Gold (XAU/USD) is benefiting from renewed trade tensions on Monday, which have triggered demand for the safe-haven yellow metal. As the August 1 tariff deadline looms, prospects of a deal between the European Union (EU) and the United States (US) are fading. As a result, XAU/USD has recovered with bulls approaching the $3,400 psychological barrier at the time of writing. EU-US trade tensions rise, lifting demand for Gold Ongoing talks between the EU and the US have failed to make any meaningful progress over recent weeks. US President Donald Trump has threatened to impose a 30% tariff on...
Oil nudged lower following its first weekly drop this month, with traders focused on US tariff talks and the European Union's efforts to curb Russian energy exports. West Texas Intermediate crude fell 1% to trade below $67 a barrel, after slipping 1.6% last week. EU envoys are set to meet as early as this week to formulate a plan to respond to a possible no-deal scenario with US President Donald Trump, whose position is seen to have stiffened ahead of an Aug. 1 deadline. Late last week, the 27-nation bloc agreed on a package of sanctions against Moscow,...
Gold rose to its highest level in more than a month as traders assessed the impact of tariffs on inflation and interest rates in the absence of relevant economic data. The dollar and bond yields weakened on Monday, pushing bullion prices up as much as 1.5%. Bullion typically benefits when the US dollar weakens and in a lower interest rate environment. Macro funds have begun buying back their previously established short positions in gold, according to TD Securities. Bullion is set to see further gains, driven by catalysts including trade wars, continued interest rate cuts, a stagflationary...
Gold prices surged more than 1% on Monday (July 21st) as the US dollar and US Treasury yields fell sharply amid uncertainty over a trade deal, amidst overall risk sentiment in the market. At the time of writing, XAU/USD was trading at $3,397 after bouncing off a daily low of $3,338. Risk appetite improved as traders awaited the release of US financial reports. Meanwhile, the August 1st deadline for tariffs imposed by the White House is approaching, making investors uneasy about the trade deal between the US and its three major trading partners, including the European Union (EU), Canada, and...
Oil prices weakened slightly on Monday as the latest European sanctions on Russian oil are expected to have a minimal impact on supply, but losses were offset by investors weighing the potential for a reduction in diesel supplies. Brent crude futures fell 7 cents, or 0.1%, to $69.21 a barrel. U.S. West Texas Intermediate crude fell 14 cents, or 0.2%, to $67.20. The European Union on Friday approved its 18th package of sanctions against Russia over its war in Ukraine, which also targets India's Nayara Energy, an exporter of refined Russian crude. "The market currently believes that supply...