Gold gains on softer dollar as investors await US trade updates
Spot gold was up 0.6% at $3,369.02 per ounce, as of 0654 GMT. U.S. gold futures rose 0.5% to $3,376.40.
"Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large," KCM Trade Chief Market Analyst Tim Waterer said.
"The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the $3,400 level and perhaps beyond."
The dollar index weakened 0.2% against its rivals, making gold less expensive for other currency holders.
Investors are eyeing developments in trade negotiations ahead of U.S. President Donald Trump's August 1 deadline, as U.S. Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union.
Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, reports said.
At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts.
Last week, Federal Reserve Governor Christopher Waller said he still believes that the U.S. central bank should cut rates at its policy meeting next week.
Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment.
In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the U.S. tariff deadline looms.
Elsewhere, spot silver gained 0.4% to $38.33 per ounce, platinum added 1.1% to $1,437.53 and palladium climbed 1.3% to $1,256.98. - Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
23 minutes ago
- Free Malaysia Today
Ombudsman Malaysia to replace whistleblower committee
Deputy law and institutional reform minister M Kulasegaran said whistleblowers' identities could be protected if disclosures on misconduct were made through the proper channels. KUALA LUMPUR : The government will replace the current whistleblower protection committee with the soon-to-be-established Ombudsman Malaysia, which will have wider powers and clearer reporting mechanisms, the Dewan Rakyat was told. Deputy law and institutional reform minister M Kulasegaran said the current committee was merely a stop-gap measure. 'It is temporary until Ombudsman Malaysia is set up,' he said in winding-up the debate on the Whistleblower Protection (Amendment) Bill 2025 in the Dewan Rakyat today. Earlier today, opposition and government MPs called for better amendments to the Whistleblower Protection Act 2010, warning that the current draft lacked teeth and could enable political interference. Some MPs had also questioned the appointment of the members to this committee. Kulasegaran said Ombudsman Malaysia would take over the role of the committee with additional powers, including receiving complaints from whistleblowers involving misconduct. 'SOPs including timelines and relevant aspects will be detailed during the setting up of Ombudsman Malaysia.' Kulasegaran added that the main objective of the Whistleblower Protection Act remained unchanged – which was to protect whistleblowers. But he said protection could only be granted if the disclosure was made to an enforcement agency, as stipulated in the Act. 'If the information is not channelled to an enforcement agency, the individual will not be classified as a whistleblower.' Kulasegaran stressed that the government was confident whistleblowers' identities could be protected if disclosures were made through the proper channels. 'However, if the disclosure is made to the media or the public, it will be difficult to offer protection. The information may be widely shared.' He further said the government was looking at ways to improve the reporting mechanisms, including allowing disclosures to parties other than enforcement agencies to encourage more people to come forward. The bill was later passed by the Dewan Rakyat.
Free Malaysia Today
40 minutes ago
- Free Malaysia Today
Gathering on assembly law reform turns tense in brief standoff with cops
Rallygoers were involved in a brief standoff with police outside Parliament this morning. KUALA LUMPUR : A gathering calling for the abolition of the Sedition Act and the reform of the Peaceful Assembly Act turned a little tense when a participant was allegedly manhandled by a policeman outside Parliament this morning. Student group Himpunan Advokasi Rakyat Malaysia (Haram) president Brendon Gan, who witnessed the incident, claimed that a policeman grabbed a demonstrator by the neck during a standoff at the barricade. 'Who gave the cops the right to do that?' he asked. 'If it wasn't for YB Syed Saddiq who came to help, who knows what would've happened?,' he said, referring to Muar MP Syed Saddiq Syed Abdul Rahman. FMT has contacted the police for comment. The incident occurred as about 50 demonstrators – from electoral reform group Bersih, rights group Suaram, student groups, unions, and several civil society organisations – marched from Taman Tugu to Parliament to hand over a memorandum demanding reforms. They were stopped in the middle of the road by policemen who prevented them from reaching Parliament's gates. Protesters, some of whom turned up as early as 10.30pm despite the downpour, chanted 'long live the people, rise up against oppressive laws!' while beating drums and holding up banners that read 'fight draconian legislation'. The crowd was later met by several MPs and representatives, including Syed Saddiq; Perikatan Nasional's Wan Ahmad Fayhsal Wan Ahmad Kamal; Teresa Kok, Syerleena Abdul Rashid, Dr Kelvin Yii, Syed Ibrahim Syed Noh and Khoo Poay Tiong from Pakatan Harapan; as well as Warisan's Isnaraissah Munirah Majilis. Addressing the crowd, Wan Fayhsal and the other MPs in attendance expressed support for the protesters. 'If I, as a parliamentarian with immunity, can be punished for speaking out, imagine the risks faced by citizens. I will ensure your voices reach the Dewan Rakyat,' Wan Fayhsal said. Yii, the Bandar Kuching MP from DAP, reaffirmed the constitutional right to peaceful assembly, saying it had long been part of Malaysia's democratic tradition. He urged the authorities not to suppress such gatherings but to instead 'facilitate them better', 'A bill will be tabled to amend the Peaceful Assembly Act,' he said. 'I haven't seen the final draft yet, but once I do, I will study it to ensure it includes the necessary reforms. 'Regardless of whether we agree with the message of a demonstration, we must respect their right to assemble.' Several other speakers criticised the government for failing to deliver on its promises to abolish the Sedition Act and ensure meaningful reform of public assembly laws. 'This is not the first time we've submitted a memorandum calling for the Sedition Act to be abolished,' said Bersih chairman Faisal Abdul Aziz. 'We've done it before. Today, we are here to demand that the government listens and acts.' Qistina Johari of Amnesty International Malaysia said peaceful assemblies and freedom of speech were being treated as 'a threat' by the authorities. 'Protests are not criminal. Protests are patriotic,' she said. 'The Sedition Act should have been abolished along with the British Empire — instead it's still being used to protect the powerful.'
Malay Mail
an hour ago
- Malay Mail
How Trump turned his Truth Social app into a megaphone
PARIS, July 22 — Donald Trump has turned his obscure Truth Social platform into a megaphone in his second presidential term—constantly posting everything from major policy announcements to personal threats and unashamed self-promotion. To mark his first six months back in power, Trump unloaded around 40 posts Sunday on the app he owns and can use unfettered by moderators, censors or fact-checkers. The deluge was characteristic of the way he has transformed Truth Social, despite being a minnow in the social media world, into the White House's primary means of communication. AFP analysed over 2,800 Truth Social posts by @realDonaldTrump from his inauguration on January 20, 2025 up to July 20 to get a better idea of how the Republican communicates. Sidelining the White House press office, the president speaks straight to his hardcore base, posting an average of 16 messages a day, many in all-caps rants peppered with exclamation marks and the odd expletive. Although Truth Social is tiny compared to X, Trump can post to 10.5 million followers knowing that he is being followed by the media and political establishment, with much of what he says quickly being reposted to rival platforms. Trump repays the favour, helping to create a right-wing media ecosystem that invariably circles back to him. Since January 20, he has shared Fox News articles 101 times, and the New York Post and Breitbart News 51 times each. 'The minute he puts something on Truth Social, others pick it up and echo it,' said Darren Linvill, a social media and disinformation specialist at Clemson University in South Carolina. Alternative to Twitter In his first term, Trump relied in a similar way on what was then known as Twitter—renamed X on being purchased by Elon Musk. But after Trump's attempt to overthrow his loss in the 2020 election, he was banned by Twitter and Facebook and briefly persona non grata in Washington. Although once more present on the bigger alternatives, Trump continues to prefer Truth Social. The posts vary wildly in content, all part of Trump's brand of mixing politics with entertainment. And the style deliberately mimics Trump's verbal ticks—the bombast, salesmanship and exaggeration. 'Vladimir, STOP,' he posted on April 24, after Russia launched an especially heavy bombing of Kyiv. Russian President Vladimir Putin did not stop, but Trump's two-word plea earned heavy media coverage. Half of his posts used at least one exclamation point and 155 were written in all-caps. One post on March 23, promoting his cryptocurrency $Trump, read: 'I LOVE $TRUMP—SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!' Controlling the narrative Trump's posts are a way for him to keep the public on its toes and to change the narrative by giving journalists a new 'rabbit hole' to follow when needed, said presidential historian Alvin Felzenberg. The leader of the world's biggest economy knows investors are paying equally close attention. As markets plunged following Trump's tariffs announcements, he used Truth Social on March 10 to pump out articles predicting optimistic economic outcomes. On April 9, just as stock prices were tanking, he posted: 'THIS IS A GREAT TIME TO BUY!!!' And hours later, he announced a 90-day suspension of additional tariffs against dozens of countries, triggering the best day for the S&P 500 index since the recovery from the 2008 financial crisis. The timing led to accusations from Democrats of an insider trader scheme. 'Truth Social doesn't quite have the firepower that I think Twitter had..., but it's still impactful enough that it can at times move the market,' says Stephen Innes, managing partner at SPI Asset Management. — AFP
