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Analysis: Uncertainty in Market Drives Gold Price Above $3400 as Tariff Deadline Approaches
Summary: In response to news, gold prices rose over 1% on Monday, surpassing the $3400 per ounce mark. This increase comes as the US dollar and Treasury yields weaken amid uncertainty in trade negotiations. The US has set a deadline of August 1 for countries to reach an agreement, or face additional tariffs. David Meger, Director ...
In response to news, gold prices rose over 1% on Monday, surpassing the $3400 per ounce mark. This increase comes as the US dollar and Treasury yields weaken amid uncertainty in trade negotiations. The US has set a deadline of August 1 for countries to reach an agreement, or face additional tariffs. David Meger, Director of Metals Trading at High Ridge Futures, stated, 'As the August 1 deadline approaches, it brings a certain level of uncertainty to the market, which is certainly favorable.' Meger noted rumors circulating about the US cutting interest rates sooner than expected, as well as speculation about the replacement of Fed Chair Powell and a potential Fed restructuring, intensifying market anxiety.
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Link: Analysis: Uncertainty in Market Drives Gold Price Above $3400 as Tariff Deadline Approaches [Copy]
