Gold Climbs Amid Renewed Tariff Concerns, Rate Cut | Commodities
(RTTNews) – Gold costs rose on safe-haven demand on Thursday, triggered by elevated hopes for price cuts, US greenback weak point following the weaker jobs knowledge, together with the market uncertainty created by the stress techniques exerted by the US by consistently altering tariffs.
Front Month Comex Gold for August supply closed up by $20.30 (or 0.60%) at $3,400.30 per troy ounce at this time.
Front Month Comex Silver for August supply jumped 39.29 cents (or 1.04%) to $38.158 per troy ounce at this time.
The sweeping new tariffs imposed by US President Donald Trump on imports into the US from a overwhelming majority of its trading companions take impact starting at this time.
Apart from the tariffs, Trump is pushing the pedal tougher on “penalty” tariffs that he had devised to curb nations shopping for oil from Russia.
After imposing an further 25% tariff on India as a “secondary sanction” days earlier than, Trump at this time said coldly, “you’re going to see so much secondary sanctions.” This has raised considerations that the tariff panorama will likely be rougher than anticipated and the struggle could also be extended for months.
Separately, he said his plans to impose a 100% tariff on foreign-made semiconductors with exemptions for corporations that invest within the US.
Data launched by the US Labor Department at this time revealed that the initial jobless claims rose by 7,000 from the earlier week to 226,000, whereas persevering with claims elevated to 1.974 million from 1.936 million within the earlier week.
US labor productiveness within the nonfarm business sector rose by 2.4% within the second quarter 2025.
Recent knowledge has elevated expectations for Fed price cuts, sooner than later, aided by latest feedback from Trump that he might change the present Fed Chair who’s reluctant to decrease the lending charges.
As per CME Group’s FedWatch Tool, the market is now pricing in an over 91% probability of a 25-basis-point rate of interest cut subsequent month.
Continuing weak point within the labor market might help the yellow metallic within the long run.
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