WASHINGTON (dpa-AFX) - Gold prices settled lower on Thursday as uncertainty over US tariffs still prevail with less than a day remaining for the crucial deadline for negotiations to expire.
Front Month Comex Gold for August delivery edged down by $2.60 (or 0.08%) to $3,293.20 per troy ounce today. Gold is down by $1.20 (or 0.04%) per troy ounce for this month.
Front Month Comex Silver for August delivery slumped by $1.014 (or 2.70%) to $36.552 per troy ounce today. However, silver gained by 70.00 cents (or 1.95%) per troy ounce for this month.
Tomorrow is a crucial day for the global markets as it ends the suspension period of 'reciprocal tariffs' set by the US.
With some of the major US trading partners like the UK, and Japan securing deals, India, Canada, and Mexico are struggling to find a common path in the negotiations. India faces 25% tariffs as of now along with a penalty for buying Russian oil.
A flurry of economic data released today revealed that the core PCE price index went up 0.3% from June; personal income rose by 0.3% month-over-month to $25.794 trillion in June 2025; personal spending increased 0.3% month-over-month in June 2025.
Initial jobless claims in the US inched higher by 1,000 from the previous week to 218,000 in the fourth week of July.
Continuing Jobless Claims remained unchanged at 1.946,000 for the week ending July 19.
Yesterday, as expected, the Federal Reserve decided to keep its benchmark borrowing rates unchanged in the 4.25% to 4.5% range. Notably, two rate-setters, Christopher Waller and Michelle Bowman voted against the majority decision.
Fed Chair Jerome Powell also stated that the central bank has 'made no decisions' about rate cuts in September.
The tariff implementation starting August 1st positions India as Trump's main Asian focus with rates significantly higher (at 25%) than those imposed on Vietnam (20%), Indonesia, and the Philippines (19% each).
With the Fed's decision on rate cuts now obvious, investors now await the US non-farm payrolls data to be released tomorrow with announcements from the White House on finalization of tariffs. This will help them to move towards safe-haven or riskier assets in the coming days.
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