Gold eases from one-month high on firmer dollar, profit-taking
Spot gold was down 0.3% at $3,384.49 per ounce, as of 0656 GMT. Earlier in the session, bullion hit its highest level since June 17.
U.S. gold futures also slipped 0.3% to $3,397.
"Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong said.
The dollar index (.DXY), opens new tab edged 0.1% higher after falling to a more than one-week low on Monday, making greenback-priced gold more expensive for other currency holders.
The European Union is exploring a broader set of possible countermeasures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.
U.S. President Donald Trump has threatened 30% duties on imports from Europe if no agreement is signed before the August 1 deadline.
"There could be a possibility that U.S. and the respective trading partners may not agree to the terms and condition and that potentially could see a bit of uncertainty and there could be some hedging activities by market participants going forward," Wong said.
Also on radar, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts at the end of its policy meeting on July 24. The U.S. Federal Reserve's monetary policy meeting is scheduled for next week.
Traders are pricing about a 59% chance of a rate cut by the Fed in September, according to the CME FedWatch Tool. Gold tends to perform well in a low-interest-rate environment.
Spot silver dipped 0.1% to $38.86 per ounce, platinum added 0.6% to $1,447.53 and palladium gained 0.2% to $1,266.95.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
13 minutes ago
- Sky News
Company at heart of Coldplay viral video releases tongue-in-cheek clip - with a big twist
The company at the centre of a viral video at a Coldplay concert has released a tongue-in-cheek clip on social media - featuring Gwyneth Paltrow as a "temporary spokesperson". Astronomer was thrust into the spotlight after two of the tech firm's senior executives were filmed embracing on a kiss cam during a gig in Boston. Andy Byron subsequently resigned as chief executive officer - while the woman in the video, Kristin Cabot, stepped down as chief people officer a few days later. 0:28 Paltrow, who used to be married to Coldplay frontman Chris Martin, is seen sitting at a desk in the new video uploaded to X - and begins by thanking the public for their interest in Astronomer. She adds: "I've been hired on a very temporary basis to speak on behalf of the 300-plus employees at Astronomer. "Astronomer has gotten a lot of questions over the last few days - and they wanted me to answer the most common ones." Before the final word appears, the video cuts back to Paltrow, who goes on to promote some of the services Astronomer offers. In a subtle nod to the countless column inches the company has attracted, Paltrow adds: "We've been thrilled so many people have a newfound interest in data workflow automation." Another question then pops up on screen, which begins to type out: "How is your social media team holding up?" But before the sentence fully appears, Paltrow abruptly interrupts by declaring that Astronomer has spaces at an upcoming conference in September. "We'll now be returning to what we do best: delivering game-changing results for our customers," she adds at the end of the video. The marketing stunt is a sign that Astronomer is trying to put a positive spin on the scandal, which sparked feverish speculation online. After Mr Byron resigned, the company had said in a statement: "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." Pete DeJoy, who has taken over as interim CEO, admitted on Monday that the company has faced an "unusual and surreal" amount of attention in recent days.
Reuters
2 hours ago
- Reuters
CK Hutchison ports deal deadline likely to be extended as geopolitics weigh, sources say
HONG KONG, July 25 (Reuters) - CK Hutchison's ( opens new tab plan to sell most of its $22.8 billion ports business is unlikely to be finalised anytime soon, with political brinkmanship set to continue, and sources saying that a Sunday deadline for exclusive talks was likely to be extended. The Hong Kong conglomerate's plan to sell the business, which would include two ports along the strategically important Panama Canal, to a consortium led by BlackRock (BLK.N), opens new tab and Italian billionaire Gianluigi Aponte's family-run shipping company MSC, has become politicised amid an escalating China-U.S. trade war. Negotiations for the deal, which covers 43 ports in 23 countries, are on an exclusive basis between CK Hutchison, controlled by Hong Kong tycoon Li Ka-shing, and the consortium for 145 days until Sunday, according to the terms announced in March. The deal talks, however, are unlikely to collapse if the two parties do not ink a pact by Sunday, with three people close to the ports-to-telecoms conglomerate saying the parties could extend the deadline to continue exclusive negotiations. The first part of the deal - definitive documentation to sell two port operations near the Panama Canal - was also not signed by an April 2 deadline set in the sales announcement. The people declined to be named due to the sensitivity of the matter. BlackRock declined to comment. CK Hutchison and MSC Mediterranean Shipping Company, which CK Hutchison said in May was the main investor in the consortium, did not respond to requests for comment. U.S. President Donald Trump hailed the deal as "reclaiming" the Panama Canal, after his administration previously called for the removal of what it said was Chinese ownership of the ports near the canal. But in April, China's top market regulator said that it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. Beijing's stance on the planned deal was made public after pro-China media launched a stinging criticism, saying China had significant national interests in the transaction and it would be a betrayal of the country. "I think at this moment it's not very optimistic that they can directly sell the ports to the consortium," said Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, which has clients holding CK Hutchison bonds. "The market has already digested the news, even if it announces next week that it won't sell anymore, I don't think it'll be a shock because the market understands it wouldn't have a large impact on its operations." CK Hutchison shares, which jumped 33% the following two days after the deal was announced in early March, erased all of the gains by mid-April. But since then it regained lost ground along with the rise in the broader Hong Kong market index (.HSI), opens new tab. The outlook for the deal has been clouded further in recent days, with a separate source telling Reuters that Chinese ports operator China Cosco Shipping Corp (COSCO) was also looking to join the consortium to buy the ports business. COSCO is requesting veto rights or equivalent power in the entity that will take over 43 ports from CK Hutchison, Bloomberg News reported this week, citing people familiar with the matter. COSCO did not respond to a request for comment. Responding to Reuters' emailed queries on the deal prospects and possible involvement of COSCO in the consortium, a White House official said: "As the president said, we didn't give it to China. We gave it to Panama, and we're taking it back." The official did not elaborate. The existing consortium would likely allow COSCO into the deal, said Cathy Seifert, an analyst at CFRA Research. "The bigger risk to the deal being consummated, in my opinion, is likely the Trump administration, which is likely to block a deal that would include China," said the New Jersey-based analyst who tracks BlackRock. Ballingal Investment Advisors strategist David Blennerhassett, who publishes on the independent online research platform Smartkarma, said the addition of COSCO in the consortium was likely to enrage Trump. "Trump, who has a handful of issues already on his plate, would be incandescent," he said.
Auto Blog
2 hours ago
- Auto Blog
Pirelli's Latest High-Performance Tire Is 70% Recycled Materials – But Only Available For One Car
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. A spin in the right direction While drivers tend to overlook tires until they need to be replaced, companies like Pirelli obsess over them. Constantly improving and iterating, Pirelli is now introducing a tire to market that features nearly three-quarters recycled components, suggesting that the future of high-performance tires can utilize used materials without compromising performance. The downside is that, at least for its first recycled tire, Pirelli is limiting production to a single tire size, which was developed specifically for a single vehicle. It was also developed as an OEM tire, and it's unclear whether Pirelli will produce them for the aftermarket. Pirelli P Zero tire — Source: Pirelli All about the 70% recycled Pirelli P Zero This new tire is part of Pirelli's commitment to making all natural rubber used in its European factories Forest Stewardship Council (FSC) certified by 2026. The tire maker previously released an FSC-certified tire in 2021. FSC certification is specific to the rubber used in the tire, which has to be certified as natural rubber and is an attestation that Pirelli exercised 'responsible management' of its natural rubber supply chain from plantation to production. In addition to FSC-certified rubber, the new P Zero utilizes recycled steel, which the company reclaimed in part from melted scrap metal. Rice husk-derived silica was also used in the P Zero, as the silica is a byproduct of rice production and is used in the P Zero's tread for enhanced handling in wet conditions. End-of-life tires were also included. To make the tires black, Pirelli used pyrolysis oil from scrap tires, which is obtained via a process of rapid heating and cooling that essentially extracts the oils from the used tires. The same pyrolysis oil derivative was used in the tire polymers. Finally, plant-based bio-resins help optimize dry and wet performance for the new P Zero. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. If you want the new P Zero, you'll need a Range Rover Developed for JLR (Jaguar Land Rover), Pirelli states that the new tire will only be available in a 22-inch wheel size. The mostly-recycled P Zero will 'initially be available on selected' Range Rover vehicles, but it's unclear whether the tire will be an optional add-on for buyers or if it will be standard for Range Rovers with 22-inch wheels. It's not the first collaboration between JLR and Pirelli, either. In 2024, JLR equipped some of its cars with Pirelli tires that contained 110 percent FSC-certified natural rubber. The new P Zeros will feature FSC markings and a 'distinctive logo' denoting that the tires contain more than 50 percent bio-based recycled materials, which is verified by the third-party certification body Bureau Veritas. Range Rover Evoque — Source: Jaguar Land Rover Final thoughts There's no doubt Pirelli ran this tire through its paces, both virtually in its design and development phase as well as in real-world testing. If any company has mastered high-performance tire manufacturing, it's Pirelli. Even so, it's unclear how recycled materials will hold up over the long term, but if all goes well, we could be looking at a breakthrough in the future of tires. About the Author Nate Swanner View Profile
