Crude Surges as Global Demand Spikes—Gold Tumbles Under Dollar’s Iron Grip
Black gold’s back, baby—oil prices rocket as thirsty economies guzzle supply. Meanwhile, gold gets crushed under the boot of a resurgent greenback.
The crude awakening
Driven by insatiable industrial demand and that classic 'summer travel squeeze,' Brent barrels are painting the town green. No fancy footwork here—just good ol' supply-demand physics at work.
Gold's glimmer gone
The shiny stuff’s taking a beating as Treasury yields do their best impression of a crypto bull market. Safe-haven? More like safe-haven’t—unless you’re betting against the Fed’s pet currency.
The cynical take
Watch hedge funds flip from 'inflation hedges' to 'strong dollar plays' faster than a Bitcoin maximalist pivoting to AI tokens. Some things never change—except portfolio allocations, apparently.
Gold dips against strengthening dollar
Gold prices slipped on Thursday, pulled down by a stronger dollar along with reduced worries after the US President Trump mentioned that he was “highly unlikely” to remove Fed Chair Powell.
A source told Reuters on Wednesday that Trump was considering dismissing Powell, but the president then said he had no immediate plans to do so, while again criticizing the Fed chair for not cutting interest rates.
As of 06:55 GMT, spot Gold pulled down by 0.4%, reaching $3,334.19 an ounce. US gold futures also fell, dropping 0.6%, reaching $3,340.30. At the same time, US dollar index increased 0.4% against other currencies, making dollar‑priced gold more costly for holders of other currencies.
Data on US producer prices for June showed no change from the previous month, as higher costs for goods under new import tariffs were balanced by weak services.
Meanwhile on Wednesday, the largest gold ETF, the SPDR Gold Trust, reported an increase in its holdings by 0.33%, reaching 950.79 tons. It increased from the last session’s 947.64 tons.
Elsewhere in precious metals, spot silver eased 0.2% to $37.87 an ounce. On the other hand, Platinum reduced by 0.6% and reached $1,408.85 while Palladium dipped 1.3%, reaching $1,214.53.
KEY Difference Wire helps crypto brands break through and dominate headlines fast
