Gold prices scale three-week peak as Trump widens trade war
Spot gold was up 0.2% at $3,361.19 per ounce, as of 0134 GMT, after hitting its highest point since June 23 earlier in the session. U.S. gold futures climbed 0.4% to $3,376.
"We are seeing safe-haven demand coming back into the picture due to this uncertainty on the implementation of U.S. global trade tariffs policy," OANDA senior market analyst Kelvin Wong said.
"Near-term outlook looks positive for gold and if gold prices are able to have a daily close above $3,360, it could potentially advance higher towards the next resistance level at $3,435."
Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Both the European Union and Mexico described the tariffs unfair and disruptive, while the E.U. said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement.
Investors now await the U.S. inflation data for June due on Tuesday for more cues on the Federal Reserve's interest rate path. Markets are currently pricing in just over 50 basis points worth of Fed easing by December.
Gold, often considered as a safe-haven asset during economic uncertainties, tends to do well in a low-interest-rate environment.
SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.12% to 947.64 metric tons on Friday from 948.80 tons in the prior session.
Meanwhile, gold speculators cut net long positions by 1,855 contracts to 134,842 in the week ended July 8.
Spot silver gained 0.6% to $38.59 per ounce, platinum fell 1.6% to $1,377.37 and palladium slipped 2.1% to $1,189.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
2 minutes ago
- The Independent
These are the cities where an Uber ride is going to cost you the most
Taking Ubers is getting expensive across the nation but a half-hour ride in certain states and cities is going to do far more damage to your wallet than in others, according to a new analysis. Net Credit collected the average price of a 30-minute ride in an Uber in locations across the U.S., and found ride-share passengers in Washington state are paying the most, with a half-hour drive costing on average $53.46. On the other side of the list is Indiana, where the average half-hour ride in an Uber will cost around $30.35. Other states with less expensive rides include Texas at $30.96, Utah at $30.71, and Oklahoma at $31.54. But a ride in plenty of other states is going to cost upwards of $40. The average price of a half-hour Uber ride in California, Oregon, Wyoming, Montana, Louisiana, Alabama, Delaware, New Jersey, and New York are all at least $40, and rides in several other states — South Dakota, Minnesota, Wisconsin, Michigan, Arkansas, and Nevada — will cost just under that mark. When it comes to individual cities, Seattle tops the list as the most expensive city for a half-hour Uber ride. In Seattle a half-hour ride costs almost $60, according to the analysis. The nine next most expensive cities for Ubers aren't necessarily each the sprawling, wildly expensive, cities one might expect. Those are Cheyenne, Reno, New York City, San Diego, Baton Rouge, Newark, Anchorage, San Jose, and Portland. The cheapest overall city for Uber for a half-hour ride is Indianapolis where it'll cost around $28.33. Following Indianapolis, the most affordable cities for taking an Uber are Fort Worth, Tucson, Mesa, Omaha, Miami, Oklahoma City, Raleigh, Houston, and Memphis. According to Net Credit, the price of Uber rides increased by 7.2 percent across the country in 2024. Net Credit noted that part of what may be driving down prices in Indianapolis is the appearance of a competitor, inDrive, which allows riders to propose a price for their ride, and drivers can counter-bid for a higher fee. 'We're giving both the driver and passenger the freedom to kind of choose their own adventure," Adam Warner, the company's head of U.S. operations, told Net Credit. 'So you get to select the driver. Are you willing to wait 10 minutes for this person to pick you up in a Tesla Model Y, or are you comfortable with the Chevy Malibu that's only two minutes away to pick you up?' Net Credit also worked out which city's Uber costs were the most and least expensive relative to the average wages of its residents. The city with the most affordable Uber rides — relative to its residents' average hourly wage — is Washington, D.C., where a 30-minute trip will still cost riders 106.5 percent of their average hourly wage. Following the nation's capital, the most affordable cities for Ubering relative to residents' average hourly wages include San Jose, San Francisco, Fort Worth, Indianapolis, Stamford, Raleigh, Boston, Mesa, and Baltimore. The least affordable city was determined to be Cheyenne, Wyoming, where a ride is 224 percent of a resident's average hourly wage. Reno, Baton Rouge, New Orleans, Jackson, Seattle, Fresno, Las Vegas, Augusta, and Buffalo made up the rest of the list.
Reuters
3 minutes ago
- Reuters
Trump says US will impose 15% tariff on South Korean imports
WASHINGTON/SEOUL, July 30 (Reuters) - President Donald Trump said on Wednesday the United States would charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump said on Truth Social. The South Korean government could not immediately be reached for comment. Reuters has not verified the terms of a deal. As part of the arrangement, South Korea would invest $350 billion in the United States in projects selected by Trump and purchase $100 billion of liquefied natural gas and other energy products, the U.S. president said. It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later. South Korean President Lee Jae Myung will visit the White House "within the next two weeks" for a meeting with Trump, the U.S. president added. Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them.
Reuters
3 minutes ago
- Reuters
AbbVie in talks to acquire Gilgamesh Pharmaceuticals
July 30 (Reuters) - Drugmaker AbbVie (ABBV.N), opens new tab is in talks to acquire privately-held mental health therapeutics company Gilgamesh Pharmaceuticals in a deal worth about $1 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
