Gold inches lower as dollar gains, markets eye Fed appointments
Spot gold was down 0.1% at $3,376.01 per ounce, as of 0312 GMT, after hitting a near two-week high on Tuesday. U.S. gold futures fell 0.1% to $3,431.10.
The dollar (.DXY), opens new tab rebounded from a one-week low hit in the previous session, reducing gold's appeal to other currency holders.
"We see that gold prices are con
solidating and actually are on a slight upward bias," said Brian Lan, managing director at GoldSilver Central, Singapore.
"We expect gold prices to actually test a higher trading band like $3,393 and we might see it testing $3,400."
Trump on Tuesday said he would announce decisions soon on a short-term replacement for Fed Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair.
The CME FedWatch tool, opens new tab now puts the odds of a September cut at nearly 87%, after Friday's weaker-than-expected employment growth data, following which Trump fired the commissioner of the U.S. Bureau of Labor Statistics (BLS).
On the trade front, Trump again threatened to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries.
Elsewhere, the Perth Mint's gold product sales fell 33% in July from the previous month, while silver sales slipped to a six-month low, the refiner said on Wednesday.
Spot silver was steady at $37.82 per ounce, platinum slipped 0.5% to $1,313.94 and palladium fell 1% to $1,164.15.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
29 minutes ago
- Reuters
China wants US to relax AI chip-export controls for trade deal, FT reports
Aug 10 (Reuters) - China wants the United States to ease export controls on chips critical for artificial intelligence as part of a trade deal before a possible summit between Presidents Donald Trump and Xi Jinping, the Financial Times reported on Sunday. Chinese officials have told experts in Washington that Beijing wants the Trump administration to relax export restrictions on high-bandwidth memory chips, the newspaper reported, citing unnamed people familiar with the matter. The White House, State Department and China's foreign ministry did not immediately respond to requests for comment on the report. HBM chips, which help perform data-intensive AI tasks quickly, are closely watched by investors due to their use alongside AI graphic processors, particularly Nvidia's (NVDA.O), opens new tab. The FT said China is concerned because the U.S. HBM controls hamper the ability of Chinese companies such as Huawei to develop their own AI chips. Successive U.S. administrations have curbed exports of advanced chips to China, looking to stymie Beijing's AI and defence development. While this has impacted U.S. firms' ability to fully address booming demand from China, one of the world's largest semiconductor markets, it still remains an important revenue driver for American chipmakers.
Reuters
an hour ago
- Reuters
China wants US to relax chip-export controls as part of trade deal, FT reports
Aug 10 (Reuters) - China wants the United States to ease export controls on a critical component for artificial intelligence chips as part of a trade deal ahead of a possible summit between U.S. President Donald Trump and Chinese President Xi Jinping, the Financial Times reported on Sunday.
Daily Record
2 hours ago
- Daily Record
Scottish Government warned to 'come clean' over £180k cash for Trump course contest
The public funding was said to be supporting the delivery of the Nexo Championships but instead it was used to buy a giant advert on the US President's Aberdeen course. The Scottish Government has been accused of misleading the public over its decision to award £180,000 of taxpayers' cash to a golf competition on Donald Trump's course. The funding, announced on the second day of the US President's visit to Scotland last month, was said to be for supporting 'delivery of this year's' Nexo Championship. But the Sunday Mail can reveal the cash was actually spent on adverts including a giant VisitScotland sign, a 30-second online advert and some 'Scotland' billboards around the Trump International course in Aberdeen. The funding had no bearing on whether the competition would go ahead as the event had been announced in May. But Scottish Greens MSP Patrick Harvie said: 'The Scottish Government needs to come clean about what Scotland gets out of this public funding. "If it's simply for advertising, they should not have claimed it was about the delivery of the event. And if it's about delivery of the event, they need to explain why a billionaire's event hosted at a billionaire's resort needs any public money at all. "It appears this was simply done to curry favour with Donald Trump, and to massage his ego. Governments should not be treating him this way.' Tourism body VisitScotland said it made the decision to spend £180,000 on advertising days after it was confirmed Trump was coming to Scotland. The spending was publicly announced by the Scottish Government on July 26 – two days before Swinney was due to meet Trump for a luxury meal at his Menie golf course. VisitScotland officials had decided they'd give the contest £180,000 in advertising money weeks earlier. The tourism body said it held talks with tour organisers and agreed to spend the money between July 10 and 13. On July 9, Police Scotland confirmed it was preparing for a possible visit from Trump later in the month. Harvie said: " 'The Scottish Government absolutely should not be pandering to him or promoting him or his businesses. 'At heart it is a question of values. Donald Trump and his values should not be welcomed in Scotland, and the First Minister would be far better reflecting that than continuing to embarrass Scotland by cozying up to him.' The Nexo Championship, previously called the Scottish Championship, is sponsored by Nexo – a cryptocurrency asset management firm which had £135million revenue last year. The European tour which the Aberdeen contest is a part of is sponsored by DP World, which had a revenue of £15billion last year and is run by Dubai entrepreneur Sultan Ahmed bin Sulayem, worth about £7billion. Swinney previously faced criticism for allowing public funds to be used on the contest given the wealth of its sponsors and its £2million prize pot. He was also accused of using the money to buy a 'five minute meet-and-greet' with the US President during his Scots visit. VisitScotland said DP World Tour made a 'proposal' for advertising 'and agreement in principle was discussed at the Genesis Scottish Open which took place 10-13 July.' A spokeswoman said: 'Our investment is for a host nation brand profile opportunity. On-course branding and advertising across live broadcast to a global audience enables … a platform for promoting Scotland and the north east, with the intention of inspiring visits.' Join the Daily Record WhatsApp community!
