[ad_1]
A day of turmoil in the gold market continued, with futures giving up almost all of their daily gains after the White House said it would clarify tariffs on the precious metal.
The move, if carried out, would be a fresh blow for Switzerland, a major refining hub, which this week failed to avert broader 39% levies on exports to the U.S.
Gold prices have risen for five of the past six days, boosted in part by hopes the Federal Reserve will soon cut interest rates in response to weakening economic data. Futures prices in New York had briefly traded near $3,500 a troy ounce Friday before retreating.
Late Thursday, President Trump chose economic adviser Stephen Miran to fill a vacancy on the Federal Reserve’s board of governors until January. Miran will replace Adriana Kugler, who is expected to depart Friday.
Stocks indexes rose, led by the tech-heavy Nasdaq which gained 1%.
Intel shares edged higher after Thursday’s steep loss. The chipmaker said CEO Lip-Bu Tan had the board’s support, after Trump called for his resignation.
Treasury prices inched lower, pushing up yields. The 10-year yield rose to around 4.282%.
Oil prices turned in their third weekly loss in the past four weeks. Traders are weighing the impact of OPEC+ supply bumps against potential U.S. sanctions that could take Russian crude off the global market.
[ad_2]
Source link