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PRECIOUS-Gold rises on weaker dollar as markets await Fed rate-cut clues
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PRECIOUS-Gold rises on weaker dollar as markets await Fed rate-cut clues
Jun 30, 2025 6:13 PM

July 1 (Reuters) - Gold prices rose on Tuesday,

supported by a weaker U.S. dollar, as investors awaited labour

market data due later this week to assess the Federal Reserve's

potential rate-cut trajectory amid renewed calls from U.S.

President Donald Trump to lower rates.

FUNDAMENTALS

* Spot gold was up 0.3% at $3,312.25 per ounce, as of

0042 GMT, while U.S. gold futures rose 0.5% to

$3,323.10.

* The U.S. dollar index fell 0.2%, hovering near a

three-year low, making bullion more affordable for holders of

other currencies.

* Trump continued to press the Fed on Monday to ease

monetary policy, sending Fed Chair Jerome Powell a list of

global central bank interest rates, annotated with handwritten

comments urging U.S. rates to align with Japan's 0.5% and

Denmark's 1.75%.

* U.S. Treasury Secretary Scott Bessent said Monday that the

administration is considering using the next expected Federal

Reserve Board of Governors vacancy in early 2026 to appoint a

successor to Powell.

* Federal Reserve Bank of Atlanta President Raphael Bostic

said Monday that the economy has yet to face the full impact of

Trump's trade tariffs and reiterated that he expects one rate

cut from the Fed this year.

* Meanwhile, Chicago Federal Reserve Bank President Austan

Goolsbee said he sees no signs of stagflation but noted the

possibility of both unemployment and inflation worsening

simultaneously.

* Investors are closely monitoring a series of labour market

reports in this holiday-shortened trading week, culminating in

Thursday's government payrolls data, for insights into the Fed's

monetary policy direction.

* Meanwhile, Trump expressed frustration with U.S.-Japan

trade negotiations on Monday as Bessent warned that countries

could be notified of sharply higher tariffs, as a July 9

deadline approaches despite good-faith negotiations.

* The United States will resume trade negotiations with

Canada after Ottawa dropped the digital services tax.

* Spot silver edged up 0.1% to $36.13 per ounce,

platinum rose 0.7% to $1,362.35, while palladium

gained 1.2% to $1,110.03.

DATA/EVENTS (GMT)

0030 Japan JibunBK Mfg PMI June

0145 China Caixin Mfg PMI Final June

0600 UK Nationwide house price mm, yy June

0750 France HCOB Manufacturing PMI June

0755 Germany HCOB Mfg PMI June

0755 Germany Unemployment Chg, Rate SA June

0800 EU HCOB Mfg Final PMI June

0830 UK S&P Global Manufacturing PMI June

0900 EU HICP X F, E, A, T Flash YY, MM June

1345 US S&P Global Mfg PMI Final June

1400 US ISM Manufacturing PMI

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