Gold retreats from five-week high as investors book profits
Spot gold fell 0.3% to $3,386.25 per ounce by 0808 GMT. Earlier in the session, bullion hit its highest since June 17.
U.S. gold futures were down 0.2% at $3,398.40.
Gold prices edged lower amid profit-booking but remained close to the five-week high due to lingering uncertainty ahead of the August 1 tariff deadline, said Jigar Trivedi, a senior commodity analyst at Reliance Securities.
"Gold is likely to stay bullish. A strong resistance is seen near $3,420. On the flip side, $3,350 is a support," he said.
The U.S. dollar index (.DXY), opens new tab edged up 0.1% against its rivals. A stronger dollar makes greenback-priced gold more expensive for other currency holders.
European Union diplomats said the bloc is exploring broader counter-measures against the United States as prospects for a trade agreement with Washington diminish. Trump has threatened 30% tariffs on European imports if no deal is reached before the August 1 deadline.
U.S. Treasury Secretary Scott Bessent said the administration prioritises the quality of trade deals over timing.
Focus is also on the U.S. Federal Reserve's monetary policy meeting scheduled for next week, where the central bank is expected to hold interest rates steady for now and potentially begin cuts in October.
Gold tends to perform well in a low-interest-rate environment and during times of geopolitical and economic uncertainty.
Spot silver fell 0.3% to $38.81 per ounce, platinum was steady at $1,437.65 and palladium declined 0.2% to $1,261.93.
Russia's Nornickel, the leading global producer of palladium, lowered its palladium output forecast, now expecting between 2.677 and 2.729 million ounces compared with the earlier estimate of 2.704-2.756 million ounces.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
9 minutes ago
- Reuters
Several US executives to visit China this week: sources
BEIJING, July 28 (Reuters) - A high-level delegation of American executives will travel to China this week to meet senior Chinese officials in a trip organised by the U.S.-China Business Council (USCBC), two sources with knowledge of the visit told Reuters on Monday. The visit coincides with the latest round of U.S.‑China trade negotiations in Sweden, where China's Vice Premier He Lifeng is meeting U.S. officials from July 27 to July 30 for a new round of economic and trade talks. The delegation will be led by FedEx (FDX.N), opens new tab Chief Executive Rajesh Subramaniam, the council's board chair, one of the sources briefed on the trip said. The South China Morning Post first reported the visit on Sunday, saying that executives from firms including Boeing (BA.N), opens new tab would be part of the delegation. Reuters could not confirm other CEO members of the delegation or which Chinese officials they would meet. Boeing declined to comment on the trip and deferred to USCBC. The U.S. government was not involved in the organisation of the visit, one of the sources said. The trip comes as Beijing and Washington work towards a summit between the two countries' leaders later this year, probably around the time of the APEC forum in South Korea October 26 - November 1, sources previously told Reuters. USCBC did not respond immediately to a request for comment. The business lobby previously organised similar visits to China by American CEO delegations in 2023 and 2024. The 2024 trip, also led by Subramaniam, included meetings with He and Foreign Minister Wang Yi, where executives discussed issues including market access. China faces an August 12 deadline to reach a durable deal with the White House or risk higher U.S. tariffs. U.S. officials are likely to extend the deadline by another 90 days as both sides work towards a more comprehensive deal, sources previously told Reuters. An extension of that length would prevent further escalation and help create conditions for the potential meeting between Trump and Chinese President Xi Jinping.
Auto Car
10 minutes ago
- Auto Car
New Maserati flagship could get V6 and MANUAL gearbox!
Maserati and Alfa boss reveals plan for two firms to collaborate once again on a limited-run supercar Close News Maserati is considering a new flagship super-GT with V6 power and a manual gearbox as part of a drive to emphasise its sporting heritage and strengthen the brand's luxury credentials. Set to be a limited-run creation, the new top-rung Maserati could be launched as early as next year as the most exclusive and powerful combustion-engined car the firm has produced since the MC12 landed two decades ago. It is tipped to be based on the Granturismo and will be twinned with an equivalent Alfa Romeo model, similar to the way in which the new Alfa 33 Stradale is based on Maserati's MC20. Speaking to Autocar at the Goodwood Festival of Speed earlier this month, Santo Ficili, who is CEO of both marques, said: 'We have infinite possibilities to customise products for our customers, for the entire range of Maserati. I'm imagining to do something like we did in the past, also considering Alfa Romeo.' Ficili referenced previous collaborations between the two firms, highlighting that the Alfa Romeo 8C Competizione was based on the previous Maserati Granturismo and built alongside that car at Maserati's plant in Modena, where the later 4C sports coupé was also produced. More recently, Alfa Romeo turned to Maserati to provide the basis for the new 33 Stradale supercar, which shares its basic monocoque chassis and twin-turbocharged 3.0-litre V6 engine with the mid-engined MC20 (now rebadged MCPura). 'We built the 4C and 8C in Modena, so why not?' said Ficili of the prospect of another limited-run supercar tie-up. 'We can imagine a 'few-off' Maserati. It's easy, because you can look at the past of these two brands, and you can find a nice car like the 33 Stradale, and we can invent something like this.' Ficili stopped short of describing in more detail his vision for a new bespoke creation but suggested the aim is to use the new flagship to celebrate Maserati's Nettuno V6 engine, as used in the Granturismo, Grecale and MCPura. 'It's a masterpiece,' he said. It is likely that any V6-powered limited-run special would ramp up the Nettuno's output beyond the 621bhp of the MCPura, in line with a price that would be well in excess of that car's £230,000, but the firm is unlikely to use electrification to achieve that power boost. Maserati engineering boss Davide Danesin said: 'There are still customers looking for pure mechanical cars.' He added that there is a 'bad feeling' about having a battery on board a supercar, due to the heightened complexity and extra weight it brings. The Nettuno's 'super-advanced' pre-chamber combustion technology and twin injection system help to cut emissions and boost performance, he said, and the engine is 'getting to 210hp per litre with very efficient combustion'. That figure is why the MCPura can remain a pure-combustion car and it means Maserati can keep the V6 in production with the same power once Euro 7 regulations are in force. Giving further clues to what a limited-run Maserati supercar could look like, Danesin even dropped a hint that it could reintroduce a manual gearbox to Maserati's ranks for the first time in years. He said: 'A manual gearbox is an opportunity. I don't see that in big series [production], but why not do a special version with a manual gearbox? No reason to say never. It could be the right choice for a limited edition of a car.' He added that a manual gearbox would emphasise the 'pure', analogue ethos of a Maserati supercar. 'By doing a purely mechanical car, it does make sense to have a mechanical gearbox with a shifter,' he said. 'So why not? It fulfils perfectly the brand. It fulfils perfectly our approach and the mindset. So honestly, I think one day we'll do it.' Ficili said he plans to emphasise Maserati's Italian heritage going forward, adding that the company's headquarters in Modena – 'the middle of Motor Valley' – is 'the right place' to build sports cars. The firm will shortly begin production of the Granturismo and Grancabrio at its factory there once again, having built the current generation at Fiat's Mirafiori plant since 2023. Any new V6 special edition will be closely related to those cars. Neither Danesin nor Ficili gave any indication of when this new supercar could break cover, but next year will be the 100th anniversary of the launch of Maserati's first car, the Tipo 26 grand prix racer that won Italy's legendary Targa Florio endurance race on its first competitive outing in 1926. The following year, Alfa Romeo launched the venerable 6C 1500 sports car, which went on to win the Mille Miglia and the Spa 24 Hours. An Alfa Romeo version of Maserati's next limited-run sports car would no doubt celebrate the centenary of that seminal model. Alfa has already confirmed it will reveal a second supercar in 2026 from its new 'Bottega' division for limited-run cars, which launched with the 33 Stradale. Join our WhatsApp community and be the first to read about the latest news and reviews wowing the car world. Our community is the best, easiest and most direct place to tap into the minds of Autocar, and if you join you'll also be treated to unique WhatsApp content. You can leave at any time after joining - check our full privacy policy here. Next Prev In partnership with
Reuters
11 minutes ago
- Reuters
Stocks surge, euro steady after US-EU trade agreement
SINGAPORE, July 28 (Reuters) - Global stocks rose and the euro appreciated on Monday after a tradeagreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. The U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate, a week after agreeing to a similar trade deal with Japan. Countries are scrambling to finalise trade deals ahead of an August 1 deadline set by U.S. President Donald Trump, with talks between the U.S. and China set for Monday in Stockholm amid expectations of another 90-day extension to the truce between the world's top two economies. "A 15% tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the U.S." European futures surged more than 1%, while S&P 500 futures rose 0.5% and Nasdaq futures advanced 0.6%. The euro strengthened across the board, rising against the dollar, sterling and yen. "We have to be a bit cautious from here," said Sim Moh Siong, currency strategist at Bank of Singapore, of the broader risk-on rally. "A lot of good news is already in the price." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.32%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 1% after hitting a one-year high last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The U.S.-EU deal provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. "A major tail-risk has now been defused," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "Markets are interpreting this as a sign of stability and predictability returning to trade policy," he added. "The China delay fits the same pattern: the administration is opting for controlled diplomacy over confrontation." Gains for China's blue-chip stocks (.CSI300), opens new tab petered out towards the midday break, while Hong Kong's Hang Seng index (.HSI), opens new tab gained 0.5%. The Australian dollar , often seen as a proxy for risk appetite, was at $0.657, hovering around the near eight-month peak scaled last week. In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly U.S. employment report and earnings from megacap companies Apple (AAPL.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine tariffs' impact on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices fell on Monday to their lowest in nearly two weeks on reduced appetite for safe havens.
