Gold fell to $3,280 an ounce on Friday, hitting a four-week low, as fading geopolitical risks and easing concerns about a prolonged trade conflict dampened demand for the safe-haven asset. The U.S. and China are finalizing details of their London trade deal, which will implement the Geneva consensus. Meanwhile, investors continue to assess the prospects for a Fed rate cut, with reports suggesting President Trump may announce his Fed chair nominee as early as September or October, likely favoring a candidate who supports looser monetary conditions. Source: Newsmaker.id
Silver price slides over 2% to near $35.85 during European trading hours on Friday. The white metal faces a sharp selling pressure due to improvement in trade relations between the United States (US) and China and no signs of Israel-Iran truce violation. During the European trading session, a spokesperson from the Chinese Ministry of Commerce confirmed that Beijing has agreed to expedite exports to rare earths to the US, while Washington will revoke non-tariff barriers. Meanwhile, an increase in Federal Reserve (Fed) dovish bets due to tensions between Donald Trump and Chair Jerome Powell...
Silver is currently at $36,075, slightly weakening after selling pressure from the broader precious metals market. Fundamentally, this decline was influenced by the easing of global geopolitical tensions, especially after the ceasefire between Iran and Israel, which reduced demand for safe haven assets such as gold and silver. In addition, economic data from China as the largest consumer of industrial metals still shows weakness, especially from the manufacturing sector, which adds to concerns about short-term demand. From the US side, expectations of an interest rate cut by the Fed in...