Gold price shines as USD slips, trade war fuels safe-haven demand
The post Gold price shines as USD slips, trade war fuels safe-haven demand appeared on BitcoinEthereumNews.com. Gold is on track for a weekly gain above 1.5% as tariff threats shift the mood sour. Trump confirms tariffs of up to 70% may take effect on August 1 amid trade flare-up. Treasury’s Bessent expects 100 countries to face reciprocal tariffs, while trade deals are incoming. Gold price resumes its uptrend on Friday, poised to print gains of over 1.50% for the week as the US Dollar is on the back foot amid thin liquidity conditions following the closure of US markets in celebration of Independence Day. A slight escalation of the trade war boosted bullion prices. The XAU/USD trades at $3,333, up 0.26%. US President Donald Trump said that they would start sending letters to countries on Friday, ahead of the July 9 deadline. He announced that some of the tariffs imposed will be within the range of 10% to 70% and will take effect on August 1. On this, US Treasury Secretary Scott Bessent said that he expects a flurry of trade deals before July 9 and estimates that about 100 countries will receive a minimum 10% reciprocal tariff. He added that they will be announcing some deals. Expectations that the Federal Reserve (Fed) might keep rates on hold for quite some time capped Gold’s advance. Data released on Thursday revealed that the US labor market posted solid numbers, although the majority of new additions to the workforce came from the government. Contrarily, private hiring was the smallest in eight months as businesses brace for an economic slowdown. Regarding geopolitics, Trump said that he had a conversation with Russian President Vladimir Putin, revealing that there was no progress on Ukraine and Russia. Recently, Trump told Ukrainian President Zelensky he wants to help with air defense due to Russian attacks, via Axios. Next week, the US economic docket…
The post Gold price shines as USD slips, trade war fuels safe-haven demand appeared on BitcoinEthereumNews.com.
Gold is on track for a weekly gain above 1.5% as tariff threats shift the mood sour. Trump confirms tariffs of up to 70% may take effect on August 1 amid trade flare-up. Treasury’s Bessent expects 100 countries to face reciprocal tariffs, while trade deals are incoming. Gold price resumes its uptrend on Friday, poised to print gains of over 1.50% for the week as the US Dollar is on the back foot amid thin liquidity conditions following the closure of US markets in celebration of Independence Day. A slight escalation of the trade war boosted bullion prices. The XAU/USD trades at $3,333, up 0.26%. US President Donald Trump said that they would start sending letters to countries on Friday, ahead of the July 9 deadline. He announced that some of the tariffs imposed will be within the range of 10% to 70% and will take effect on August 1. On this, US Treasury Secretary Scott Bessent said that he expects a flurry of trade deals before July 9 and estimates that about 100 countries will receive a minimum 10% reciprocal tariff. He added that they will be announcing some deals. Expectations that the Federal Reserve (Fed) might keep rates on hold for quite some time capped Gold’s advance. Data released on Thursday revealed that the US labor market posted solid numbers, although the majority of new additions to the workforce came from the government. Contrarily, private hiring was the smallest in eight months as businesses brace for an economic slowdown. Regarding geopolitics, Trump said that he had a conversation with Russian President Vladimir Putin, revealing that there was no progress on Ukraine and Russia. Recently, Trump told Ukrainian President Zelensky he wants to help with air defense due to Russian attacks, via Axios. Next week, the US economic docket…
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