Gold holds gains amid US fiscal outlook and trade policy fears
Gold futures slipped 0.4% to $3,338.10 an ounce, while spot gold was just above the flatline at $3,329.43 per ounce.
Bullion has climbed more than 2% so far this week, rebounding from losses triggered by last week's Israel-Iran ceasefire, which had briefly eased geopolitical tensions.
The latest upward momentum came after the US Senate narrowly passed president Donald Trump's sweeping tax-and-spending package, legislation expected to add $3.3tn to the national debt. Fears over a widening fiscal deficit have reignited investor appetite for gold.
Read more: 'Too soon' to see price effects from tariffs, says Bank of England's Bailey
"We anticipate a wide and volatile trading range of $3,600–3,100/oz for the rest of the year and year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026,' the bank said in a note. It raised its 2025 average price forecast to $3,215 an ounce, up from $3,015, and its 2026 outlook to $3,125 from $2,915.
Adding to market jitters is the fast-approaching July 9 deadline for Trump's proposed tariffs. The US president has reiterated there would be no extension, warning trading partners of pending tariff notifications, a move that has pushed investors to seek safe-havens.
Oil prices were little changed on Wednesday as traders balanced expectations of increased supply from major producers next month against a softer US dollar and mixed economic signals from the United States, the world's largest oil consumer.
Brent crude rose was just above the flatline at $67.16 a barrel, while the West Texas Intermediate hovered at $65.44 in early trading.
Weighing on the market were fresh inventory figures from the American Petroleum Institute, which showed US crude stockpiles rose by 680,000 barrels last week. The build surprised some traders, as inventories typically decline during the peak summer demand season.
"Today's oil price moves are being pushed by the interplay of potentially rising OPEC+ supply, confusing US inventory signals, uncertain geopolitical outlook, and macro-policy ambiguity," said Phillip Nova senior market analyst Priyanka Sachdeva.
While the Organisation of the Petroleum Exporting Countries and its allies, including Russia — known collectively as OPEC+ — are expected to raise output in the coming weeks, Sachdeva noted that such increases 'appear already priced in by investors and are unlikely to catch markets off-guard again imminently.'
The pound edged lower against the dollar on Wednesday morning, slipping 0.3% to $1.3712, as the greenback strengthened following an unexpected surge in US job openings.
The GBP/USD rally stalled after touching a three-and-a-half-year high around $1.3800 on Tuesday, with investors recalibrating positions in response to robust data from the US labour market.
Figures released on Tuesday showed that US employers posted 7.769 million job openings in May, up from 7.395 million in April and significantly above economists' expectations of 7.3 million. The data, part of the US Job Openings and Labor Turnover Survey (JOLTS), suggested continued strength in the US employment market.
The US Dollar Index (DX-Y.NYB), which tracks the greenback against a basket of six major currencies, rose 0.1% to 96.70.
Stocks: Create your watchlist and portfolio
However, despite the dollar's near-term gains, analysts warned that broader pressure on the currency persists. The dollar has come under strain amid concerns over Trump's attacks on the Federal Reserve's independence, uncertainty surrounding the July 9 tariff deadline, and his proposed ''Big Beautiful Bill'.
Analysts at National Australia Bank (NAB) said: "The confirmation that Trump's bill is an increase in issuance, an increase in government spending well beyond its means, is not necessarily good news for the Treasury market, and it's arguably one of the reasons the US dollar's going down."
In other currency moves, the pound was muted against the euro, at €1.1640 at the time of writing.
In equities, the UK's FTSE 100 (^FTSE) was higher, up 0.2% to trade at 8,796 points.Sign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fast Company
a minute ago
- Fast Company
Number of housing markets with falling home prices jumps sharply to 109—up from 31 in January
Want more housing market stories from Lance Lambert's ResiClub in your inbox? Subscribe to the ResiClub newsletter. National home prices rose 0.2% year over year from June 2024 to June 2025, according to the Zillow Home Value Index reading published July 17—decelerated from the 3.2% year-over-year rate from June 2023 to June 2024. And more metro-area housing markets are seeing declines: —> 31 of the nation's 300 largest housing markets (10%) had a falling year-over-year reading in the January 2024 to January 2025 window. —> 42 of the nation's 300 largest housing markets (14%) had a falling year-over-year reading in the February 2024 to February 2025 window. —> 60 of the nation's 300 largest housing markets (20%) had a falling year-over-year reading in the March 2024 to March 2025 window. —> 80 of the nation's 300 largest housing markets (27%) had a falling year-over-year reading in the April 2024 to April 2025 window. —> 96 of the nation's 300 largest housing markets (32%) had a falling year-over-year reading in the May 2024 to May 2025 window. —> 109 of the nation's 300 largest housing markets (36%) had a falling year-over-year reading in the June 2024 to June 2025 window. While 36% of the 300 largest housing markets are currently experiencing year-over-year home price declines, that share is gradually increasing as the supply-demand balance continues to shift directionally toward buyers in this affordability-constrained and post-housing boom environment. Home prices are still climbing in many regions where active inventory remains well below pre-pandemic 2019 levels, such as pockets of the Northeast and Midwest. In contrast, some pockets in states like Arizona, Texas, Florida, Colorado, and Louisiana—where active inventory exceeds pre-pandemic 2019 levels—are seeing modest home price corrections. Year-over-year home value declines, using the Zillow Home Value Index, are evident in major metros such as Austin (-5.8%); Tampa, Florida (-5.7%); Miami (-3.8%); Dallas (-3.7%); Orlando (-3.7%); Phoenix (-3.5%); San Francisco (-3.4%); San Antonio (-3.3%); Jacksonville, Florida (-3.2%); Atlanta (-2.9%); Denver (-2.7%); San Diego (-2.4%); Raleigh, North Carolina (-2.1%); Sacramento (-1.8%); Houston (-1.8%); Riverside, California (-1.5%); New Orleans (-1.2%); Charlotte, North Carolina (-1.0%); Memphis (-1.0%); San Jose (-0.9%); Portland, Oregon (-0.4%); Seattle (-0.1%); Los Angeles (-0.4%); and Birmingham, Alabama (-0.1%). The markets seeing the most softness, where homebuyers have gained the most leverage, are primarily located in Sun Belt regions, particularly the Gulf Coast and Mountain West. Many of these areas saw major price surges during the Pandemic Housing Boom, with home price growth outpacing local income levels. As pandemic-driven domestic migration slowed and mortgage rates rose, markets like Tampa and Austin faced challenges, relying on local income levels to support frothy home prices. This softening trend is further compounded by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives to maintain sales, which also has a cooling effect on the resale market. Some buyers who would have previously considered existing homes are now opting for new homes with more favorable deals. Given the shift in active housing inventory and months of supply, along with the soft level of appreciation in more markets this spring, ResiClub expects the number of metro areas with year-over-year home price declines in the Zillow Home Value Index to continue ticking up in the coming months.
New York Times
2 minutes ago
- New York Times
WNBA players wisely use All-Star spotlight for CBA leverage: ‘Pay us what you owe us'
INDIANAPOLIS — The WNBA All-Star Weekend represented the league at its peak: a massive mid-season showcase featuring the best players in the world, hosted in a city that has become synonymous with the rapid explosion of women's sports. But the celebrations took place in front of a backdrop of labor uncertainty. The league and the players' union remain far apart in negotiations for a new collective bargaining agreement, with the current CBA set to expire on Oct. 31, 2025. With all eyes on the league, the All-Stars emerged for pregame warmups Saturday to reveal a message on their shirts: 'Pay Us What You Owe Us.' The players had a breakfast meeting the morning of the All-Star game when they collectively decided to make the shirts. The shirt is available for sale on the players' union's Instagram account, with all proceeds going to the WNBPA and the players. A post shared by WNBPA (@thewnbpa) After years of fighting an existential battle for the survival of the league, WNBA players enter this bargaining cycle with a rare power: leverage. The league is generating record revenue, it's expanding, and it's become part of the national consciousness. Now is the time for the players to cash in on what they have brought to the table. They want a business model that allows them to share in the growth of the WNBA and direct more of the revenue towards salaries and player experience. Advertisement 'We see the growth in the league and as it stands, the current salary system is not really paying us what we're owed,' said union president Nneka Ogwumike, a Seattle Storm forward. 'We want to be able to have that fair share moving forward, especially as we see all of the investment going in, and we want to be able to have our salaries be reflected in a structure that makes sense for us.' The league is in a period of hyper growth, as commissioner Cathy Engelbert illuminated in her annual mid-season address. Viewership is up 23 percent year over year, attendance 26 percent, and merchandise sales 40 percent. Money is pouring into the league — via media rights, expansion fees and other avenues — but players need to secure a piece of the growing business before the WNBA enters a sustainability mode. Their prominent message on one of the league's biggest nights, and their commitment to a united front, shows that the union understands its strength and is taking control of the narrative. Doing so on All-Star weekend isn't just about getting all of the players in one room together, though the breakfast meeting composed mostly of union leadership couldn't have happened if the players weren't all in one place. The timing is also important to engage fans when they are paying attention and when players are speaking to a nationally-televised audience on ABC. This effort allowed players to tap into the community that supports them and wants to help. At a panel earlier Saturday, fans asked Dawn Staley, Sydney Colson and Kate Martin how they could make a difference in the negotiations. Fans brought 'Pay the Players' signs to the game, and Mystics guard Brittney Sykes displayed one visible on the broadcast behind Engelbert during postgame interviews. The crowd also drowned out Englebert's speech with chants of 'pay them.' 'Pay them!' WNBA All-Star fans drowned out commissioner Cathy Engelbert during her presentation of the game's MVP award. With several CBA conversations in Indy this weekend, players warmed up in shirts that read 'Pay Us What You Owe Us.' — The Athletic (@TheAthletic) July 20, 2025 'It's huge to have the fans backing us,' union vice president Napheesa Collier said. 'A lot of things are the court of public opinion, and it does matter what people think, they of course, at the league recognize that as well, so adding that pressure is really great for us.' Players are not new to public activism. As WNBPA first vice president Kelsey Plum said, this is a resilient group that was politically outspoken during the Georgia Senate race in 2020. They understand the unity it takes to achieve a desired outcome. Advertisement Fashion as a visual forum for protest is a familiar tactic. The Minnesota Lynx wore T-shirts that said 'Change starts with us' and 'Black Lives Matter' on the back after the police killing of Philando Castile in 2016. The entire league wore Breonna Taylor's name on their jerseys in the 2020 WNBA bubble after she was killed by a police officer. And in 2022, the WNBA All-Stars changed at halftime into Brittney Griner jerseys to bring attention to her detention in Russia. At a moment that is critical to determine their future, players don't want to leave any stones unturned. They need participation from throughout the union, which is why a record number of players showed up to the bargaining meeting. For instance, Satou Sabally was unable to play in the All-Star Game but flew to Indiana on Thursday to attend the negotiations. Players have to publicly apply pressure on the league, using their collective, consistent messaging and their fan bases to rally behind them. They are preparing for a lockout, putting money away in case negotiations stall. They are appealing to Engelbert's legacy: Does she want to be the commissioner who presided over the most significant growth in women's sports history, or the one who oversaw a work stoppage? The wording of 'owe us' on the T-shirts was clarifying. The players have talked about getting what is fair, but this was a crucial change in the strategy to signify that a piece of the business already belongs to them. 'We're going to continue to push for everything that we've earned,' Liberty guard Natasha Cloud said. 'The word earned is something that needs to be highlighted. I think a lot of times you get told to just continue to take crumbs and be thankful for what we have,and that's just not the case anymore.' By hijacking a tentpole event for the league, players are expressing that they will not settle. They can't afford to do anything less. (Photo of Brittney Sykes: Steph Chambers / Getty Images)
CNN
13 minutes ago
- CNN
Astronomer CEO resigns after viral Coldplay concert incident
Andy Byron, the chief executive of New York-based tech company Astronomer, has resigned from his role after he was spotted embracing an employee at a Coldplay concert, according to a statement shared with CNN on Saturday. Astronomer's board of directors accepted Byron's resignation and will begin searching for its next CEO, according to the statement. Following the viral video of Byron, alleged statements from Byron acknowledging the situation began to circulate online. Astronomer said in an earlier LinkedIn post that Byron 'has not put out any statement' and 'reports saying otherwise are all incorrect.' That statement also addressed the misidentification of a third person seen in the clip circulating on the internet in the day following the video's release. CNN was unable to contact Byron for comment. On Wednesday, Byron was seen with Kristin Cabot, the company's chief people officer, on the 'kiss cam' screen at Gillette Stadium in Foxborough, Massachusetts, before both ducked out of view. 'As stated previously, Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met,' the company said Saturday. The data operations company, which was founded in 2018, acknowledged that 'awareness of our company may have changed overnight,' but its mission would continue to be focused on addressing data and artificial intelligence problems. The company on Friday said Astronomer's co-founder and chief product officer Pete DeJoy would serve as interim CEO. Byron's LinkedIn account is no longer public and he was removed from the company's leadership page following the announcement, which now lists co-founder DeJoy as CEO. Byron is still listed on the company's website as a member of the board of directors. This story has been updated with additional content.
