Gold rises as investors seek safe havens amid Middle East conflict fears
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* Spot gold was up 0.1% at $3,371.30 an ounce, as of 0020 GMT. U.S. gold futures were steady at $3,387.20.
* The world braced on Sunday for Iran's response after the U.S. attacked key Iranian nuclear sites, joining Israel in the biggest Western military action against the Islamic Republic since its 1979 revolution. * In a televised address, U.S. President Donald Trump warned Iran against retaliating, stating that any response would trigger further attacks unless Iran agreed to pursue peace. * Tehran vowed retaliation, with missile exchanges between Iran and Israel continuing over the weekend. Israeli fighter jets struck military sites in western Iran, according to officials, while Iranian missiles wounded scores of people and flattened buildings in Tel Aviv.
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* Meanwhile, the close split at the U.S. Federal Reserve over whether to keep hedging against inflation risks or move forward faster with rate cuts came through on Friday in the first public comments from policymakers following a decision this week to hold borrowing costs steady for now.
* The Fed's latest Monetary Policy Report to Congress, released on Friday, said that U.S. inflation remains somewhat elevated and the labor market is solid. However, it suggested that the full impact of Trump's tariffs is likely yet to be felt, reiterating the Fed's stance that it can wait for greater clarity before making policy moves.
ADVERTISEMENT * On Friday, Trump once again floated the idea of firing Fed Chair Jerome Powell, whom he has long criticized for not lowering interest rates as much as he wants. * Elsewhere, spot silver was up 0.1% at $36.03 per ounce, platinum fell 0.3% to $1,260.78, while palladium edged down 0.1% to $1,043. DATA/EVENTS (GMT) 0030 Japan JibunBK Comp Op, SVC PMI, Mfg PMI Flash SA June 0715 France HCOB Mfg, Services, Composite Flash PMI June 0730 Germany HCOB Mfg, Services, Composite Flash PMI June 0800 EU HCOB Mfg, Services, Composite Flash PMI June 0830 UK Flash Composite, Manufacturing, Services PMI June 1345 US S&P Global Mfg, Services, Comp PMI Flash June 1400 US Existing Home Sales May.
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Economic Times
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The Hindu
17 minutes ago
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First Post
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'Great honour': Trump to visit UK in September as King Charles to host him at Windsor Castle
Donald Trump will visit the UK for a rare second state visit in September, after accepting an invitation from King Charles III to be hosted at Windsor Castle, Buckingham Palace said. read more Donald Trump has formally accepted an invitation from King Charles III for a second state visit to the UK, Buckingham Palace has confirmed. Trump will make his second state visit to the UK from September 17 to 19, after accepting the invitation to be hosted by King Charles III and Queen Camilla at Windsor Castle, Buckingham Palace announced on Monday. Accompanied by his wife Melania, Trump will stay at Windsor Castle instead of Buckingham Palace, which is currently undergoing renovations. STORY CONTINUES BELOW THIS AD Trump previously made a state visit in 2019 during his first term, hosted by Queen Elizabeth II. Traditionally, second-term US presidents are not offered a state visit and are instead invited for tea or lunch with the monarch. Although the full itinerary hasn't been released, the visit will include a ceremonial welcome and a state banquet in St George's Hall at Windsor Castle. Senior royals, including the Prince and Princess of Wales, are expected to take part. Last week, French President Emmanuel Macron and his wife Brigitte became the first guests to have a state visit at Windsor in over a decade, complete with a carriage procession through the town. Trump's visit will require significant security measures. During his 2019 trip, there was no public procession along The Mall, and he mostly traveled by helicopter rather than by road. It's still uncertain whether Trump will address parliamentarians, which is often a feature of state visits. The House of Commons will be in recess for party conference season during his visit, though the House of Lords will still be in session. In February, Prime Minister Sir Keir Starmer delivered King Charles's invitation to Trump during a meeting in the Oval Office. Trump described the invitation as a 'great, great honour,' adding, 'And that says at Windsor—that's really something.' STORY CONTINUES BELOW THIS AD The upcoming visit comes just months after King Charles traveled to Canada to open Parliament there, a gesture seen as supporting Canada following Trump's imposition of tariffs and his remarks about possibly making Canada the 51st US state. For the UK government, Trump's visit is viewed as a valuable opportunity for soft diplomacy. Trump has frequently spoken warmly of the royal family, saying in April, 'I'm a friend of Charles. I have great respect for King Charles and the family, William. We have really just a great respect for the family.' Prime Minister Starmer hopes the visit might help influence Trump on major issues, including the war in Ukraine and reducing US tariffs on British exports—both important topics in the ongoing 'special relationship' between the two nations.
