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Gold prices steady as dollar strength offsets rate-cut bets
The gold price held steady Tuesday, as the dollar strengthened and countered bets on a rate cut in the United States. Market participants were waiting for President Trump to announce his new Federal Reserve appointments. By 0947 am, spot gold had risen 0.1% to $3,376.80 an ounce. After reaching its highest level in over a year on Monday, ET (1347 GMT), gold prices rose 0.1% to $3,376.80 per ounce. U.S. Gold futures rose also 0.1% to $3,430. Gold priced in greenbacks is now more expensive for foreign buyers due to the dollar's 0.2% increase. Bob Haberkorn is a senior market analyst at RJO Futures. He said that despite the fact that gold is under pressure from a stronger dollar, the expectation of a Fed rate cut in September remains very positive. After Friday's unanticipatedly poor June hiring data, the markets are pricing in two rate reductions by year-end. Gold is a good investment during times of political and economic uncertainty. It also thrives when interest rates are low, as it pays no interest. Trump also said that he will announce soon his decision on the short-term replacement of Federal Reserve Governor Adriana Kulgler, who announced on Friday her resignation, as well as on his choice for the next Fed Chair. The latest data shows that the U.S. Trade Deficit narrowed by a large margin in June, largely due to a drop in imports of consumer goods. This is the latest proof of the impact Trump's tariffs are having on the global economy. Investors are now awaiting Thursday's U.S. employment data to get more clues about the Fed's possible rate path. Spot silver increased 0.4% to $37.53 an ounce, its highest level since the 30th of July. "I am more bullish about silver than gold at the moment." Haberkorn stated that he believes silver will break through $40 and, if this happens, the next price target is likely to be $42. Palladium lost 1.7% and platinum 1.3%, to reach $1,186.18. Sibanye Stillwater, a South African miner, has asked the United States for consideration of imposing a tax on Russian imports of palladium to ensure the viability and long-term sustainability of U.S. supplies.
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Trump claims that a drop in energy costs will cause Putin to halt killing people
U.S. president Donald Trump said on Tuesday that declining energy prices may pressure Russian President Vladimir Putin into ending the war in Ukraine. Trump stated in an interview with CNBC that if energy prices drop enough, Putin will stop killing people. "If you can get energy down another $10 per barrel, his economy will be in ruins." Last week, Trump gave Putin until August 8 to take action to end the conflict in Ukraine. If he fails to do so, he will face harsher U.S. sanction. His administration has also pressed India and China into stopping the purchase of Russian oil. Trump told CNBC the fall in energy prices is due to an increase in production by OPEC and other countries, and he expects further drops. He said, "If you look at OPEC or OPEC+ they are drilling more. I believe they want to make me happy." OPEC+ reached an agreement on Sunday The company will increase oil production by 547,000 barges per day in September. This is the latest of several accelerated output increases to gain market share as concerns grow over possible supply disruptions related to Russia. This move represents a complete and early reversal in OPEC+’s largest batch of output cuts, plus a separate rise in production for the United Arab Emirates of about 2.5 million bpd or around 2.4% of global demand. Eight OPEC+ member countries held a short virtual meeting amid increased U.S. pressure to India to stop Russian oil purchases – part of Washington’s efforts to get Moscow to the negotiating tables for a peace agreement with Ukraine. The International Monetary Fund (IMF) last week reduced its projection for Russian economic growth from 1.5% in April to just 0.9% this year.
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As US trade tensions escalate, Indian jeweller Titan is looking to shift some manufacturing to the Gulf.
C.K. Venkataraman, the Managing Director of India's largest jeweller and watchmaker Titan, said that it is considering moving some production to the Middle East Gulf in order to maintain low tariff access to U.S. markets amid tensions between Washington D.C. and New Delhi. Venkataraman told reporters on Tuesday. Titan, a part of Tata Group, announced plans this month to acquire a major stake in Dubai's luxury retailer Damas. Damas operates 146 outlets across the Gulf. Venkataraman said that the deal is valued at $283m and the region will be used as a "manufacturing base" to export goods to the U.S. His comments show how companies around the world may look for new ways to overcome trade barriers as the U.S. imposes or threatens tariffs against international trading partners. Last month, U.S. president Donald Trump imposed a 25% surprise tariff on Indian imports and threatened to increase the rate this week due to India's purchases Russian oil. The United Arab Emirates, on the other hand, will face a tariff of 10% under Trump's base rate. Titan's Tanishq has several U.S.-based stores and plans a major expansion. Its diamond-focused label CaratLane was launched in the U.S. last October. Titan started talks with Damas to purchase the company in 2024 before U.S. Trade Policy shifts became a focus. Venkataraman, in a video with the. He said that the U.S. was a less viable manufacturing base because of cost and skill constraints, particularly for artisanal jewellery. Venkataraman stated that "if the tariffs stay as they are now threatened to be then any arbitrage... any significant arbitration would be meaningful to us," Venkataraman. (Reporting and editing by Susan Fenton; reporting by Luke Tyson)
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Zimbabwean platinum miners owe millions of dollars in unpaid export revenues
The mining chamber said that under Zimbabwe's government's rules on foreign currency retention, platinum miners in Zimbabwe are owed millions in unpaid exports revenue. This is hurting operations for a sector still struggling to recover after a price crash. All exporters are required to convert the remaining 70% of their foreign currency proceeds into local currency. It says that it needs foreign currency in order to repay loans and fund imports. Government data show that platinum producers in Zimbabwe such as Valterra Platinum and Impala Platinum’s Zimplats and Mimosa (a joint venture between Impala and Sibanye Stillwater) exported PGM concentrates and mattes worth $690m in the first six months of this year. An official from the mining chamber said that the government hasn't paid the miners in local currency the equivalent of their export profits since January. Kuda Mnangagwa, deputy finance minister, confirmed that the government was behind in paying miners. Mnangagwa said on Tuesday that cash flow issues were present, especially in the first quarter when revenue collections are lowest. He said that the government is talking to platinum miner to "ensure these delays do not burden their operations". Zimbabwe's second-most valuable mineral export is platinum group metals used in catalytic convertors to reduce vehicle emissions. Zimbabwe exported gold worth $1.8billion during the first half 2025. This is up from $870m during the same period in the previous year. Gold producers in Zimbabwe have also complained of Zimbabwe's foreign exchange retention rule. They claim that it reduces their income by converting a portion of their export earnings into an overvalued currency.
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Public Service Enterprise exceeds quarterly profit expectations on increased energy consumption
Public Service Enterprise Group beat estimates for the second quarter profit on Tuesday, thanks to higher electricity demand during June when homes and businesses increased air conditioning in hot weather. The hotter than normal temperatures in June increased power demand, at a moment when utilities are already dealing with record usage due to the growth of the data centers and electrification trend. Ralph LaRossa is the CEO of PSEG. He said, "We were able to operate through three consecutive 100degF days, resulting in high electricity consumption that led to a peak summer load of 10,229MW on June 24, which was our highest system load since 2013. The total operating revenue increased by about 15%, to $2.8 billion. The utility also confirmed its forecast for operating earnings of $3.94 - $4.06 per share. PSEG Power has reported an increase in nuclear output to 7.5 Terawatt Hours (TWh) from 0.5 TWh last year. This is due to a 2024 Hope Creek power outage. Investors and companies are increasingly interested in nuclear energy because it is almost carbon-free. PSEG reported that large load service requests, mostly from current and potential data centers, increased to 9,400 megawatts by June 30 from 6,400MW at the end March. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of 77 cents for the three-month period ended June 30. This compares with the average analyst estimate of 70 cents. Reporting by Pranav mathur in Bengaluru, editing by Shreya biswas and Vijay Kishore
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India responds to Trump's threats over Russian oil purchases
India's ruling and main opposition parties condemned the threat of U.S. president Donald Trump to increase tariffs on Indian goods over its Russian oil purchase, as a sign of political unity at a time when a trade dispute with Washington is intensifying. Trump announced in July that he would impose 25% tariffs on Indian goods. U.S. officials cited geopolitical factors as obstacles to a U.S. India trade agreement. Manish Tewari is a member and leader of Congress in the Indian opposition. He said that Trump's "disparaging comments hurt the dignity of Indians and their self-respect". He added, "It's time to stop this bullying and hectoring." BJP Vice-President Baijayant Jay Panda quoted Henry Kissinger – the most powerful U.S. Diplomat of the Cold War era – in a X post: "To be an ally of America is fatal, but to have been an enemy can be dangerous." India's Foreign Ministry claimed that the country had been unfairly singled-out over its purchases from Russia of oil. It also highlighted the continued trade between Moscow, the United States, and the European Union despite the conflict in Ukraine. In a late-Monday statement, it stated that "it is shocking that those nations who criticise India also trade with Russia." The ministry stated that it was unfair to single out India. The EU said that it conducted trade worth 67.5 billion euro ($78.02billion) with Russia in 2024. This included record LNG imports, which reached 16.5 million tons. In a statement, it was stated that the United States continues to import Russian uranium-hexafluoride, which is used in their nuclear power industry. It also said that they continue to import palladium, fertilizers, and chemicals. The statement did not specify the source of export data. The U.S. Embassy and the EU delegation in New Delhi didn't immediately respond to an inquiry for comment. Since Russia's full-scale invasion in Ukraine began in February 2022, both the United States as well as the EU have drastically reduced their trade relations with Russia. According to the EU executive European Commission, in 2021 Russia will be the EU's fifth largest trading partner with goods worth 258 billion euro. SUDDEN RIFTS India is the largest buyer of Russian crude oil by sea. It imported about 1.75 millions barrels of Russian oil per day from January to June of this year. This was an increase of 1% compared to a year earlier, according to trade sources. Since Russia invaded Ukraine, it has been under pressure to distance itself. New Delhi has refused, citing economic and long-standing ties to Russia. Two government sources have confirmed that Ajit Doval, India's national security adviser, is expected to visit Russia on a planned trip this week. In the next few weeks, Foreign Minister S Jaishankar will visit. Since July 31, when Trump announced a 25% tariff on all goods shipped to the U.S., and threatened for the first time unspecified penalties if India bought Russian oil, the sudden rift has deepened between India and the U.S. Trump said that he would impose new sanctions against Russia and countries that purchase its energy exports from Friday, unless Moscow took steps to end the conflict with Ukraine. Trade tensions are causing concern for India's economy. The rupee fell 0.17% against the dollar, as the equity benchmark BSE Sensex.BSESN dropped 0.38%. Reporting by Aftab Ahmad and Nidhi verma, Editing by Helen Popper
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Duke Energy sells part of Florida unit to boost capex
Duke Energy announced on Tuesday that it would sell a 19,7% indirect stake in Florida to Brookfield Asset Management in exchange for $6 billion. This is part of an overall push to increase infrastructure investments in response to the soaring demand for electricity. The company has also increased its capital spending plan for the next five years by $4 billion. This brings it to $87 billion. It joins a number of other major U.S. utilities who are increasing their investments to upgrade their electric grids and lines to meet the surge in power demand coming from data centers that focus on AI and electric vehicles. The U.S. Energy Information Administration forecasts record electricity consumption for 2025 and 26. Duke's shares rose 2% on premarket trading Tuesday after it beat the second-quarter profit estimate. Duke will remain the majority owner and operator of the Florida utility, which serves about 2,000,000 customers. The deal is expected to close in stages starting early in 2026. The remaining $4 billion is being used to reduce the holding company's debt. About $2 billion will go towards funding Duke's increased capital plan. According to LSEG, the Charlotte, North Carolina utility reported adjusted earnings per share of $1.25, compared to analysts' average estimates of $1.18. Revenue increased to $7.5 billion from $7.17billion a year ago. Duke's electric utilities division saw its earnings adjusted to $1.19bn, up from $1.12bn in the same period of last year. This was largely due to higher retail rates. The company's gas utilities segment reported a flat result of $6 million due to higher operating and maintenance expenses. Sumit Saha reported from Bengaluru, and Vijay Kishore edited the story.
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US awards NioCorp $10 million for building scandium supply chains in Nebraska
Elk Creek Resources, a subsidiary of the U.S. Department of Defense, has been awarded $10 million by Washington to develop a supply chain for scandium. The Defense Production Act will fund the NioCorp development unit to support the engineering, drilling, and feasibility studies for the Elk Creek Project in Nebraska. In premarket trading, shares of NioCorp rose 4.8%. Since 1969, the United States has stopped mining scandium. The majority of global supply comes mainly from China, Russia and Ukraine. The project is part broader efforts by the United States to reduce its reliance on China, and other foreign suppliers for critical minerals. This is in line with an executive order issued by Donald Trump 2025 to increase domestic production. Early in July, MP Materials announced a multi-billion dollar deal with the U.S. Government to increase production of rare earth magnets, and to help loosen China’s grip on materials used for building weapons, electric vehicles, and many electronic devices. Scandium alloys are used to make lightweight, high strength alloys for aircraft, hypersonic weaponry and energy platforms. (Reporting and editing by Sahal Muhammad in Bengaluru, Katha Kalia)
Palm oil exports improve with bargain-buying and improved export prospects
The price of Malaysian palm oil futures rose on Tuesday due to bargain-buying and a stronger Dalian palm olein. Traders also expect better export data in the first half August.
At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery was up 103 Ringgit or 2.46% at 4,290 Ringgit ($1,015.38) per metric ton. The contract dropped 1.37% during the previous session.
A Kuala Lumpur based trader reported that bargain buying helped to support prices across the board, while Dalian palm oil recovered from its lows of yesterday.
The trader said that the market would also look for an improvement in export numbers in the first half August.
Dalian's palm oil contract, which is the most active contract, rose by 2.84%. Chicago Board of Trade soyoil prices rose 0.17%.
As palm oil competes to gain a share in the global vegetable oil market, it tracks the price changes of competing edible oils.
Five dealers reported that India's imports of palm oil fell in July due to contract cancellations. However, soyoil exports to India surged at a three-year peak, thanks to low prices and delayed shipments since June.
A survey shows that Malaysian palm oil inventories will rise for the fifth consecutive month, reaching their highest level in nearly two years. Production growth is outpacing exports.
The price of oil was not changed much as traders weighed the rising OPEC+ production and concerns about a weakening global demand against President Trump's threats towards India regarding its Russian oil purchases.
Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures.
The palm ringgit's trade currency strengthened by 0.24% versus the dollar. This made the commodity a little more expensive for foreign buyers. ($1 = 4.2250 ringgit)
(source: Reuters)