Gold ticks up on softer US dollar, heads for weekly gain
Spot gold was up 0.10 per cent at US$3,371.86 per ounce, as of 0051 GMT. Bullion is up 0.60 per cent this week. US gold futures were little changed at US$3,374.80.
The US dollar index was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders.
The European Union and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 per cent tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan.
The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors.
Data showed US jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work.
The European Central Bank left interest rates unchanged on Thursday, pausing after seven straight cuts, and offered a modestly upbeat assessment of the euro zone economy.
The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.24 per cent to 957.09 metric tons on Thursday from 954.80 tons on Wednesday.
Spot silver was flat at US$39.10 per ounce, platinum gained 0.40 per cent to US$1,413.55 and palladium climbed 0.80 per cent to US$1,237.35.
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The Star
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EU halts 93-bln-euro tariffs on U.S. goods despite members' dissent
BRUSSELS, Aug. 5 (Xinhua) -- The European Commission on Tuesday formally suspended planned retaliatory tariffs on U.S. imports worth 93 billion euros (about 108 billion U.S. dollars), just days before they were due to take effect. The Commission's trade spokesperson, Olof Gill, said the decision was adopted under an emergency procedure and will require formal approval by a simple majority of member states within two weeks. The tariffs were scheduled to take effect on Aug. 7. "The Commission has today adopted necessary legal procedures to suspend the implementation of our European Union (EU) countermeasures," Gill told a press briefing in Brussels, adding that the regulation would be published in the EU's official journal later the same day. Ahead of this announcement, there has been mounting criticism from key member states, including France and Germany. German Vice Chancellor and Finance Minister Lars Klingbeil has expressed frustration at what he described as a "weak" negotiating stance by the EU during the trade talks with the United States. "I think we were too weak. We can't be satisfied with the result that was achieved," Klingbeil said, referring to the agreement reached late last month between European Commission President Ursula von der Leyen and U.S. President Donald Trump. Under the deal, most EU imports to the United States will face a 15-percent tariff, while the bloc has pledged to purchase more American energy products and increase investment in the U.S. market. Gill expressed surprise at Klingbeil's remarks, noting that member states had been "fully briefed" and had supported a negotiated outcome to avoid tariff escalation. The spokesperson said the suspension would remain in place for six months, during which implementation of the broader understanding would continue. If commitments are not met, Gill noted, the EU retains the right to reactivate its countermeasures. (1 euro = 1.16 dollar)
New Straits Times
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Brexit's parallels with Trump tariffs tell a tale
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Oil slips as OPEC+ output hikes counter Russia disruption concerns
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