Gold Prices Fall as Dollar Strengthens Amid Uncertainty Around Powell - Jordan News
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Jordan News
10 hours ago
- Jordan News
Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
Oil prices showed little change on Wednesday after three consecutive sessions of declines, as a tariff agreement between the United States and Japan boosted global trade confidence. اضافة اعلان By 06:54 GMT, Brent crude futures dipped by 2 cents (0.03%) to $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by the same margin to $65.29 per barrel. Both benchmarks had dropped by about 1% in the previous session after the European Commission said it was considering countermeasures in response to U.S. tariffs, dashing hopes for a deal before August 1. U.S. President Donald Trump announced Tuesday that Washington and Tokyo had reached a trade agreement imposing a 15% tariff on Japanese imports, in return for Japan committing to invest $550 billion in the United States. Market attention is now turning to the EU–China summit scheduled for Thursday, which will test the EU's unified stance amid escalating trade tensions with both Beijing and Washington. Vandana Hari, founder of Vanda Insights, remarked: 'The recent price slump appears to have halted, but I don't expect the U.S.–Japan agreement to offer much bullish momentum, as ongoing delays and obstacles in negotiations with the EU and China will continue to weigh on market sentiment.' Meanwhile, the Chinese Ministry of Commerce reported that the Chinese Trade Minister and the EU Trade Commissioner held 'frank and in-depth discussions' on economic cooperation and other issues ahead of the summit. On the supply side, market sources citing data from the American Petroleum Institute (API) indicated that U.S. crude oil and gasoline inventories fell last week, while distillate stocks rose by 3.48 million barrels. ING Research noted in a memo: 'This offers some relief to the tight middle distillate market,' adding that the decline in crude inventories would support prices despite expectations of a large surplus later this year. In a separate development, U.S. Energy Secretary stated Tuesday that the U.S. may consider sanctions on Russian oil to help end the war in Ukraine. The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
Jordan News
15 hours ago
- Jordan News
Trump Announces Trade Deal with Japan - Jordan News
Trump Announces Trade Deal with Japan Former U.S. President Donald Trump announced late last night that the United States has reached a trade agreement with Japan that includes the imposition of a 15% U.S. tariff on Japanese goods. اضافة اعلان In a post on his social media platform, Truth Social, Trump stated, "We have just signed a massive agreement with Japan — perhaps the biggest deal ever," noting that under the deal, "Japan will invest $550 billion in the United States, which will receive 90% of the profits." He added, "More importantly, Japan will open its markets to trade, including for cars, trucks, rice, some other agricultural products, and more." He pointed out that Japan will pay reciprocal tariffs to the United States at a rate of 15%. Trump has been under pressure to conclude trade agreements with America's trade partners, having promised to do so by August 1 — the deadline he had set before increasing tariffs on countries that fail to reach agreements with the U.S. This agreement follows other recent trade deals the United States has signed in the past few weeks with the Philippines, Indonesia, the United Kingdom, and Vietnam. — (Petra)
Ammon
18 hours ago
- Ammon
Gold eases as US-Japan trade deal lifts risk appetite; weak dollar caps losses
Ammon News - Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion. Spot gold was down 0.2% at $3,422.95 per ounce, as of 0459 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,436.10. Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. Offering support to bullion, the U.S. dollar index languished near a two-week low against its rivals, making greenback-priced gold less expensive for other currency holders. Benchmark 10-year U.S. Treasury yields on Tuesday touched their lowest level since July 9. Elsewhere, spot silver fell 0.2% to $39.20 per ounce, platinum edged 0.1% lower to $1,439.65 and palladium slipped 0.2% to $1,272.50. Reuters
