financetom
World
financetom
/
World
/
PRECIOUS-Gold at over one-week low as higher dollar, yields dent appeal
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
PRECIOUS-Gold at over one-week low as higher dollar, yields dent appeal
Jul 9, 2025 2:30 AM

(Adds comments and updates for EMEA morning session)

*

Dollar hovers near two-week peak

*

Trump says U.S. to impose 50% tariff on copper imports

*

Focus on Fed minutes due later in the day

*

Palladium down more than 2%

By Brijesh Patel, Anushree Mukherjee

July 9 (Reuters) - Gold prices extended their fall to a

more than one-week low on Wednesday, with investors favouring

the dollar after U.S. President Donald Trump's latest tariff

threats raised fears of a global trade war.

Spot gold was down 0.4% at $3,285.92 per ounce, as of

0853 GMT, its lowest level since June 30.

U.S. gold futures fell 0.7% to $3,293.80.

"The dollar has stabilised a little bit, and bond yields

have risen as well, which kind of reduces the appeal of

low-yielding assets like the Japanese yen, gold," said Fawad

Razaqzada, market analyst at City Index and FOREX.com.

The U.S. dollar index rose 0.2% after hitting a

two-week high in the previous session, while the yield on

benchmark 10-year U.S. Treasury notes hovered near a

three-week high, denting non-yielding bullion's appeal.

Trump said he would impose a 50% tariff on imported copper and

introduce long-threatened levies on semiconductors and

pharmaceuticals.

Trump reiterated his threat of 10% tariffs on BRICS nations on

Tuesday, a day after notifying 14 countries, including Japan and

South Korea, of tariff increases set to take effect on August 1.

Trump said on Tuesday that trade talks have been going well

with the European Union and China, though he added he is only

days away from sending a tariff letter to the EU.

In the near term, expect gold to continue moving sideways.

On the downside, support comes in at $3,250. On the upside,

resistance is seen around $3,300, Razaqzada said.

Investors now look forward to minutes from the U.S. Federal

Reserve's latest meeting, due later in the day, for hints of

potential interest rate cuts.

Trump has repeatedly

criticised

Fed Chair Jerome Powell for not cutting interest rates and

has floated the idea of naming his successor soon.

/p>

Spot silver fell 0.8% to $36.48 per ounce, platinum

shed 1% to $1,345.43 and palladium lost 2.5% to

$1,082.76.

text_section_type="notes">Reuters Terminal users can see

related news and prices by clicking on the codes in brackets:

All precious metals headlines Precious metals market

reports European gold prices

London Bullion Market Association

New York Comex gold and silver New

York platinum and palladium

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
GLOBAL MARKETS-Stocks sell off, dollar gains as Trump plans 25% tariffs on Japan, South Korea
GLOBAL MARKETS-Stocks sell off, dollar gains as Trump plans 25% tariffs on Japan, South Korea
Jul 7, 2025
* Trump unveils 25% tariffs on Japan, South Korea * Longer-dated Treasuries up * Tesla shares fall on Musk's political ambition (Updates with closing US market levels) By Caroline Valetkevitch NEW YORK, July 7 (Reuters) - Major stock indexes declined while the dollar strengthened on Monday as U.S. President Donald Trump unveiled sharply higher U.S. tariffs on goods from Japan,...
Nasdaq, S&P 500 Retreat as Trump Sets Tariffs Against Trading Partners; Tesla Shares Sink
Nasdaq, S&P 500 Retreat as Trump Sets Tariffs Against Trading Partners; Tesla Shares Sink
Jul 7, 2025
05:17 PM EDT, 07/07/2025 (MT Newswires) -- US equities fell on Monday, with the Nasdaq Composite and the S&P 500 pulling back from record highs, as President Donald Trump announced tariffs on several trading partners. The tech-heavy Nasdaq fell 0.9% to 20,412.5, while the S&P 500 lost 0.8% to close at 6,230. The two indices reached fresh all-time highs Thursday,...
PRECIOUS-Gold steady after Trump unveils steeper tariffs, Treasury yields weigh
PRECIOUS-Gold steady after Trump unveils steeper tariffs, Treasury yields weigh
Jul 7, 2025
July 8 (Reuters) - Gold prices steadied on Tuesday as U.S. President Donald Trump announced sharply higher tariffs on goods from Japan, South Korea and other nations, while higher U.S. treasury yields capped gains. FUNDAMENTALS * Spot gold fell 0.1% to $3,331.89 per ounce as of 0035 GMT. U.S. gold futures were steady at $3,341.80. * On Monday, Trump began...
Goldman Sachs raises S&P 500 return forecasts
Goldman Sachs raises S&P 500 return forecasts
Jul 7, 2025
SINGAPORE, July 8 (Reuters) - Goldman Sachs ( GS ) has raised its three-, six- and 12-month S&P 500 return forecasts, citing expectations of earlier and deeper U.S. interest rate cuts and continued fundamental strength of the largest stocks as reasons for the optimism. The brokerage said in a note late on Monday that its new three- and 12-month returns...
Copyright 2023-2026 - www.financetom.com All Rights Reserved