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Gold prices rise as US inflation data is emphasized
Gold prices rose on Tuesday ahead of U.S. Inflation data that will be released later in the day. This could provide more clarity on the Federal Reserve’s interest rate policy. As of 0151 GMT, spot gold was up by 0.1%, at $3,346.94 an ounce. U.S. Gold Futures were unchanged at $3,355.60. Tim Waterer, KCM Trade's Chief Market Analyst, said that gold has historically been an asset of preference when tensions over tariffs increase. The precious metals' move to $3,350 shows this pattern is repeating itself. In the absence of geopolitical tensions, a drop in USD or Treasury yields could be needed to allow gold to continue its upward trajectory towards $3400. After weeks of failed negotiations, U.S. president Donald Trump threatened on Saturday to impose a 30 percent tariff on imports coming from Mexico and the European Union beginning on August 1. The focus of traders now turns to the U.S. Consumer Price data for June due at 1230 GMT, Tuesday. The economists surveyed by predict that headline inflation will increase from 2.4% to 2,7% annually, up from the 2.4% recorded in the previous month. Core inflation is forecast to increase to 3.0% from 2.8%. Trump renewed his attack on Jerome Powell on Monday, saying that interest rates should be 1% or less. The markets are pricing in a 50 basis point rate cut by the end of the year, with a first reduction anticipated in September. In a low interest rate environment, gold, which is often viewed as a safe haven during economic uncertainty, does well. Silver spot gained 0.3%, to $38.24 an ounce. It had reached its highest level since Sept. 2011 on Monday. Silver is benefiting from growing industrial demand and supply concerns. Silver has risen as investors have sought value elsewhere due to the rise of gold over the last 18 months, Waterer added. Palladium and platinum both rose by 0.1% to $1,194.50. Platinum was up 0.3% at $1,368.30.
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JGB yields soar as Asian shares surge, the dollar strengthens before US earnings
The dollar gained on Tuesday, as the trade talks were still in the spotlight. This week will also see important readings for U.S. bank earnings and inflation. Oil prices fell after U.S. president Donald Trump set a deadline of 50 days for Russia to stop the war in Ukraine or face energy sanctions. As a crucial upper house election approached, Japanese government bond yields reached a multi-decade peak. Trump indicated he would be open to discussing tariffs following his threat at the weekend to impose 30% duty on Europe and Mexico starting August 1. Japan is trying to set up high-level discussions with the U.S. on Friday. Rodrigo Catril, a strategist at National Australia Bank, says that the market has reacted rather positively to the uncertainty surrounding tariffs. This makes earnings this week in the United States all the more significant as cues. Catril, in a NAB Podcast, said that it would be interesting to hear what the companies have to say, especially in regards to the future-looking outlook. He added, "I believe that the idea of complacency comes from the fact that we don't know how this entire thing will play out." MSCI's broadest Asia-Pacific share index outside Japan rose 0.4% after U.S. shares ended the previous session with modest gains. Japan's Nikkei gauge added 0.2%. The EU warned that if a deal is not reached, it will take countermeasures. Trump said that he would be open to more discussions with the EU, and other trading partners. The Yomiuri reported that Japan's Shigeru Shiba will meet U.S. Treasury Sec. Scott Bessent on Friday in Tokyo, before the August 1 deadline for 25% tariffs to go into effect. Ishiba will also have to deal with an election on Sunday. Polls show that his ruling coalition could lose its majority in the upper chamber to political opponents advocating expansive spending. The benchmark yield on 10-year JGBs jumped to 1,595%, the highest since October 2008. Meanwhile, the 30-year yield reached a record high of 3,195%. The U.S. earnings period will begin Tuesday with the release of major bank's second-quarter results. According to LSEG, S&P profits will rise 5.8% over the past year. The outlook for the S&P 500 has changed dramatically since Trump's trade war began in early April, when he predicted a 10.2% increase. Investors will also be watching for the U.S. consumer prices data for June due Tuesday and any price increases that may result from tariffs. After reaching a new three-week high, the dollar was barely changed at 147.71yen. The euro was unchanged at $1.1672. U.S. crude fell 0.3% to $66,80 per barrel. Trump announced on Monday new weapons shipments to Ukraine and threatened sanctions against buyers of Russian exports until Moscow agreed to a 50-day peace agreement. Spot silver rose 0.1% to 38.15 dollars per ounce after reaching its highest level since the previous session. Early trades showed that the Euro Stoxx futures for all regions were up by 0.1%. The German DAX was also up by 0.1% and FTSE Futures were also up by 0.2%. U.S. Stock Futures, S&P500 e-minis were down by 0.1%.
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Oil prices drop as the market considers possible sanctions and tariffs
Oil prices fell on Tuesday, as investors digested U.S. president Donald Trump's deadline of 50 days for Russia to end its war in Ukraine and avoid sanctions against buyers of their oil. Meanwhile, concerns over Trump's tariffs on trade continued to linger. Brent crude futures dropped 5 cents, to $69.16 per barrel, by 0000 GMT. U.S. West Texas intermediate crude futures were down to $66.69, a 9-cent drop. The two contracts were settled at a lower price than the previous session. Trump announced on Monday new weapons for Ukraine and threatened sanctions against buyers of Russian exports, unless Moscow agreed to a peaceful deal within 50 days. The news of possible sanctions caused oil prices to rise, but they later lost these gains, as the deadline of 50 days raised the hope that sanctions would be avoided. Traders also speculated whether the U.S. actually imposed steep tariffs on those countries who continued to trade with Russia. The pause has eased fears that sanctions against Russia may disrupt crude oil flow. The rising tensions in trade also weighed on sentiment, wrote ANZ senior commodity analyst Daniel Hynes in a client note. Trump announced on Saturday that he will impose a 30 percent tariff on imports from Europe and Mexico starting August 1. He also issued similar warnings to other countries, giving them less than 3 weeks to negotiate framework agreements to lower the tariff rates. Tariffs could slow down the global economic growth and lower oil prices. According to Russian media, the secretary general of the Organization of Petroleum Exporting Countries said that oil demand will remain "very strong" throughout the third quarter. This will keep the market in a tight balance over the short term. Goldman Sachs raised its oil prices outlook for the second-half of 2025. The company cited potential supply disruptions and shrinking oil stocks in Organisation for Economic Co-operation and Development (OECD) countries as well as production constraints in Russia. (Reporting by Anjana Anil in Bengaluru; Editing by Jamie Freed)
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Texas flood toll rises as new storms approach
On Monday, the official death toll from storms in Texas surpassed 131. Authorities warned that another round of heavy rainfall is expected 10 days after an Hill Country flash flooding turned the Guadalupe River deadly torrent. The National Weather Service issued a flood warning until Tuesday morning, predicting heavy rains up to a half-foot deep in central Texas from the Rio Grande eastward to San Antonio and Austin. The advisory covered Kerr County, other areas of Texas Hill Country along Guadalupe that are still recovering from July 4's flood disaster. This ravaged Kerrville county seat and a riverside Christian Summer Camp for girls in Hunt. Residents along the riverfront, as well as the search teams that are still combing the bank of the waterway, were advised to move higher ground until this latest danger has passed. On Sunday, the search for more victims along Guadalupe River was also suspended because of flood concerns. Texas Governor Greg Abbott said on Monday that storms have claimed at least 130 lives in Texas since the 4th of July, with most deaths occurring in and around Kerrville. This is up from the 120 reported on Friday. He said that 97 people are still missing in the Kerrville region, compared to the 160 or so who authorities reported were unaccounted last week. Around a third are children. Most of them died at Camp Mystic, a girls-only retreat that was flooded by floodwaters before dawn on the morning of July 4. The authorities have not saved anyone alive since the day the floods occurred. More than a foot fell in less than one hour in a region called "flash flooding alley", sending a deadly flood wall down the Guadalupe River Basin. Abbott said that state lawmakers will investigate the circumstances surrounding the flooding and disaster preparedness, as well as emergency response to flooding during a special session of the legislature to be held later this month. The high number of casualties, which ranks as one of the most deadly U.S. flooding events in decades has raised concerns about the lack flash flood warning sirens and vacant National Weather Service offices due to staff cuts under Trump's administration.
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US nuclear regulator asks job seekers political questions
The U.S. Nuclear Power Regulator posted a job posting asking applicants to answer political questions, as President Donald Trump's administration seeks to gain more influence over the independent agency. On Monday, the posting asked applicants to explain how their commitment to U.S. Constitutional principles and the founding document of the United States inspired them to apply for the job. The job is for a senior operation engineer who will serve as an inspector at the Nuclear Regulatory Commission's division of operating reactor security. The questions also asked about how the applicants would improve government efficiency and effectiveness and "how would you promote the President's executive orders and policy priorities as this role?" Trump is trying to accelerate the approval of nuclear power plants by the NRC, as the United States is facing the first surge in electricity demand in the last 20 years due to the growth in artificial intelligence (AI) and data centers. In May, the Republican president signed executive order seeking to overhaul NRC. The agency was created as an independent regulator and is now directed to issue new licenses in 18 months. Scott Burnell said that NRC was following the Office of Personnel Management's requirements for job postings. This is the U.S. Government's Human Resources agency. A person working at the NRC who asked to remain anonymous said that under previous U.S. administrations the questions on job postings focused more on the applicants' work experience in operating a reactor than their political views. A former NRC chairman told reporters on Monday that questions about the posting are a kind of political litmus. "If I were Chairman and saw this, I would immediately tell my staff to replace it with professional questions that are relevant, not a chapter of 'Animal Farm,' which explains how to destroy the professional expertise within government," said Greg Jaczko. He served as NRC chair from 2009 to 2012. Jaczko referred to George Orwell’s 1945 satirical book. Not all six questions in the job description at issue were about politics. For example, one question asks about the contribution of work ethics to an applicant's success, while another asks if they used AI to answer. Trump fired Chris Hanson last month, a Democratic NRC Commissioner, an action that was criticised by almost 30 former NRC employees and officials. David Wright, current NRC Chair, said to a Senate Committee last week that an official from Trump's Department of Government Efficiency was working with the NRC in order to reform the agency.
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US delays ruling on Gulf of Mexico Whale Protections by Two Years
According to a court filing, an agreement reached with environmental groups will allow the Trump administration to delay the final rule by two years. The rule would protect the endangered Rice's Whale in the Gulf of Mexico oil and gas drilling area. The National Marine Fisheries Service of the U.S. Commerce Department and the green group Natural Resources Defense Council have agreed to give the government agency until 15 July 2027 to finalize the geographical area that is considered critical to the survival of the Rice’s whale. The agreement was filed with the U.S. District Court for the District of Columbia, on July 3, and it was seen by Monday. The agreement stated that "NMFS is continuing to work diligently on this complex Final Rule." "NMFS requires more time to evaluate the science and analyze the impact on the Rule," the agreement said. NMFS will coordinate its efforts in this process with the academic and scientific communities. NMFS officials could not be reached for comment. NRDC also did not have any immediate comment. It represents the environmental group Healthy Gulf, in a legal case over the designation of so-called "critical habitat". The oil and gas companies of the region have welcomed the delay. The former administration of Joe Biden in 2023 had proposed restrictions for drillers in the northern Gulf. We strongly support the decision of extending the deadline for the finalization of the Rice's Whale critical habitat. Erik Milito said that extending the deadline was both necessary and responsible, given the amount of work needed to make this rule perfect. (Reporting and editing by Mark Porter, David Gregorio and Nichola Groom)
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Zelenskiy appoints new Prime Minister, and taps official who spearheaded US mineral deal
On Monday, Ukrainian President Volodymyr Zelenskiy asked Yulia Shvyrydenko to head a new cabinet. This set the stage for an upcoming political reshuffle in Ukraine's ongoing war with Russia. Zelenskiy suggested that Ukraine's Prime Minister, Denys Schmyhal, be appointed as Defence Minister, as he described him as having the qualifications to do such a job. The nominations require parliamentary approval. They came at a time when diplomatic efforts to end the four-year war have stagnated and Ukraine is trying to revitalize its cash-strapped economic system and build up an indigenous arms industry. Zelenskiy, writing on X, said: "We... discussed tangible measures to boost Ukraine’s economic potential, increase support programs for Ukrainians and scale up our local weapons production." He said that "in pursuit of this objective, we are initiating transformation of the executive in Ukraine", adding that he proposed Svyrydenko to lead the government, and "significantly renew" its work. Svyrydenko is a 39-year-old economist who has been serving as the first deputy prime minister of Ukraine since 2021. She was a key player in the recent negotiations of a mineral deal with the United States. In his video nightly address, Zelenskiy described Shmyhal as having "vast" experience that is "valuable for the position of Minister of Defence of Ukraine." He said: "This is the exact area where maximum resources are concentrated, as well as maximum tasks and responsibility." Shmyhal is the prime minister of Moldova since March 2020. He has been in office since 1991, when the country gained independence from Moscow. Zelenskiy had suggested that Rustem Umerov, the Ukrainian ambassador to Washington Zelenskiy said could be appointed last week, would replace him. Ukraine depends on its Western allies for financial assistance to finance social and humanitarian spending, as the majority of state revenues are used to fund the army and the domestic weapon production. FINANCING ARMS INDUSTRIES Ukrainian officials also called on Kyiv’s partners to assist in financing the country’s arms industry. This could be done through joint defense projects. Zelenskiy stated that Ukraine will continue to "increase production of its weapons and develop their own defence projects - our own Ukrainian as well as jointly with our partners". Svyrydenko wrote on X that she would deregulation, reduce bureaucracy and protect businesses, as well as reduce non-critical spending, to "concentrate all state resources" towards defence and post-war reconstruction. She said, "The state apparatus does not have the right to waste our country's resources and potential." "Ukraine should be one of the most powerful economies in Europe." (Reporting and writing by Dan Peleschuk, with editing by Kevin Liffey; Gareth Jones; Ron Popeski, Cynthia Osterman, and Cynthia Osterman).
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Sudanese RSF forces killed almost 300 in North Kordofan according to activists
Sudanese activists reported on Monday that the paramilitary Rapid Support Forces killed nearly 300 people during attacks that began in North Kordofan State on Saturday. RSF is fighting against the Sudanese Army in this area. It's one of the main frontlines in a civil conflict that has been raging since April 2023. The army has gained control over the east and center of the country while the RSF works to consolidate control in the western regions including North Kordofan. Emergency Lawyers, a human rights organization, said in a Monday statement that the RSF attacked several villages around Bara on Saturday. Bara is under the control of the paramilitary. More than 200 people have been killed in Shag Alnom village by arson and gunshots. They said that looting raids in other villages resulted in the deaths of 38 civilians. Dozens more were reported as missing. The group claimed that the RSF had attacked Hilat Hamid the next day and killed 46 people including children, pregnant women, and other vulnerable individuals. According to the United Nations, more than 3,400 people have been forced to flee. Emergency Lawyers, blaming the RSF leadership, said: "It is clear that these villages targeted were empty of military objectives. This makes clear the criminality of these crimes committed in total disregard for international humanitarian law." Human rights groups and the United States have accused RSF of genocide, war crimes and crimes against humanity. The RSF has carried out violent raids on territory that it controls across the country. The RSF leadership has said that it will bring to justice those who are found guilty of such crimes. Sudan's civil conflict has caused the largest humanitarian crisis in the world, causing more than half of the population to go hungry and spreading diseases like cholera throughout the country. The humanitarian response has been stretched by a global cut in aid. (Reporting and editing by Sharon Singleton, Sandra Maler and Nafisa eltahir)
Singapore establishes new GasCo, and appoints a chief executive, according to regulator
Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state.
Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price.
Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company Pavilion Energy from March 2025.
Singapore announced its intention to create Singapore GasCo in 2023 to purchase and manage the natural gas for the power sector.
Gas is used to generate 95% the electricity in the city-state.
A Singaporean minister stated last year that the government expected the entity to begin procuring LNG in 2026.
Kpler, a data analytics firm, estimates that Singapore will import 6.35 million tons of LNG by 2024.
(source: Reuters)