Gold prices posted minimal losses on Monday (07/07) as concerns about a possible resumption of trade wars mounted, following US President Donald Trump's announcement on his social media platforms of the first trade letters sent to South Korea and Japan, imposing duties on goods and products. At the time of writing, XAU/USD was trading at $3,333, down 0.06%.
The trade war resumed after Trump announced a 25% tariff on all Korean and Japanese products shipped to the US, starting from August 1. US Treasury yields have risen as has the US Dollar. Gold prices have recovered but remain down as risk appetite soured with a decline in US equity markets.
Meanwhile, economic data proved Trump's call for lower interest rates wrong, following last week's strong Nonfarm Payrolls report for June. The reading beat estimates and May's figure, pushing the Unemployment Rate lower. Following the data, traders expect prices to fall by 14 basis points (bps) to just 50, according to data from the Chicago Board of Trade.
Gold bullion prices are set to rise as data revealed that China's central bank added the yellow metal to its reserves in June for the eighth straight month.
Ahead of the week, traders will be looking at the Minutes of the Federal Reserve's (Fed) latest monetary policy meeting and speeches by several Fed officials. Additionally, Initial Jobless Claims figures for the week ending July 5 will provide an update on the US economic status. (alg)
Source: FXstreet
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