Gold prices edge lower.
Gold prices fell in Asian trade on Thursday amid some improvement in risk appetite after U.S. President Donald Trump downplayed fears that he will prematurely fire Fed Chair Jerome Powell.
Broader metal prices were also subdued amid pressure from a stronger dollar, which steadied near a three-week high following sticky inflation data for June.
But haven demand for gold remained upbeat, especially amid growing uncertainty over Trump’s tariffs, which are set to take effect in just over two weeks.
Platinum and silver also largely maintained their outperformance over gold.
Spot gold fell 0.2% to $3,342.09 an ounce, while gold futures for September fell 0.3% to $3,348.40/oz by 00:49 ET (04:49 GMT).
Trump says firing Powell ‘highly unlikely’
Trump on Wednesday said it was “highly unlikely” he would fire Fed Chair Powell, although it still remained a possibility if there was evidence of fraud in the Fed’s ongoing renovation project.
Oil up as demand expectations.
Oil prices rose on Thursday, reversing declines in the previous three sessions, buoyed by stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.
Brent crude futures rose 8 cents, or 0.1%, to $68.60 a barrel at 0630 GMT. U.S. West Texas Intermediate crude futures were up 16 cents, or 0.2%, at $66.54. Both benchmarks fell more than 0.2% in the previous session.
U.S. President Donald Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and said on Wednesday that he would probably put a blanket 10% or 15% tariff on smaller countries.
New agreements with Indonesia and Vietnam were announced this week.
Trump also offered renewed optimism about prospects of a deal with Beijing on illicit drugs and hinted that a trade deal with India was very close, while an agreement could possibly be reached with Europe as well.
Bitcoin price today steady near $118.5k.
Bitcoin was largely steady on Thursday as the U.S. House of Representatives cleared a key procedural hurdle to open debate on a suite of crypto bills, after a nine-hour deadlock.
The world’s largest cryptocurrency last traded 0.2% higher at $118,747.5 as of 02:25 ET (06:25 GMT).
The token had surged to record highs above $123,000 at the start of the week. However, increased profit taking at record levels and concerns around U.S. trade tariffs led to a pullback below $116,000.
US crypto bills clear procedural vote
The House late Wednesday narrowly approved a motion to begin formal debate on a package of digital asset legislation, including the GENIUS Act, which sets a federal framework for stablecoins.
The vote passed 217 to 212 after hours of internal negotiations among Republicans, who were divided on whether to advance the bills individually or as a group.
The development marked the first breakthrough in what lawmakers have dubbed “Crypto Week,” a coordinated push to establish regulatory clarity for the digital asset sector.
Additional bills under discussion include the CLARITY Act, which would define whether tokens fall under securities or commodities rules, and the Anti-CBDC Surveillance State Act, aimed at preventing the Federal Reserve from issuing a central bank digital currency.
The procedural vote had originally stalled on Tuesday over internal Republican disagreements, but gained momentum after intervention from President Trump and Speaker Johnson
However, the slender margin on the procedural vote and lingering uncertainty over final passage have capped momentum, keeping Bitcoin in a narrow trading band.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement
