|Day's Range||148.25 - 152.20|
Bearish bets have driven coffee futures down more than 17 percent since the start of the year. Rival breakfast item orange juice has made surprise gains heading into the fall, as futures surged more than 14 percent since the start of the year, making it one of the best performing commodities. Bearish bets have driven coffee futures down more than 17 percent since the start of the year, bringing the price close to a five-year low.
Comex gold futures for August delivery were down 0.02% to $1,270.30 a troy ounce as of 4:41 AM ET (8:41 GMT). Tensions between the U.S. and its allies continue, as India joined China and the European Union in retaliation against steel and aluminum tariffs. Meanwhile the European Union imposed tariffs on about $3.4 billion of U.S. imports on Friday, including motorcycles, orange juice and cranberry sauce.
Investing.com – Gold prices recovered from a 6-month low on Friday as the dollar slipped after hitting a 11-month peak earlier in the day.
Gold prices remained at six-month lows on Thursday, as trade tensions between the U.S. and China resurfaced. Comex gold futures for August delivery were down 0.46% to $1,268.60 a troy ounce as of 10:57 AM ET (14:57 GMT). Tensions between the U.S. and China continue, as the two largest economies in the world faced a tit-for-tat over trade tariffs.
Essentially, falling Treasury yields will be supportive for gold, while rising yields will be bearish for the precious metal. Additionally, the trend is down and not likely to change unless there is totally unexpected news that forces Treasury yields lower like a major flight to safety rally.
Investing.com – Gold prices were pinned to the psychologically important $1,300 level as gains on the back of a weaker dollar were offset somewhat by easing safe-haven demand as Italian political turmoil subsided.
Escalating U.S-China trade tensions mean risk aversion is likely to remain the name of the game across financial markets, as investors seek to avoid riskier assets. Yesterday, in a move that rattled global confidence, China announced plans to apply tariffs to 106 U.S.-produced goods, ranging from aircraft to orange juice.
President Donald Trump's approach to steel overcapacity is wrong, the EU's trade chief said Friday.
Investing.com – Gold prices hovered around breakeven Thursday as safe-haven demand returned as traders feared the prospect of a global trade war after President Donald Trump said the U.S. will impose tariffs on steel and aluminium imports as early as next week.
The EU and China are considering which American products to slap tariffs on in retaliation, such as Harley-Davidson motorcycles, bourbon and sorghum.