Gold falls to one-month low as trade optimism spurs risk appetite
Spot gold was down 0.3 per cent at US$3,264.64 per ounce, as at 0055 GMT, after hitting its lowest level since May 29.
US gold futures fell 0.4 per cent to US$3,275.30.
Asian shares firmed on Monday, while the benchmark 10-year Treasury yields edged higher.
The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the US, Treasury Secretary Scott Bessent said on Friday, adding the Trump administration's various trade deals with other countries could be done by the Sep 1 Labour Day holiday.
Meanwhile, US President Donald Trump abruptly cut off trade talks with Canada on Friday over its tax targeting US technology firms, saying that it was a 'blatant attack' and that he would set a new tariff rate on Canadian goods within the next week.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The ceasefire between Iran and Israel after a 12-day conflict also appeared to be holding, further reducing safe-haven demand.
Stable geopolitical and economic conditions often reduce demand for gold as a safe-haven asset, while non-yielding bullion's appeal further wanes in a high-interest-rate environment.
Trump said on Friday he would not appoint anyone to head the US Federal Reserve who would not lower interest rates.
Elsewhere, Senate Republicans pushed forward President Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session, even as a nonpartisan forecaster said it would add an estimated US$3.3 trillion to the nation's debt over a decade.
Spot silver was down 0.4 per cent at US$35.84 per ounce, platinum firmed 0.4 per cent to US$1,344.63, while palladium fell 0.6 per cent to US$1,127.23. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
32 minutes ago
- Business Times
Major Chinese ports keep Iranian oil flowing despite sanctions
[SINGAPORE] Some of China's largest ports have received Iranian crude this year, supporting a multi-billion oil trade and highlighting a significant gap in US efforts to curb funds for Tehran's military and to uphold existing sanctions. From January to June, terminals in the port clusters around Qingdao, Dalian and Zhoushan – major import points that take industrial metals, agricultural and consumer goods, as well as oil – have helped China purchase almost 1.4 million barrels a day of Iranian crude, according to data analytics firm Kpler. In June alone, ports located around Qingdao received as much as 15.5 million barrels of Iranian crude, Kpler data show, equivalent to close to US$1 billion at current prices for the discounted oil, with sanctioned tankers used in different legs of the journey from the Persian Gulf to China. The same pattern was repeated elsewhere along China's eastern coast, with ports such as Dongjiakou and Lanqiao also taking Iranian cargoes. Though China does not officially recognise US sanctions and defends its right to trade with Iran, large companies with ties to international markets have typically been extremely conservative when it comes to dealing with Tehran and especially with sanctioned counterparts. They fear the prospect of getting tangled in Washington's enforcement efforts and being cut out of international markets. Earlier this year, ports in Shandong were urged by their parent company to keep sanctioned tankers away from their terminals. The continued use of large ports reflects China's pragmatic reading of mixed messages from the Trump administration, which has promised 'maximum pressure' and bombed nuclear sites, only for the US president to write days later on social media that China 'can continue to purchase oil from Iran'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While Washington has rolled out several rounds of restrictions on Chinese entities seen to be aiding the flows, the US Treasury Department has mainly focused its efforts on tankers and steered clear of bigger ports and refineries. To date, only one port terminal in Shandong's Dongying region has been blacklisted for receiving Iranian shipments, a move that was interpreted by traders as a deliberate signal meant to avoid collateral damage across other sectors. The resilience of the flows also reflects China's continued need for the discounted barrels, used by a vast private refining industry that has struggled with paper-thin margins as the economy cools. Officially, according to Chinese customs data, the country has not imported a single barrel of Iranian crude since mid-2022. But oil that loads at Iranian ports typically makes its way from the Persian Gulf to the waters off Malaysia or to another transfer point, where it is moved from one tanker to another at sea. US-sanctioned vessels are often used on the Iran-to-Malaysia leg of the journey, before transfers are made to other ships, often from the so-called dark fleet, for the remainder of their journey to China. BLOOMBERG
Business Times
an hour ago
- Business Times
Asia: Markets mixed as trade deal cut-off looms
[HONG KONG] Asian markets swung on Wednesday amid trade war worries after Donald Trump said he would not push back next week's tariff deadline, with Tokyo taking a hit from threats to ramp up Japanese levies. Sentiment was also mixed after the US president's signature budget bill scraped through the senate, with optimism over the extension of deep tax cuts offset by warnings that it could add around US$3 trillion to the country's already ballooning national debt. With a week to go before Trump's 90-day pause on so-called reciprocal tariffs ends, hardly any governments have struck deals to avert the taxes, though White House officials have claimed several are in the pipeline. And while the White House had set July 9 as the cut-off date for leaders to finalise pacts, investors largely expect that to be pushed back or countries given extra time. However, the president said Tuesday he was 'not thinking about the pause' and again warned he would end negotiations or ramp up some duties, adding that he will be 'writing letters to a lot of countries'. Among those in his sights was Japan, which he slammed at the start of the week over US rice and auto exports to the country. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'I'm not sure we're going to make a deal. I doubt it with Japan, they're very tough. You have to understand, they're very spoiled,' he said Tuesday. He added that Tokyo had 'ripped us off for 30, 40, years'. They could pay a tariff of '30 per cent, 35 per cent, or whatever the number is that we determine, because we also have a very big trade deficit with Japan', he warned. The remarks, which come after several visits by Japanese officials to Washington, jolted hopes that deals can be cut with the Trump administration. Tokyo's Nikkei index fell around one per cent on Wednesday, having fallen more than that the day before. 'With domestic elections around the corner, Tokyo can't easily open the rice market,' said Stephen Innes at SPI Asset Management. 'But without concessions on autos, the lifeblood of its export economy, Japan stands exposed.' He added: 'The auto sector, nearly a tenth of Japan's (gross domestic product), is directly in the crosshairs. It's not just about tariffs - it's about visibility. 'Japan is being made an example of, and markets are watching who's next.' Asia Society Policy Institute vice president Wendy Cutler told AFP that 'Japan's refusal to open its rice market, coupled with the US resistance to lowering automotive tariffs, may lead to the reimposition of Japan's 24 per cent reciprocal tariff'. Seoul was also sharply lower as South Korean negotiators battled to reach a deal with the White House. Elsewhere in Asia, Shanghai, Taipei, Manila and Jakarta also fell while Hong Kong, Sydney, Singapore and Wellington edged up. Eyes are also on Washington after senators passed Trump's 'Big, Beautiful Bill' that he says will boost the economy by extending tax cuts and slashing spending on programmes such as Medicare. The legislation now faces a tough passage through the House of Representatives, where some Republicans have raised concerns about its cost amid already heightened fears over the country's finances. The dollar remained under pressure against its peers as bets on a Federal Reserve interest rate cut intensify ahead of key US jobs data this week. While most traders see a reduction in September, there is growing speculation a weak reading on the non-farm payrolls report could boost the chances of a move at this month's central bank policy meeting. The Dollar Index, which compares the greenback to a basket of major currencies, fell 10.8 per cent in the first half of the year, its steepest decline since the greenback became the global benchmark currency. AFP
Online Citizen
an hour ago
- Online Citizen
Louis Vuitton awarded S$900,000 in statutory damages in Singapore trademark infringement case
The Singapore High Court has ordered Ng Hoe Seng, formerly trading as EMCASE SG, to pay French luxury brand Louis Vuitton Malletier S$900,000 in statutory damages for trademark infringement. The decision, delivered by Justice Dedar Singh Gill on 2 July 2025, underscores the Singapore judiciary's strong stance against counterfeit goods and the importance of protecting brand reputation. Louis Vuitton, a renowned French fashion house, owns multiple registered trademarks in Singapore, including its iconic LV monogram and other patterns. In 2022, it discovered that Ng was selling various products such as phone cases, watch straps, pouches, wallets, and other accessories bearing counterfeit marks through Instagram accounts 'emcase_sg' and later 'emcrafts_sg'. Despite a cease-and-desist letter issued in March 2023, Ng continued selling these counterfeit goods under a new account, prompting Louis Vuitton to commence legal proceedings on 15 August 2023. Ng did not contest the suit, and a default judgment was granted in November 2023. Louis Vuitton then elected to seek statutory damages instead of proving actual losses, as allowed under section 31(5)(c) of the Trade Marks Act 1998 (2020 Rev Ed). Louis Vuitton initially sought a substantial award of S$2.9 million, using what it referred to as the 'Canadian Scale' approach, which sets fixed damages per infringement adjusted for the nature of operations. Louis Vuitton argued that the scale, used frequently in Canadian cases, should guide the assessment given the scope of Ng's activities. According to its submissions, the total claim could have amounted to approximately S$4.84 million but was capped to S$2.9 million in line with the statutory framework. Justice Gill, however, declined to adopt this method, stating, 'Using the Canadian Scale to anchor the amount of statutory damages to be awarded would, in effect, be tantamount to placing undue weight on the loss that the claimant has suffered.' He explained that Singapore's statutory damages regime requires a holistic evaluation, considering multiple factors beyond quantifiable losses. In assessing the infringement, Justice Gill described Ng's actions as 'highly flagrant,' involving repeated sales of counterfeit goods even after receiving legal warnings. He stated, 'There can be no doubt in the present case that the trade marks used by the defendant on the Offending Goods are so nearly resembling, if not identical with, the corresponding Registered Marks so as to be calculated to deceive.' The judge rejected Ng's argument that his products were 'upcycled' from authentic materials, explaining, 'Such a disclaimer is an extraneous factor which has no place in the inquiry into whether a counterfeit trade mark has been used.' The court emphasised that statutory damages in Singapore serve both compensatory and deterrent purposes. Justice Gill remarked, 'The award should be high enough to deter the defendant and others from committing the same or similar acts of infringement.' He further observed, 'When a defendant sells counterfeit goods that are not necessarily in keeping with the high standards the claimant holds itself to, then the exclusivity of the goods sold under the trade marks is diminished.' The judge also clarified the interpretation of statutory limits under Singapore law. Louis Vuitton had argued for higher limits based on the number of counterfeit marks used. However, Justice Gill held that the statutory cap applies per type of goods rather than per mark, ultimately setting the award at S$900,000, corresponding to nine types of goods. Ng's persistent non-cooperation and continued infringing activities despite legal warnings were highlighted as aggravating factors. Justice Gill stated, 'A cooperative defendant's participation in the proceedings would carry some mitigating weight in so far as it reduces the need to deter him from committing other similar instances of infringement.' By contrast, Ng's conduct warranted a firm and substantial award to reflect the seriousness of the infringement. Justice Gill concluded by affirming that deterrence was paramount: 'The need to deter other similar instances of infringement is expressly provided for under the Trade Marks Act, and it must be given effect. The quantum awarded must be sufficient to signal that such disregard for intellectual property rights will not be tolerated.'
