WASHINGTON (dpa-AFX) - Gold prices jumped on Tuesday even as investors took to profit-booking after the price shot higher earlier in the session, as prevailing tariff uncertainty brought back support to the precious metal.
Front Month Comex Gold for July delivery surged by $37.30 (or 1.10%) to $3,439.20 per troy ounce today.
Front Month Comex Silver for July delivery rose by 21.9 cents (or 0.56%) to $39.320 per troy ounce today.
On the economic data front, the Redbook Index in the US increased by 5.10% in the week ending July 19. The Johnson Redbook Index is a sales-weighted of year-over-year 'same-store sales growth' in a sample of large US general merchandise retailers, representing about 9,000 stores.
The 10-year Treasury yield moved lower today, falling more than 2 basis points lower to 4.342%. The 2-year-yield and 30-year-yield also fell more than 2 basis points.
Even as inflation in the US remains modest currently, the US central bank has resisted calls to lower interest rates. However, US President Donald Trump has expressed his displeasure against the Fed's decision and explicitly stated his desire to replace the current Chair.
The controversial $2.5 billion renovation of the Federal Reserve's historic Eccles Building in Washington, D.C. has triggered accusations of fraudulence by Trump's allies, hitting Fed Chair Jerome Powell even more.
On the geopolitical front, Yemen's Houthi rebel group's attacks on Israel with drones and missiles and Israel's retaliation continues seemingly without an end. Today, the rebels targeted Israel's Ben Gurion Airport which were intercepted by Israel's air defenses.
Two weeks before, the Houthis attacked and drowned two bulk carriers in the Red Sea. With no military intervention from the US or the West, the situation remains tense but peaceful so far.
On Friday, the UK, Germany, and France will hold nuclear talks with Iran in Istanbul, Turkey. Iran has been threatened with international sanctions if it fails to resume negotiations on its nuclear programs.
As countries are gearing up to sign trade deals with the US before the deadline for 'reciprocal tariff' suspension period ends on August 1, the EU is scrambling to close a deal.
The Federal Open Market Committee is next scheduled to meet on July 29 to 30. Traders feel that stock and commodity markets could turn up or down based on the crucial decision by the Fed amid trade uncertainty.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
