Daily Market Report
➢ Gold Recovery: Gold rebounded above $3,290/oz on Thursday after a >1% drop to a four-week low,
supported by Fed policy clarity and trade tensions.
➢ Fed Decision: The Federal Reserve held interest rates steady at 4.25%–4.5%, with two dissenting votes in
favor of cuts; Powell offered no clear timeline for easing.
➢ Market Reaction: Markets now price in only 35 bps of rate cuts by year-end, down from earlier
expectations, as US data remains strong.
➢ US Data Surprise: US GDP grew 3% in Q2 and private employment beat forecasts, further dampening hopes
of immediate Fed cuts.
➢ Trade Tensions Rise: President Trump imposed new tariffs—15% on South Korea, 25% on India, and 50%
on certain copper and semi-finished goods, citing national security and foreign purchases.
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