Gold holds gain as markets monitor Trump's tariff rollout
Bullion traded near US$3,290 an ounce as markets opened in Asia, after ending the previous session 0.5 per cent higher.
The US will maintain a minimum global tariff of 10 per cent, while imports from countries with trade surpluses with the nation face duties of 15 per cent or higher. Early market reaction was muted, showing investors were unsurprised by the announcement.
Trump's tariff agenda and concerns about a global trade war have been a major catalyst for gold's surge by about a quarter this year - including to an all-time high above US$3,500 an ounce in April - while geopolitical conflicts have sparked demand for havens.
Still, the precious metal has been trading within a relatively tight range for months amid signs that investors have become increasingly inured to trade developments. The dollar closed out its best month of 2025 in July, adding additional headwinds for bullion as it is priced in the currency.
Spot gold was up 0.1 per cent to US$3,291.46 an ounce at 7.45 am in Singapore, with prices down 1.4 per cent so far this week. The Bloomberg Dollar Spot Index was little changed. Silver was little changed, while platinum and palladium rose.
Along with trade talks, investors will also focus on Friday's US employment figures for July, which are expected to show job growth moderated and unemployment rose. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
30 minutes ago
- Straits Times
Mexico set to discuss US tariffs with Canada as ministers visit
Sign up now: Get ST's newsletters delivered to your inbox MEXICO CITY - Mexican Economy Minister Marcelo Ebrard said he is set to speak with Canada's finance minister, who is visiting Mexico City, later on Tuesday about the two countries' experiences in dealing with tariffs imposed on goods shipped to the United States. "They want to know how Mexico is getting these results," Ebrard told journalists. Mexico was able to avoid 30% tariffs on its shipments to the U.S. set to come into force last week, securing a 90-day pause to work on a trade deal with the government of U.S. President Donald Trump. Meanwhile, Trump slapped a 35% duty on many goods coming from Canada, hiking the rate from a 25% fentanyl-related tariff imposed earlier this year. "We're going to exchange experiences," Ebrard said. "They're paying a 35% tariff, and Mexico isn't." Mexico is still subject to the previously imposed 25% fentanyl tariffs, though goods sent under the United States-Mexico-Canada (USMCA) trade agreement - which are most of them - are exempt. Trump has said the U.S. would continue to levy a 50% tariff on Mexican steel, aluminum and copper and a 25% tariff on Mexican autos and on the non-USMCA-compliant goods. Mexican President Claudia Sheinbaum met with the Canadian finance minister, Francois-Philippe Champagne, as well as Foreign Minister Anita Anand, earlier in the day at Mexico's national palace. "We're strengthening the relationship between our countries," she said in a post on X. REUTERS
Straits Times
an hour ago
- Straits Times
Trump administration formally axes Elon Musk's 'five things' email
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Nov 16, 2024; New York, NY, USA; President-elect Donald Trump talks with Elon Musk (right) during UFC 309 at Madison Square Garden. Mandatory Credit: Brad Penner-Imagn Images/File Photo WASHINGTON - The Trump administration on Tuesday formally axed a program launched by billionaire former Trump adviser Elon Musk requiring federal employees to summarize their five workplace achievements from the prior week, as first reported by Reuters. The Office of Personnel Management, the federal human resources agency that implemented Musk's push to slash the federal workforce, announced the end of the "five things" email via a memo that rescinds guidance instructing workers to comply with the initiative. "At OPM, we believe that managers are accountable to staying informed about what their team members are working on and have many other existing tools to do so," OPM Director Scott Kupor said in a statement, adding the agency told government HR representatives that OPM would no longer manage the process nor use it internally. While many federal agencies had already phased out compliance with the weekly email, the move signals the Trump administration is turning the page on one of Musk's most unpopular initiatives following a falling out between the two men in early June. The White House did not respond to a request for comment. Musk, who spent over a quarter of a billion dollars to help Trump win November's presidential election, led the Department of Government Efficiency's efforts to slash the budget and cut the federal workforce until his departure in May to refocus on his tech empire. Musk initially received a warm White House sendoff from Trump, but then incurred the president's wrath by describing Trump's tax cut and spending bill as an abomination. Top stories Swipe. Select. Stay informed. Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Doctor hounded ex-girlfriend, threatened to share her intimate photos, abducted her off street Asia Trump's transactional foreign policy fuels 'US scepticism' in Taiwan Business Women on corporate boards give firms a competitive advantage, says Australian Governor-General Singapore CEO of sports car distributor accused of offences including multiple counts of false trading Trump pulled the nomination of Musk ally and tech entrepreneur Jared Isaacman to lead NASA and later threatened to cancel billions of dollars worth of federal contracts with Musk's companies after the blowup between the two men. The "five things" email, launched by Musk in February to boost accountability, sparked tensions with department chiefs who were blindsided by the weekend email mandating the move. It also fueled confusion among government workers who received mixed messages about whether and how to comply. Reuters reported in March that the White House installed two Trump loyalists at OPM to ensure better policy coordination between the White House and the agency. Scott Kupor, a venture capitalist who took the helm at OPM in July, foreshadowed the end of the initiative last month, describing processing of the weekly response emails as "very manual" and "not efficient." It is "something that we should look at and see, like, are we getting the value out of it that at least the people who put it in place thought they were," he said. REUTERS
International Business Times
2 hours ago
- International Business Times
Wall Street and Global Markets Rise as Weak Jobs Data Fuels Fed Cut Expectations
Global markets climbed for a second consecutive day on Tuesday, on optimism that the U.S. Federal Reserve could cut rates as early as next month. U.S. futures were trading higher, with the Dow Jones Industrial Average up 0.3%, the S&P 500 gaining 0.4%, and Nasdaq up by 0.4%. freepik In Europe, the STOXX 600 index was up 0.4% in early trade, while Asia's MSCI Asia-Pacific index outside Japan advanced 0.8%. South Korea's KOSPI jumped 0.8%, while Japan's Nikkei slipped 1.6%, partly due to a stronger yen. Chinese blue-chip stocks stayed flat. US markets rallied Monday as investors took favorably to better-than-expected earnings and rising expectations of a September rate cut. The optimism was due to a weaker job data report released on Friday that showed slowing growth of the US economy, leading to expectations that the Fed would step in to support the economy. Trade Moves by Trump Alarm Geopolitical Leaders US President Donald Trump Threatens To Increase India's Tariffs In Response To Ongoing Oil Trade With Russia. India strongly condemned the criticism and said it would continue to defend its economic interests. Trump also created a stir when he dismissed the head of the U.S. Bureau of Labor Statistics, which produces the jobs report. The announcement prompted questions about the politicization of government data and followed a lackluster jobs report on Friday. Compounding the unease is that Trump has the chance to nominate a new Federal Reserve governor after Democrat Adriana Kugler stepped down early from the Fed. Some analysts fear the development could impair future Fed decisions, with Trump already badgering Fed Chair Jerome Powell to cut rates. Investors Focus on Central Banks and Earnings. Expectations for a September rate cut now stand at 94%, up from 63% in late July, according to the CME FedWatch Tool. The Bank of England is also forecast to reduce interest rates this week, even as inflation remains stubbornly high in the UK. Investors also have earnings from Disney and Caterpillar to digest. On Monday, tech stocks like Nvidia, Alphabet, and Meta boomed. The AI tools supplier also upped its full-year revenue guidance on the back of strong demand. Commodities and Currency Market Update The dollar index was up 0.34%, having stabilized after two straight days of declines. The single currency was down 0.25% to $1.1543, and the dollar strengthened to 147.6 yen. OPEC+ supply boost sends Brent crude oil down 1% at $68.05 per barrel. Bitcoin inched 0.6% lower to $114,235, with gold bouncing back from profit-taking selling to trade just behind the precious metal at $3,375 per ounce.
