Gold eases on profit-taking, eyes on Trump's Fed picks
Spot gold fell 0.2% to $3,373.59 per ounce by 02.00 p.m. ET (1800 GMT). U.S. gold futures settled flat at $3,433.4.
"We view this as a bit of a pullback ... a little profit-taking from the recent move higher in the midst of a quieter time on the economic front, and a little lesser need for that safe-haven demand," said David Meger, director of metals trading at High Ridge Futures.
Gold logged gains for three consecutive sessions after weaker-than-expected U.S. employment growth data on Friday. Market participants now see a more than 93% chance of a September rate cut, up from 63% earlier, according to CME FedWatch, opens new tab.
Gold tends to perform well during economic uncertainty and a low-interest environment further supports the non-yielding asset.
Trump said on Tuesday he will name a Fed Board nominee by the end of the week and has narrowed options to replace Chair Jerome Powell.
Elsewhere, spot silver added 0.1% to $37.88 per ounce. Meanwhile, platinum gained 0.9% to $1,332.26 and palladium dropped 2.7% to 1,143.52, hitting its lowest level since July 10 earlier today.
"The concern about sanctions on Russia has been one of the factors that had supported platinum and palladium over the course of the last several weeks," Meger said.
"So, the prospects for decreased tensions between the U.S. and Russia most certainly has allowed for prices to come down in recent sessions," he added.
Russia is a major supplier of palladium and platinum.
U.S. envoy Steve Witkoff held "useful and constructive" talks with Russian President Vladimir Putin, a Kremlin aide said, two days before the expiry of a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions.
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Reuters
18 minutes ago
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Suspect in shooting of Minnesota lawmakers pleads not guilty in federal court
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The Independent
19 minutes ago
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Another week, another deadline: Timeline of Trump's promises to end Russia's war on Ukraine
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Trump has made a meeting between Putin and Ukrainian President Volodymyr Zelensky - which would be a first since the invasion began in February 2022 - a condition of a US-Russia meeting. So far, Putin has not conceded. Having repeatedly vowed to end the war 'within 24 hours' of taking up office, Trump now faces mounting pressure as his deadlines slip and Putin shows no sign of backing down. But his growing 'disappointment' in Putin and sanction threats suggest his patience is wearing thin. Here, The Independent looks at the times Trump has set deadlines for Russia: On the campaign trail While campaigning for a second term in office, Trump said dozens of times he would end the war in Ukraine within 24 hours of returning to the White House. He repeatedly asserted he would have the war 'settled' if he became president again, including at both presidential debates of 2024. CNN has counted at least 53 occasions between March 2023 and October 2024 that Trump made such comments. 20 January, Inauguration Day Trump reiterated his desire to end the war when he was inaugurated, although no explicit deadline was given. 'Our power will stop all wars and bring a new spirit of unity to a world that has been angry, violent, and totally unpredictable,' the US President said in his Inaugural Address. Later that day, he discussed Putin to reporters: 'I mean, he's grinding it out, but most people thought that war would have been over in one week, and now we're into three years. So he can't be thrilled, [it's] not making him look very good.' 22 January, the first 48 hours By 22 January, Trump had not spoken to Putin since he was sworn in but he said his aides were working to arrange a conversation. He threatened unspecified sanctions on Moscow if Putin didn't come to the negotiating table 'soon'. In a post on his Truth Social platform, Trump said he was 'not looking to hurt Russia' and expressed 'love' for the Russian people. The president boasted of his 'very good relationship' with Putin – who in 2016 ordered what the Department of Justice called a 'sweeping and systematic' effort to interfere in the presidential election on Trump's behalf. Trump has repeatedly claims that interference in the election is a 'hoax'. 'All of that being said, I'm going to do Russia, whose Economy is failing, and President Putin, a very big FAVOR. Settle now, and STOP this ridiculous War! IT'S ONLY GOING TO GET WORSE,' Trump said. Russia's deputy UN ambassador Dmitry Polyanskiy said Moscow would need to see what Trump's definition of a 'deal' would look like before coming to the negotiating table. 12 February, Putin-Trump call Trump said he spoke to Putin and agreed to 'immediately' start talks on ending Ukraine war in the two leaders' first direct exchange since the invasion. He claimed Putin agreed to closely cooperate and host official visits, and that their teams would begin negotiations right away. The call marked a break-away from the Biden administration policy to not discuss Ukraine without Kyiv's presence. He said he later spoke with Zelensky but did not commit to making Ukraine an equal participant to US negotiations with Russia. It came as his defence secretary announced an end to longstanding US policy supporting Ukrainian membership in NATO. In response, Zelensky maintained a brave face, saying he had a 'meaningful conversation' with Trump and that Kyiv was ready to 'work together at a team level'. Kremlin spokesman Dmitry Peskov said Putin emphasised the need to remove the war's 'root causes' but that settlement could be reached through peace talks. 28 February, The Oval Office meeting By month's end and moments after saying he wished to be remembered as a 'peacekeeper,' Trump berated Zelensky in the tense Oval Office meeting, as press and stunned diplomats looked on. With support from his deputy, JD Vance - who repeatedly pressed Zelensky on whether he'd ever said 'thank you' for US military assistance - Trump condemned the Ukrainian leader as 'disrespectful' and called off a minerals deal he had touted as a step toward peace. Claiming to be 'caught in the middle', he cited Zelensky's 'hatred' for Putin as a major obstacle to ending the war. Trump suspended military aid to Ukraine on 3 March. The next day, Zelensky extended an olive branch to Trump and said the showdown was 'regrettable' and remained committed to cooperating over a peace deal. 14 March, '24-hour promise was sarcastic' Trump claimed he was 'being a little bit sarcastic' when he repeatedly said as a candidate that he would end the war within 24 hours. In the following days he spoke with both Zelensky and Putin on successive days. In one call on 18 March, Putin refused to back Trump's suggested full 30-day ceasefire but agreed not to target Ukraine's energy infrastructure. The next day, Trump proposed that Zelensky consider handing over ownership of Ukraine's power plants to the U.S. for security - an idea Zelensky strongly rebutted. 14 April, Trump blames everyone for no deal By 14 April, Trump blamed everyone: Zelensky, Putin and Biden. 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He expressed strong disappointment with Russian President Putin, accusing him of being 'all talk' and condemning Russia's attacks on Ukrainian civilian targets. While the US does not have a current trade relationship with Russia, following Biden's sanctions, secondary tariffs aimed to punish countries buying Russian oil. China and India are among the biggest purchasers and refine the oil for export elsewhere. But rather than be spooked, the Russian stock market rose by 2.7 per cent as the country had expected tougher sanctions. 28 July, shortens deadline 10-12 days Trump again said he is 'very disappointed' in Putin and that he's cutting Moscow's 50-day deadline to avoid secondary sanctions on Russian oil to between 10 and 12 days from then, unless Putin ends the war. Speaking alongside Prime Minister Sir Keir Starmer on the steps of his Turnberry golf resort in Scotland, Trump complained that Putin had too often talked a good game about wanting to reach a ceasefire in the conflict only to resume bombing civilian targets in short order. As Trump grew significantly frustrated with Putin in recent weeks, he gave him until Friday 8 August to make progress toward peace in Ukraine or face tougher sanctions. However, the day before the deadline the Kremlin said Putin would be meeting with Trump next week.
The Independent
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Popular whiskey brand hit with $100 million lawsuit for allegedly not paying back its loans
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