22.07.202515:01:41UTC+00Gold Hits Five-Week High as Trade Tensions Mount

Gold experienced an upward shift, surpassing $3,420 per ounce and reaching its peak since June 16, as U.S. Treasury yields and the dollar continued to decline amidst ongoing uncertainty surrounding trade talks. With the U.S. President Donald Trump's tariff deadline set for August 1, concerns intensified over the potential failure of reaching an agreement between the U.S and the European Union. Reports suggest that EU diplomats are contemplating broader countermeasures if Trump proceeds with a proposed 30% levy on EU goods. Concurrently, Treasury Secretary Scott Bessent revealed plans for a meeting with his Chinese counterpart scheduled for next week, suggesting the possibility of extending the August deadline. Bessent also hinted at numerous prospective trade agreements with other nations, although he provided no detailed information. In terms of monetary policy, the European Central Bank is anticipated to maintain interest rates at 2.0% this week after a series of reductions, while the U.S. Federal Reserve's policy decision is expected in the coming week.