Gold Dips As Focus Shifts To Crucial | Commodities
(RTTNews) – Gold costs dipped on Monday, with growing geopolitical rigidity surrounding the Russia-Ukraine peace talks inflicting buyers to remain cautious mixed with prevailing uncertainty over rate of interest cuts.
Front Month Comex Gold for August supply edged down by $4.30 (or 0.13%) to $3,331.70 per troy ounce.
Front Month Comex Silver for August supply rose by 5.70 cents (or 0.15%) to $37.951 per troy ounce right now.
To finish the three-plus-year long Russian conflict with Ukraine, US President Donald Trump beforehand threatened Russia with sanctions if it doesn’t comply with a ceasefire together with “penalty sanctions” on international locations shopping for Russian oil, notably India and China.
Trump had a assembly with Russian President Vladimir Putin final Friday in Alaska.
Reversing his earlier stance after the assembly, Trump advisable Ukraine comply with concede the Donbas area to Russia for a ceasefire and to gain US assurance of security. Trump additionally put off his plans to sanction nations shopping for oil from Russia.
Left with this difficult selection, Ukraine’s President Volodymyr Zelenskyy is set for a assembly with Trump right now on the White House.
Market gamers targeted their consideration to the end result of the assembly as EU leaders are in help of Zelenskyy to show their solidarity with Ukraine. They worry that a freehand to Putin might endanger their sovereignty as effectively.
Investors await the upcoming Jackson Hole financial symposium, the place Fed Chair Jerome Powell will share crucial inputs that function clues on the direction of the US central bank’s resolution on rates of interest.
Progress within the essential Trump-Zelenskyy assembly might soften the demand for gold. However, a adverse or unsure final result might be bullish for gold in addition to oil.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
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