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Yahoo
15 minutes ago
- Yahoo
Gold flat as easing trade tensions offset support from weak dollar
By Brijesh Patel (Reuters) -Gold prices held steady on Thursday after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was flat at $3,387.15 per ounce, as of 0138 GMT, after dropping 1.3% in the previous session. U.S. gold futures eased 0.1% to $3,492.50. "Yesterday, we saw gold prices seems like well might be building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold." Signalling progress on tariffs, U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports. The European Union and the United States are nearing an agreement on a similar trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Risk sentiment in the wider financial markets rose on the back of progress in trade talks and hopes that more deals could be in the offering. [MKTS/GLOB] Offering support to gold, the U.S. dollar index fell to a more than two-week low, making greenback-priced bullion less expensive for other currency holders. Investors also look forward to a rate decision from the European Central Bank due later in the day. Also on the radar, the U.S. weekly jobless claims numbers on Thursday and S&P Global's flash PMI data will be eyed to gauge economic health ahead of the Federal Reserve's monetary policy decision next week. Spot silver slipped 0.3% to $39.16 per ounce, platinum was steady at $1,411.53 and palladium dipped 1% to $1,265.50.
CBS News
17 minutes ago
- CBS News
Rising beef prices could push up the cost of a Philly cheesesteak, Jim's Steaks president says
Ken Silver knows beef because he knows Philly cheesesteaks. He hopes that a summer spike in how much he pays for his restaurant's main product doesn't cause heartburn for him or his customers. Silver, president of Jim's Steaks on South Street in Philadelphia, said he might have to raise prices for his popular sandwiches to offset the rising cost of beef or even declare a market price, which is commonly associated with seafood. "I really hate to do that," said Silver, whose father started the business in 1976. U.S. beef prices have been steadily rising over the past 20 years because the supply of cattle remains tight while beef remains popular. Silver said the price of beef from his supplier now is about $1 more per pound than it was a year ago. And that is on top of a roughly 50% increase when he reopened in 2024 after a fire — "crazy," as he put it. "Our strategy right now is just absorbing the price and hoping that we see a reduction after the summer months are over, the grilling season and all the rest," Silver said Wednesday. He said a cheesesteak sandwich at Jim's costs $13.49, up from $11.49 in 2022, when the restaurant was forced to close for nearly two years due to fire. Cheesesteaks typically are made with thinly sliced beef, cheese and onions, though other toppings are possible, too. For consumers, the average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound. "We've taken a hit, profitability-wise, just to maintain what our customers would expect to get when they come to us: a reasonably priced cheesesteak of the best quality they can find," Silver said. A customer, Bryan Williams, suggested a price hike wouldn't discourage him from placing an order. "That's just how things are going lately," he said. "There's really nothing that they can do about it."
Wall Street Journal
17 minutes ago
- Wall Street Journal
WSJ Reporter Explains Trump's Plan for the U.S. to Dominate Global AI Race
WSJ Reporter Explains Trump's Plan for the U.S. to Dominate Global AI Race WSJ's Amrith Ramkumar reports from an AI summit in Washington, D.C., where President Trump signed executive orders designed to accelerate the already booming AI industry in the U.S. Photo: Julia Demaree Nikhinson/Associated Press
