Gold prices pressured by dollar strength.
Gold prices fell in Asian trade on Wednesday, seeing limited safe haven demand as uncertainty over U.S. trade tariffs and interest rates pushed traders towards the dollar.
U.S. copper prices were an outlier among major metals, rallying to record highs after President Donald Trump threatened to impose a 50% tariff on imports of the red metal.
London copper futures sank on Tuesday and Wednesday.
Broader metal prices also broadly retreated amid pressure from a stronger dollar, which largely maintained its rebound from recent three-year lows.
Spot gold fell 0.2% to $3,294.88 an ounce, while gold futures for September fell 0.4% to $3,303.20/oz by 00:55 ET (04:55 GMT).
Gold, metal prices pressured by dollar recovery
Gold was close to its weakest level in nine days, as uncertainty over Trump’s trade tariffs did not translate into haven demand for the yellow metal as seen earlier.
Traders were seen pivoting into a heavily discounted dollar, which sustained a rebound from recent three-year lows amid growing bets that the Federal Reserve will not cut interest rates in the near-term, following strong payrolls data from last week.
Bitcoin price today sticks near $109k.
Bitcoin gained slightly on Wednesday, continuing its tepid moves as investors remain sidelined amid new U.S. tariff announcements and looked ahead to the upcoming “crypto week” in mid-July for potential regulatory clarity.
The world’s largest cryptocurrency rose 0.4% to $108,720.20 as of 02:25 ET (06:25 GMT).
The token has traded mostly flat since last week, as traders refrained from making significant moves due to ongoing uncertainty surrounding U.S. trade agreements.
Investors await more Trump tariff action
President Trump said on Tuesday that he would impose a 50% tariff on imported copper and would soon roll out long-promised duties on semiconductors and pharmaceuticals.
A day earlier, he started sending tariff letters, where he notified 14 countries that sharply higher tariffs would take effect on August 1.
Oil prices ease from two-week highs.
Oil prices edged lower on Wednesday after rising to two-week highs in the previous session, weighed down by investors waiting for clarity on new U.S. tariffs and expectations of rising crude inventories in the United States.
Brent crude futures slipped 15 cents, or 0.2%, to $70 a barrel by 0601 GMT. U.S. West Texas Intermediate crude fell 16 cents, or 0.2%, to $68.17 a barrel.
U.S. President Donald Trump’s latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa, and leaving companies with no clarity on the path forward.
Trump pushed Wednesday’s previous deadline to August 1, a date he said on Tuesday was final, declaring: “No extensions will be granted.”
He also said that he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening a trade war that has rattled markets worldwide.
OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates’ move to a larger quota, five sources said.
Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions,” said DBS Bank’s energy sector team lead Suvro Sarkar.
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