Breakfast Bites - Gold in Focus
Updated labor market data; Fed officials updates
Rise and shine everyone
Happy Friday!
Gold in focus. Gold surged again, hitting a fresh all-time high of $3,534 an ounce during US trading but pared gains after the latest announcements.
According to the Financial Times, the US has imposed tariffs (39%) on the most commonly traded forms of Comex gold bars, specifically targeting Swiss one-kilo and 100-ounce bars. Basically, these categories were thought to be in the exempted list but are not. The result could be a long-term rebalancing of the market, with liquidity shifting toward COMEX, a blow to Switzerland’s traditional refining dominance and a win for US refiners.
Oil continued its slide, with WTI falling to $63 a barrel, down from $70 just a week ago. The weakness followed confirmation from Russia that a Trump-Putin meeting could take place as early as next week, fueling speculation around potential energy diplomacy.