Gold Market Analysis: On Friday (Beijing time, August 1), spot gold traded around $3,291.40/oz. Gold prices rose on Thursday as tariff uncertainty persisted ahead of the August 1 deadline set by U.S. President Trump to end negotiations, prompting traders to shift towards safe-haven assets. On Wednesday, Trump announced a series of tariff measures, including imposing tariffs on imports from Brazil and South Korea. As import tariffs began to drive up costs of certain goods, the U.S. June inflation rate increased. The Personal Consumption Expenditures (PCE) price index rose 0.3% in June from the previous month, with May’s data revised upward to a 0.2% increase. Meanwhile, the Federal Reserve on Wednesday kept its target interest rate range at 4.25%-4.50%. Fed Chair Powell’s remarks after the decision dampened hopes for a September rate cut. Investors are now awaiting Friday’s U.S. non-farm payrolls data for more clues on the Fed’s rate path.
Gold Trading Strategy for Today: Prefer buying on dips and selling on rebounds. Key resistance at 3305, support at 3272.
Crude Oil Market Analysis: International oil prices continued to rise on Thursday, marking the fourth consecutive day of gains, as the market broadly worries about tightening global supply. Brent crude September contract rose 0.4% to $73.51/bbl, WTI September contract rose 0.5% to $70.37/bbl, and the more actively traded Brent October contract rose 0.4% to $72.76/bbl. Recently, market focus has been on statements from U.S. President Trump, who demanded Russia make “substantial progress” in the Ukraine situation within 10-12 days, or face a 100% secondary tariff on its trade partners—significantly moving forward the previous 50-day deadline. Current upward momentum in international oil prices is driven more by trade-related concerns and potential supply tightening, especially as U.S.-led tariffs and sanctions reshape the global crude trade landscape. While inventory data shows an increase in supply, falling gasoline stocks and resilient demand are supporting prices. If U.S. policies escalate further, there is a high probability oil could break and hold above $74. However, if Russia-Ukraine tensions ease or negotiations progress, market sentiment could quickly reverse.
Crude Oil Trading Strategy for Today: Prefer selling on rebounds and buying on dips. Key resistance at 70.1, support at 66.9.
Trading should be approached with caution. This is for reference only.
