Gold prices rose more than 1% on Thursday (July 31st), pulling away from a one-month low hit in the previous session, as a weaker dollar and the announcement of new US tariffs boosted demand for the safe-haven asset. Spot gold rose 1.1% to $3,312.03 an ounce, as of 06:12 GMT. The bullion had hit its lowest level since June 30th at $3,267.79 on Wednesday. US gold futures rose 0.4% to $3,309. The dollar weakened from a two-month low, making gold cheaper for holders of other currencies. "We had some significant declines in gold prices yesterday around the release of the FOMC statement and the...
Oil prices held gains this week as traders grappled with President Donald Trump's threat to impose punitive tariffs on Russian energy buyers. West Texas Intermediate crude oil prices were little changed on Thursday, but closed at a six-week high the day before. The US president said he would impose tariffs on Indian exports and penalties on its energy purchases from Russia starting August 1, the latest in a series of comments in which he expressed anger over the lack of a ceasefire in Ukraine. While the market impact of a disruption in Indian purchases could be significant, as Moscow would...
Gold rose, reversing some of the previous session's losses as traders reduced their bets on a September interest rate cut from the US Federal Reserve. Bullion rose 0.7% to trade near $3,299 an ounce, following a decline in the dollar after Fed Chairman Jerome Powell announced that interest rates would be held steady. "There's still a lot of uncertainty to be resolved," Powell said in a post-meeting press conference. "It doesn't feel like we're that close to the end of that process." Traders reduced the probability of a September rate cut to less than 50% after Powell's remarks. Higher...