinning top doji," having encountered resistance around $3,400/oz, the analyst says. This correction is "potentially a welcome opportunity for sidelined bulls waiting to reload at more favorable prices," Simpson says. Support has been found around $3,140/oz, Simpson adds. Spot gold is 1.1% higher at $3,330.52/oz. ([e-mail])

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Press Metal Aluminium Outlook Likely Steady Despite Tariff Headwinds -- Market Talk

0200 GMT - Press Metal Aluminium's long-term outlook may remain supported by tight aluminum supply despite headwinds from U.S. tariffs, say Maybank IB analysts Loh Yan Jin and Jeremie Yap in a note. The company's upstream and downstream expansions are expected to support margin stability and mitigate supply chain risks, they say. However, the analysts cut Press Metal's 2025-2027 net profit forecasts by 3%, 5%, and 5%, respectively, to reflect lower aluminum price assumptions and reduced associate contributions. Maybank lowers Press Metal's target price to MYR5.64 from MYR5.82 after 1Q earnings came in slightly below expectations, but maintains a buy rating on favorable supply dynamics. Shares are up 0.4% at MYR5.05. ([e-mail])

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Iron Ore Edges Lower Amid Weak Consumption -- Market Talk

0229 GMT - Iron ore prices are slightly lower in early Asian trade. While the number of steel mill maintenance rises in China, consumption of iron ore continues to decline, Baocheng Futures says in a research note. Meanwhile, China's iron-ore supply remains abundant, as overseas miners are actively shipping, it says. The fundamentals of iron ore is weakening, weighing on the ferrous metal's prices, it adds. The most-traded iron ore contract on the Dalian Commodity Exchange edges 0.1% lower at CNY726.0 a ton. ([e-mail])

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Copper Steady; Demand Concerns Weigh -- Market Talk

0106 GMT - Copper is steady in early Asian trade. Inventories of key metals, such as copper, have been rising in recent weeks, suggesting that demand has waned, ANZ Research analysts write in a note. However, recent supply side issues could help limit the downside, they say. Energy and commodity trading company Mercuria Energy warned recently that deficits in both the copper concentrate and refined market may develop this year, they add. The three-month LME copper contract is flat at $9,502.00 a ton.([e-mail])

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(END) Dow Jones Newswires

05-23-25 1011ET