Strength in the dollar is weighing on gold prices, which are testing key support near $3,315 and are also set for their first weekly loss in three weeks.
Markets remain volatile early Thursday, following a highly turbulent day influenced by Trump’s actions, US Producer Price Index (PPI) data, and geopolitical developments.
Global markets edged lower as uncertainty grew around U.S. President Donald Trump’s tariff threats and his involvement in the Middle East and Ukraine-Russia conflicts.
Markets opened slightly positive on Tuesday, supported by stronger-than-expected growth and activity data from China.
Markets kicked off the week on shaky ground after U.S. President Donald Trump reignited trade fears by threatening steep tariffs if trade deals aren’t finalized by August 1.
US President Donald Trump announced a new round of tariffs on Thursday, this time targeting top-tier economies like Europe and Canada, after already hitting Japan earlier in the week.
On Wednesday, President Trump hit the markets with new tariffs, 50% on copper and 30% on imports from Brazil and Sri Lanka, raising concerns that he might disrupt the global economy.
U.S. President Donald Trump’s 50% tariffs on copper and plans to impose additional tariffs on more countries unsettled the markets as traders await the release of the latest FOMC Minutes.
Market sentiment remained uncertain early Tuesday, with initial concerns over US President Trump’s tariff announcements easing after he delayed the tariff deadline to August 1.
The week began negatively amid fresh tariff threats from US President Trump and Israeli strikes in Yemen following a Houthi attack on a Red Sea ship.
Asia-Pacific markets saw limited activity on Friday following a busy Thursday, as the US Independence Day holiday and a quiet global calendar slowed momentum.
The market sentiment remains slightly positive as the US-Vietnam trade deal and easing tensions with China.
Despite Trump’s “Big Beautiful Bill” passing the Senate and moving to the House, the US Dollar struggled to gain momentum after bouncing off its lowest level since February 2022.
