Uncertainty in US-China Relations Pushes Gold Higher
Follow-up -INA
Gold prices rose on Wednesday as safe-haven demand increased due to uncertainty surrounding US-China trade relations and global economic concerns, while a weaker dollar provided additional support.
Spot gold rose 0.6% to $3,370.67 per ounce, and US gold futures rose 0.5% to $3,394.90.
Chinese Foreign Minister Wang Yi told the US ambassador in Beijing that the United States must create the necessary conditions for bilateral relations to return to the "right track."
The White House indicated that President Donald Trump and his Chinese counterpart, Xi Jinping, may hold talks later this week to discuss trade disputes, and the United States announced it would drop its plan to double tariffs on steel and aluminum imports from Britain.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
32 minutes ago
- Shafaq News
UN, EU condemn US sanctions on ICC judges: An assault on justice
Shafaq News/ On Friday, the United Nations and European Union condemned US President Donald Trump's decision to impose sanctions on four International Criminal Court (ICC) judges, calling the move a violation of international law and a threat to judicial independence. "I am profoundly disturbed by the decision of the Government of the United States of America to sanction judges of the International Criminal Court," UN High Commissioner for Human Rights Volker Türk said in statement. 'Attacks against judges for performance of their judicial functions… run directly counter to respect for the rule of law.' Türk urged Washington to reconsider and withdraw the latest measures, warning that such actions are 'deeply corrosive of good governance and the due administration of justice.' The EU echoed the UN's position, affirming its full support for the ICC. 'The ICC holds perpetrators of the world's gravest crimes to account and gives victims a voice. It must be free to act without pressure,' European Commission President Ursula von der Leyen wrote on X. European Council President Antonio Costa also described the court as 'a cornerstone of international justice,' stressing the need to protect its independence and integrity. Meanwhile, the court's governing body, the Assembly of States Parties—representing 125 member countries—also issued a strong rebuke. 'These ... are regrettable attempts to impede the Court and its personnel in the exercise of their independent judicial functions,' it stated. The US sanctions, announced Thursday, target Judges Beti Hohler of Slovenia, Reine Alapini-Gansou of Benin, Luz del Carmen Ibanez Carranza of Peru, and Solomy Balungi Bossa of Uganda. Two of them—Hohler and Alapini-Gansou—took part in proceedings that led to the ICC's November 2024 arrest warrant for Israeli Prime Minister Benjamin Netanyahu over war crimes in Gaza. The other two judges were involved in authorizing an investigation into alleged war crimes committed by US troops during the war in Afghanistan. The sanctions place the four judges on the US Specially Designated Nationals List, which blocks any assets under US jurisdiction and severely restricts access to the global financial system. The designation is recognized by many international banks, making it difficult for the sanctioned individuals to conduct basic financial transactions.
Shafaq News
an hour ago
- Shafaq News
Gold poised for weekly gain; silver touches over 13-year high
Shafaq News/ Gold firmed on Friday, and was poised for a weekly rise after U.S. data this week boosted interest rate cut hopes by the Federal Reserve, while silver hit a more than 13-year high. Spot gold was up 0.4% at $3,367.45 an ounce, as of 0854 GMT. Bullion has gained 2.4% for the week so far. U.S. gold futures climbed 0.5% to $3,390.70. "The disappointing jobless claims data, indicating potential labor market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call Thursday amid trade tensions and a dispute over critical minerals. The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday. Markets are now eyeing the upcoming U.S. nonfarm payroll report, due at 1230 GMT, after a series of data releases this week signaled softness in the labor market. Economists polled by Reuters forecast nonfarm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%. "A softening US labor market would likely increase pressure on the Fed to ease monetary policy, especially if payrolls disappoint," Zumpfe added. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, spot silver rose 0.2% to $36.23 per ounce, after hitting a more than 13-year high earlier in the session. Platinum rose 2.7% to $1,163.95, its highest level since March 2022. Palladium was up 1.4% at $1,019.62. Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank.
Shafaq News
4 hours ago
- Shafaq News
Oil prices headed for rebound this week as US-China trade talks resume
Shafaq News/ Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Brent crude futures fell 19 cents, or 0.3%, to $65.15 a barrel as of 0441 GMT. U.S. West Texas Intermediate crude gave up 20 cents, also 0.3%, to $63.17, after gaining around 50 cents on Thursday. On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1% this week, while WTI is trading 4% higher. China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request. Trump said the call had led to a "very positive conclusion," adding the U.S. was "in very good shape with China and the trade deal." Canada also continued trade talks with the U.S., with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly. The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the U.S. levies are flowing through into the global economy. "The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday. "But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters." Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July. The kingdom had been pushing for a bigger output hike, part of a broader strategy to win back market share and discipline over-producers in OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia.
