The price of gold is ending the week relatively stable as traders study how the talks between the U.S. and Iran progress in Iran. While unlikely, any deal struck during those talks would ease the geopolitical tension and weigh on further gains by bullion. Also in focus is the anticipated PPI data release in the U.S. as it could have a bearing on markets.
After rebounding from recent losses, gold has settled close to $5,200 and traders are observing whether the price consolidates in that range or makes further moves upwards.
Tariff concerns and the dovish comments coming from Fed officials are putting a damper on expectations of immediate gains in the price of gold. These concerns are currently crowding out the potentially outsized effect that geopolitics may have had on price direction for bullion.
At the moment, it isn’t clear what trade policy the Trump administration will take going forward after the Supreme Court voided the current tariff regime that upended decades of global trade order. Trump responded by announcing a 15% tariff citing authority from another law, but the commerce department instituted a 10% tariff on imports. Jamieson Greer, the U.S. trade representative stoked the uncertainty surrounding trade policy by saying some trade partners face a tariff rate of 15% or more, but he didn’t specify which countries will be targeted.
On the geopolitical front, the foreign minister of Oman sounded upbeat when he revealed progress had been made in Geneva in indirect talks between the U.S. and Iran. He added that the different parties were now consulting with their capitals before additional talks are held to build on the progress made. Meanwhile, the U.S. has ramped up its military presence close to Iran in apparent readiness for strikes against the country in case a breakthrough isn’t forthcoming during the current talks.
The situation is fluid and could swing either way. This has caused the market for gold to become quiet as traders and investors study the progress of the talks before committing to any moves either to sell or buy safe-haven gold.
On the domestic front, PPI data is expected to be released shortly and this has made traders cautious as they await the picture that could emerge of the state of the economy. Markets are likely to move once this data is out, and stakeholders like Collective Mining Ltd. (NYSE American: CNL) (TSX: CNL) will be studying the data feed to weigh the implications the release could have on the outlook for safe haven assets.
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