Daily Market Report
➢ Gold trades at $3,292 per ounce on Friday, August 1, after recovering from a one-month low of $3,268
earlier this week, driven by renewed safe-haven demand amid global trade tensions.
➢ President Trump imposed new tariffs ranging from 10% to 41% on countries without US trade
agreements and hiked duties on Canadian goods to 35%; Mexico has a 90-day reprieve.
➢ Gold remains range-bound between $3,250 and $3,450, with weak momentum and downside risk
due to dollar strength.
➢ US PCE inflation data exceeded expectations in June, dampening hopes for a September Fed rate
cut and contributing to gold’s weakness earlier in the week.
➢ The US Dollar Index (DXY) hit its highest since May 29, briefly touching the psychological 100.00 level,
before slightly easing to hover near 99.50.
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