As investors prepared for US trade-related developments, markets took a cautious approach last week. Following a brief decline below $3300, gold has recovered, and Silver has touched new record highs, Dr. Renisha Chainani, Head- Research, Augmont said, Bullion continues strong momentum as Trump imposes New Tariffs in the Weekly Blog for the period of 7 July to 11 July.
Trump said on Tuesday & reaffirmed his warning on Wednesday to impose additional tariffs on BRICS nations and released a fresh series of letters outlining duty rates of 20%–30% on smaller trading partners like the Philippines, Algeria, and Libya.
In the meantime, the minutes of the Federal Reserve’s June policy meeting revealed that the majority of members projected a rate reduction later this year, with any tariff-related price increase being temporary or modest.
Over the weekend, US President Donald Trump announced that an additional 10% tariffs would be applied to nations that align with the BRICS group, an intergovernmental organization made up of Iran, Egypt, Ethiopia, South Africa (founding members), India, China, Brazil, Russia, and the United Arab Emirates. Trump imposed a 30% tariff on both the EU and Mexico in letters to both countries, calling their trade deficits with the US a major threat to national security.
Additionally, President Trump signed an executive order extending the tariff implementation deadline to August 1. Trump did, however, publish the letters they addressed to trading partners, revealing that they will be levying 25% tariffs on South Korea and Japan.
For more precise clues about the Federal Reserve’s next interest rate decision, investors are keenly observing a number of important US economic releases this week, such as the CPI, PPI, retail sales, and industrial production.
Additionally, President Trump signed an executive order extending the tariff implementation deadline to August 1. Trump did, however, publish the letters they addressed to trading partners, revealing that they will be levying 25% tariffs on South Korea and Japan.
For more precise clues about the Federal Reserve’s next interest rate decision, investors are keenly observing a number of important US economic releases this week, such as the CPI, PPI, retail sales, and industrial production.
Gold is on the verge of giving a breakout above $3370 (~Rs 98000), the next target is $3415 (~Rs 99000) and $3450 (~Rs 100,000). Silver prices have given an upside breakout of their range above $37.5 (~Rs 110,000). This bullish momentum is expected to extend further towards $40 (~Rs 115,000) and $41 (~Rs 118,000).
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