Gold prices jump on tariff uncertainty.
Gold prices jumped in Asian trade on Tuesday, lifted by safe-haven demand amid uncertainty over U.S. trade negotiations ahead of President Donald Trump’s July 9 tariff deadline, while a weaker dollar provided additional support.
Bullion rose 1.5% a day earlier, and was set to cover most of the ground it lost last week due to the Israel-Iran ceasefire.
Investors flock to safe-haven assets ahead of tariff deadline
Gold prices rose as investors looked out for trade deals ahead of President Trump’s July 9 tariff deadline.
A 90-day pause in tariff enforcement that began on April 2 is set to expire next week, with the U.S. having secured only two trade deals so far — with China and the UK.
Countries failing to reach trade deals before the deadline face the reimposition of reciprocal tariffs as high as 50%.
A Financial Times report on Tuesday stated that U.S. trade officials are pivoting to narrower trade agreements in a bid to secure quick wins ahead of the deadline. The report also said that the administration is still considering tariffs on key sectors.
Bitcoin price today falls to $106k.
Bitcoin fell on Tuesday, extending overnight declines as risk appetite was quashed by growing uncertainty over U.S. trade tariffs, as well as the impact of a sweeping tax and spending cut bill backed by President Donald Trump.
The world’s largest cryptocurrency was also subject to some profit-taking after vastly outpacing broader crypto markets in June. Bitcoin fell 1.5% to $106,811.6 by 01:39 ET (05:39 GMT).
Bitcoin took little support from major corporate holders Strategy, formerly MicroStrategy (NASDAQ:MSTR), and Metaplanet Inc (TYO:3350) announcing more acquisitions of the crypto this week. Strategy purchased over $500 million worth of coins, while Metaplanet added $108 million of Bitcoin.
Crypto markets largely lagged strength in other risk-driven markets, specifically equities, as gains in technology shares saw Wall Street notch record highs in recent sessions.
Asian shares tick up, dollar wobbles.
Asian shares crept higher and the dollar languished near multi-year lows on Tuesday as markets awaited a vote over U.S. President Donald Trump’s landmark tax and spending legislation.
Global share markets rallied to an intraday record on the previous day on trade optimism, but a marathon debate in the Senate over a bill estimated to add $3.3 trillion to the United States’ debt pile weighed on sentiment.
Japan’s Nikkei gauge of shares sank as much as 1.3% as the yen climbed against the dollar, a negative for exporters’ earnings. Oil fell for a second consecutive session and gold advanced.
A vote on Trump’s sweeping tax-cut and spending bill had been expected during the Asian trading day on Tuesday, but debate raged on over a long series of amendments by Republicans and the minority Democrats.
Trump wants the bill passed before the July 4 Independence Day holiday. As global trade negotiators scramble to get deals done before Trump’s tariff deadlines, investors are also anticipating key U.S. labour market data on Thursday.
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