Gold Rises to Fresh Record
Gold extended its momentum to surpass $2,840 per ounce on Tuesday, a fresh record high, as further concerns that tariffs from economic superpowers will hamper global growth extended demand for safe-haven assets.
US President Trump delayed tariffs against Mexico and US but followed through with levies of 10% on all imports from China this week. Consequently, Beijing retaliated by announcing tariffs on US energy goods to start next week.
In the meantime, interest rate futures continued to indicate that the market expects two rate cuts by the Fed this year, compared to the loose consensus of no rate cuts in the period last month. This was backed by fewer job openings than expected in the latest JOLTS report, while factory orders slumped more than expected to a six-month low.
Source: Trading Economics