Daily Market Report
➢ Gold rallies to fresh all-time peak above $3,500, marking its sixth consecutive daily gain.
➢ Fed rate cut bets remain the main driver, with growing expectations of a September cut boosting
demand for non-yielding bullion.
➢ Fed independence concerns rise after Trump fires Fed Governor Lisa Cook and criticizes Chair
Jerome Powell for not lowering rates.
➢ US tariffs uncertainty persists after a federal appeals court ruled Trump’s reciprocal tariffs illegal,
with the case heading to the Supreme Court.
➢ Geopolitical tensions — Russia-Ukraine conflict and unrest in the Middle East — continue to fuel
safe-haven flows into gold.
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