Gold firms as trade tensions buoy safe-haven demand
Spot gold rose 0.4% to $3,354.84 per ounce, by 1153 GMT. US gold futures were up 0.1% at $3,363.40. The US dollar was down 0.1%, making gold cheaper for buyers holding other currencies. 'Gold is edging higher as bulls look to take advantage of the dollar that's a touch lighter today,' said Han Tan, chief market analyst at Nemo.Money.
'Gold enjoys plenty of supportive factors, from expectations for Fed rate cuts, US President Donald Trump's tariff threats, as well as persistent geopolitical and economic risks.' Trump escalated his trade war on Saturday, announcing a 30% tariff on most European Union and Mexican imports, after issuing similar warnings to other trading partners. The EU responded on Monday by accusing the US of resisting efforts to strike a trade deal and threatened countermeasures if no agreement is reached.
On the geopolitical front, Trump has privately urged Ukraine to ramp up strikes deep inside Russia, even asking Ukrainian President Volodymyr Zelenskiy if Moscow could be targeted with US-supplied long-range weapons, the Financial Times reported on Tuesday. The Kremlin meanwhile said on Tuesday that Trump's recent statements, including a threat of sanctions on buyers of Russian exports, are serious and require analysis.
Elsewhere, the US consumer price index (CPI) report, due at 1230 GMT, could give investors more guidance on the Federal Reserve's policy path. US consumer prices likely picked up in June, potentially marking the start of a long-anticipated, tariff-induced increase in inflation that has left the Fed cautious about resuming rate cuts. Elsewhere, spot silver gained 0.2% to $38.22 per ounce, after hitting its highest level since September 2011 on Monday.
'If the current gold to silver price ratio is maintained, at gold prices above $3,440/oz, we will see silver above $40/oz,' said WisdomTree commodities strategist Nitesh Shah. Platinum rose 1.6% to $1,385.60, while palladium rose 1.8% to $1,215.30.
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Business Recorder
6 hours ago
- Business Recorder
PM Shehbaz welcomes US-brokered peace agreement between Azerbaijan, Armenia
Pakistan has welcomed the historic peace agreement signed between the Republic of Azerbaijan and the Republic of Armenia, which was finalised at a White House Summit under the auspices of US President Donald J. Trump. In statement on his social media account, Prime Minister Shehbaz Sharif said Pakistan hailed the landmark development, calling it the 'dawn of a new era of peace, stability, and cooperation in the South Caucasus,' a region that has endured decades of conflict and human suffering. 'We congratulate President Ilham Aliyev and the people of Azerbaijan on this historic agreement,' the statement read, adding that it reflects 'wisdom, foresight and sagacity in charting a course for a peaceful future for their region.' Azerbaijan and Armenia signed a US-brokered peace agreement on Friday during a meeting with Trump that would boost bilateral economic ties after decades of conflict and move them toward a full normalisation of their relations. The deal between the South Caucasus rivals would be a significant accomplishment for the Trump administration that is sure to rattle Moscow, which sees the region as within its sphere of influence. 'It's a long time — 35 years — they fought and now they're friends, and they're going to be friends for a long time,' Trump said at a signing ceremony at the White House, where he was flanked by Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan. Armenia, Azerbaijan agree treaty terms to end almost 40 years of conflict Armenia and Azerbaijan have been at odds since the late 1980s when Nagorno-Karabakh, a mountainous Azerbaijani region mostly populated by ethnic Armenians, broke away from Azerbaijan with support from Armenia. Azerbaijan took back full control of the region in 2023, prompting almost all of the territory's 100,000 ethnic Armenians to flee to Armenia. In his remarks, PM Shehbaz reaffirmed Pakistan's steadfast support for the 'brotherly nation of Azerbaijan' and expressed solidarity with them during this 'proud moment of their history.' The premier also extended his appreciation to the United States and President Trump for their crucial facilitation role in bringing the two sides together. The agreement, he said, will 'open new avenues for trade, connectivity, and regional integration.' He expressed the hope that this spirit of dialogue would serve as an example for other regions around the world that are facing protracted conflicts. FM Dar hails resolution of decades-old conflict Meanwhile, Deputy Prime Minister and Foreign Minister Ishaq Dar also hailed the decision measures for resolution of decades-old conflict. 'Today marks a truly historic moment as Azerbaijan and Armenia take a decisive step towards resolving a bitter conflict that has lasted for over three decades,' he wrote in a post on his social media account. He commended the vision and resolve shown by President Aliyev in steering this process, and deeply appreciated the role of President Trump in facilitating this breakthrough. 'I also extend my heartiest congratulations to my brother Foreign Minister Jeyhun Bayramov as Azerbaijan moves forward on the path of peace with Armenia. 'May this milestone pave the way in the Caucasus for a future free of the painful shadows of the past, and one built on peace, stability, and hope,' he added.
Express Tribune
7 hours ago
- Express Tribune
Azerbaijan, Armenia sign US-brokered peace deal
U.S. President Donald Trump and Armenia's Prime Minister Nikol Pashinyan gesture at the White House in Washington, D.C., U.S., August 8, 2025. Photo: Reuters Listen to article Azerbaijan and Armenia signed a US-brokered peace agreement on Friday during a meeting with US President Donald Trump that would boost bilateral economic ties after decades of conflict and move them toward a full normalization of their relations. The deal between the South Caucasus rivals - assuming it holds - would be a significant accomplishment for the Trump administration that is sure to rattle Moscow, which sees the region as within its sphere of influence. "It's a long time - 35 years - they fought and now they're friends, and they're going to be friends for a long time," Trump said at a signing ceremony at the White House, where he was flanked by Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan. Trump said the two countries had committed to stop fighting, open up diplomatic relations and respect each other's territorial integrity. US President Donald Trump holds the hands of Azerbaijan's President Ilham Aliyev and Armenia's Prime Minister Nikol Pashinyan as they shake hands between each other during a trilateral signing event, at the White House, in Washington, D.C., August 8, 2025. Photo: Reuters The agreement includes exclusive US development rights to a strategic transit corridor through the South Caucasus that the White House said would facilitate greater exports of energy and other resources. Trump said the United States signed separate deals with each country to expand cooperation on energy, trade and technology, including artificial intelligence. Details were not released. Read: Trump announces trade deal, oil partnership with Pakistan US officials believe a peace deal between Armenia and Azerbaijan could prompt negotiations on the entry of Azerbaijan into the Abraham Accords, the series of normalization agreements that Trump brokered between Israel and four Muslim-majority countries in his first term. He said restrictions had also been lifted on defense cooperation between Azerbaijan and the United States, a development that could also worry Moscow. Both leaders praised Trump for helping to end the conflict and said they would nominate him for the Nobel Peace Prize. PM Shehbaz welcomes the peace deal Prime Minister Shehbaz Sharif welcomed the White House-brokered peace agreement between Azerbaijan and Armenia, praising both nation's leadership and noting US President Donald Trump's role in facilitating the deal. Pakistan welcomes the historic peace agreement signed between the Republic of Azerbaijan and the Republic of Armenia at the White House Summit under the auspices of U.S. President Donald J. Trump @realDonaldTrump This landmark development marks the dawn of a new era of peace,… — Shehbaz Sharif (@CMShehbaz) August 9, 2025 Trump has tried to present himself as a global peacemaker in the first months of his second term. The White House credits him with brokering a ceasefire between Cambodia and Thailand and sealing peace deals between Rwanda and the Democratic Republic of the Congo, and Pakistan and India. US President Donald Trump and Armenia's Prime Minister Nikol Pashinyan gesture at the White House in Washington, DC, US, August 8, 2025. Photo: Reuters Conflict Armenia and Azerbaijan have been at odds since the late 1980s when Nagorno-Karabakh, a mountainous Azerbaijani region mostly populated by ethnic Armenians, broke away from Azerbaijan with support from Armenia. It's a long time - 35 years - they fought and now they're friends, and they're going to be friends for a long time US President Azerbaijan took back full control of the region in 2023, prompting almost all of the territory's 100,000 ethnic Armenians to flee to Armenia. Under the Soviet Union, Nagorno-Karabakh became an autonomous region within the republic of Azerbaijan, and it enjoyed de facto independence for decades after Soviet collapsed in 1991. Russia However, he has not managed to end Russia's 3-1/2-year-old war in Ukraine or Israel's conflict with Hamas in Gaza. Trump on Friday said he would meet Russian President Vladimir Putin in Alaska on August 15 to work on ending the war. Read more: Azerbaijan to export 1.2 bcm of gas to Syria US officials said the agreement was hammered out during repeated visits to the region and would provide a basis for working toward a full normalization between the countries. The peace deal could transform the South Caucasus, an energy-producing region neighboring Russia, Europe, Turkey and Iran that is criss-crossed by oil and gas pipelines but riven by closed borders and longstanding ethnic conflicts. Brett Erickson, a sanctions expert and adviser to Loyola University's Chicago School of Law, said the agreement would help the West crack down on Russian efforts to evade sanctions. 'The Caucasus has been a blind spot in sanctions policy," he said. "A formal peace creates a platform for the West to engage Armenia and Azerbaijan ... to shut down the evasion pipelines.' Tina Dolbaia, an associate fellow at the Center for Strategic and International Studies, said Friday's signing was a big symbolic move, but many questions remained, including which US companies might control the new transit corridor and how involved Armenia and Azerbaijan would be in its construction. She said Russia would likely be irritated by being excluded from the agreement and the US role in the corridor. "Now the fact that ... Armenians are shaking hands with Azerbaijanis, and they are talking about US involvement in this corridor - this is huge for Russia," she said. Olesya Vartanyan, an independent regional expert, said the deal added greater predictability to the region, but its long-term prospects would depend on continued US engagement. "Armenia and Azerbaijan ... have a much longer track record of failed negotiations and violent escalations than of peaceful resolutions," she said. "Without proper and continued US involvement, the issue will likely get deadlocked again, increasing the chances of renewed tensions." Senior administration officials said the agreement marked the end to the first of several frozen conflicts on Russia's periphery since the end of the Cold War, sending a powerful signal to the entire region. Armenia plans to award US exclusive special development rights for an extended period on the transit corridor, U.S. officials told Reuters this week. The so-called Trump Route for International Peace and Prosperity has already drawn interest from nine companies, including three US firms, one official said on condition of anonymity. Daphne Panayotatos, with the Washington-based rights group Freedom Now, said it had urged the Trump administration to use the meeting with Aliyev to demand the release of some 375 political prisoners held in the country. Azerbaijan, an oil-producing country that hosted the United Nations climate summit last November, has rejected Western criticism of its human rights record, describing it as unacceptable interference.
Express Tribune
11 hours ago
- Express Tribune
How to win Trump over
Apple chief Tim Cook went straight to the point: "It's 24-karat gold... I'll take the liberty of setting it up." "Wow," said a clearly enthralled Donald Trump, as Cook assembled a unique gift for the US president — a custom-engraved glass piece made by iPhone glassmaker Corning, set in a gold base. The scene — which unfolded Wednesday in the Oval Office — is just one of many over-the-top efforts made by world leaders and industry titans to get in Trump's good graces. The Republican billionaire president is known for loving all that glitters — as evidenced by the gilded revamp of his office — and also loves seeing his name in bold font. Both of those things did not escape Cook, who is mindful of remaining friendly with a head of state known for condemning Apple for not making its iconic iPhones in the United States -- and occasionally threatening to punish the company. Beyond promising an additional $100 billion investment in the United States, Cook also offered Trump a gleaming gift made in the USA — a glass disk produced in Kentucky and designed by a former Marine Corps corporal now working at Apple. On a more solemn note, Cambodian Prime Minister Hun Manet just nominated Trump for the Nobel Peace Prize — an honor that the real estate mogul-reality television star-president believes he deserves for meditating various conflicts. Hun Manet's letter to the Norwegian Nobel Committee praised Trump's "visionary and innovative diplomacy" as well as his "historic contributions in advancing world peace." Israeli Prime Minister Benjamin Netanyahu, keen to maintain Washington's support for his government during the Gaza war, also nominated Trump, as did Pakistan. A Nobel announcement is expected in October.
