
Gold hits five-week high as dollar, yields ease; spotlight on trade
Spot gold was up 1.5% at $3,398.23 per ounce at 12:12 p.m. ET (1612 GMT), hitting its highest since June 17. U.S. gold futures were up 1.6% at $3,410.40.
The U.S. dollar index (.DXY), opens new tab was down 0.7%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year U.S. Treasury yields hit a more than one-week low.
"With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive," said David Meger, director of metals trading at High Ridge Futures.
The European Union is exploring a broader set of possible counter-measures against the U.S. as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.
On the interest rate front, traders are pricing about a 59% chance of a rate cut by the U.S. Federal Reserve in September, according to the CME FedWatch Tool, opens new tab.
U.S. Treasury Secretary Scott Bessent said the entire Federal Reserve needed to be examined as an institution.
Talk of earlier-than-expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters, Meger said.
Gold is considered a hedge against uncertainty and tends to perform well in a low interest rate environment.
Data showed the world's leading gold consumer, China, brought in 63 metric tons of the precious metal last month, the lowest amount since January. Its imports of platinum in June fell 6.1% from the prior month.
Spot silver gained 2% to $38.94 per ounce, platinum also rose 2% to $1,449.65 and palladium was 2.3% higher at $1,269.64.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
17 minutes ago
- The Independent
SafeSport Center opens search for new CEO
The U.S. Center for SafeSport posted the opening for a new chief executive officer on Thursday, hoping to find a leader to steer the agency into a new era after several troubled years as a start-up. The center, a non-profit that opened in 2017 and is charged with handling sex-abuse cases in Olympic sports, hired consulting firm Korn Ferry to lead the search and work with a search committee made of center board members and advisors. 'This is more than a job search. It is a reflection of our values and the people we are accountable to — our staff, athletes, and the broader sport community," said Board Vice Chair and search committee lead Chicka Elloy. April Holmes stepped away from her duties as board chair to serve as interim CEO in place of Ju'Riese Colon while the search takes place. The center parted ways with Colon in April, not long after Sen. Chuck Grassley, R-Iowa, began querying the center when details emerged about its hiring of an investigator who would later be charged with rape. The center, which also opened a search for a new chief financial officer, said Korn Ferry 'is currently conducting organizational assessments and confidential outreach to identify candidates who exemplify both executive acumen and a people-first philosophy.' The job description said the center was looking for someone with a 'deep understanding of the sports ecosystem and/or experience working in fields related to abuse prevention, compliance, or athlete advocacy.' It said the targeted salary would be between $250,000-$300,000. ___ AP sports:


Reuters
18 minutes ago
- Reuters
LVMH sales weaker than expected as luxury sector awaits US trade deal
PARIS, July 24 - Luxury bellwether LVMH ( opens new tab reported a slightly worse than expected 4% decline in quarterly sales on Thursday, though CFO Cecile Cabanis expressed confidence for the rest of the year. Sales for the second quarter to the end of June fell 4% to 19.5 billion euros ($22.96 billion) compared with a consensus forecast for a 3% decline compiled by Visible Alpha, cited by UBS. Sales at the group's fashion and leather division, accounting for the bulk of profits, were down 9% amid a deepening gloom in the industry, below expectations for a 6% drop. Chief Financial Officer Cabanis said on a call with reporters that she was still "rather confident" about the rest of the year as the group expected trade talks between the EU and the Trump administration to deliver good news soon. Asked how LVMH would view a potential general tariff rate of 15% anticipated for exports to the United States, Cabanis said that would be an "overall good outcome for the general mood of our clients". With the exception of wines and spirits, where customers are much more resistant to price rises, Cabanis said LVMH's brands, which include Louis Vuitton, Dior and Bulgari could draw on their pricing power to mitigate the tariff impact. ($1 = 0.8493 euros)

Reuters
18 minutes ago
- Reuters
Live Updates: Trump visits Fed as DOJ eyes Epstein ally Maxwell
Fed renovations have drawn Trump's scrutiny 27 minutes ago 11:43 EDT Howard Schneider and Ann Saphir The spiraling cost of the Federal Reserve's years-long renovation of two historic buildings in Washington, D.C., has become the latest flashpoint in the Trump administration's escalating pressure campaign on Powell. Here are five things to know about the renovations: 1. What are the buildings the Fed is renovating? They are the Eccles Building, constructed between 1935 and 1937 as the Fed's headquarters, and the 1951 Constitution Avenue Building, completed in 1932 for the U.S. Public Health Service. 2. How much are they over budget? Russell Vought, the director of the Office of Management and Budget, says the cost overrun is "$700 million and counting." The Fed's budget shows the project's current estimated cost at $2.46 billion up from $1.88 billion in 2024, a difference of about $580 million. The document also shows that the Fed eliminated the planned renovation of a third building, cutting about $510 million in costs. 3. Why are they over budget? Higher-than-estimated labor and materials costs, design changes to preserve the historic buildings and their appearance, and unforeseen problems including lead contamination in the ground and higher-than-anticipated amounts of asbestos. 4. What needs to be done? The buildings required new plumbing, electrical, heating, water, and other infrastructure, as well as updating to allow access for people with disabilities, a basement for one of the buildings and an addition for the other to make enough room for existing staff currently occupying other leased offices. 5. Who has oversight of the project? The Fed by law has authority to determine its spending on capital projects. Its Office of Inspector General receives monthly reports on the project, conducted a review in 2021, and is now charged with conducting a fresh review. Who was Jeffrey Epstein? 32 minutes ago 11:38 EDT Epstein was a well-connected and wealthy U.S. financier and convicted sex offender. Known for socializing with politicians, celebrities and royalty, he once counted Trump and former President Bill Clinton as friends. But the former hedge fund manager faced years of allegations that he sexually abused girls and young women. He first came under investigation in 2005. In 2008, he pleaded guilty to Florida state charges of unlawfully paying a teenage girl for sex. He was arrested on July 6, 2019 at a New Jersey airport after taking a private plane from Paris and pleaded not guilty to charges of sex trafficking involving dozens of underage girls as young as 14, from at least 2002 to 2005. Epstein was found dead on August 10, 2019 in a New York jail cell where he was being held without bail. He was 66. The cause of death was ruled as suicide by hanging. Prosecutors said a search of his townhouse, conducted under a warrant, uncovered evidence of hundreds, and perhaps thousands, of nude photographs of 'what appeared to be underage girls,' including some photos catalogued on compact discs and kept in a locked safe. The case was dismissed after his death. One of the most high-profile people associated with Epstein was Britain's Prince Andrew who was forced to step aside from public duties in 2019 over his association with the financier. Andrew has always denied any accusations of wrongdoing. Sarah N. Lynch, Karen Freifeld and Brendan Pierson. US DOJ to meet with Epstein associate Maxwell 11:31 EDT Deputy Attorney General Todd Blanche said on Tuesday he expected to meet with in Ghislaine Maxwell, Jeffrey Epstein's long-time associate, in coming days. Maxwell, a British socialite and Epstein's longtime girlfriend, is serving a 20-year prison sentence after being convicted of sex trafficking in 2021. Epstein, a disgraced financier and sex offender, killed himself in a jail cell in 2019 while awaiting trial on sex-trafficking charges. Several media outlets have reported that Maxwell is speaking with U.S. prosecutors on Thursday. Blanche has said if Maxwell "has information about anyone who has committed crimes against victims, the FBI and the DOJ will hear what she has to say." The possible meeting comes as Attorney General Pam Bondi has faced mounting pressure from Trump's supporters to release additional materials related to Epstein. Trump knew Epstein socially in the 1990s and early 2000s. During Mazwell's 2021 trial, the financier's longtime pilot, Lawrence Visoski, testified that Trump flew on Epstein's private plane multiple times. Trump has denied being on the plane. Trump to visit the Federal Reserve Thursday an hour ago 11:23 EDT U.S. President Donald Trump, a robust critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House said. It's a surprise move that escalates tension between the administration and the Fed. Trump has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, calling him a "numbskull" on Tuesday and musing publicly about firing him. Adding fuel to Trump's ire, White House officials have accused the Fed of mismanaging the renovation of two historic buildings in Washington, D.C., suggesting poor oversight and potential fraud. In a schedule released to the media on Wednesday night, the White House said Trump would visit the Fed at 4 p.m. (2000 GMT). It did not say whether Trump would meet with Powell. Trump's public criticism of Powell and flirtation with firing him have previously upset financial markets and threatened a key underpinning of the global financial system - that central banks are independent and free from political meddling. We'll have the latest updates on all things Fed and Trump live on this page, stay with us.