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Commodity News Details
Gold slips below $3420 amid Fed uncertainty, Trump tariffs
06-Aug-2025 14:39
Gold futures slipped below $3420 per ounce on Wednesday, falling nearly 0.5% as the metal faced strong resistance around the $3450 level. On MCX, October gold futures dropped 0.5% to ₹100810 per 10 grams. The dollar index traded sideways near 98.64, leading to fluctuations across dollar-denominated assets. Mixed US economic data, including weaker-than-expected ISM services activity, and renewed trade tensions added pressure on gold prices. President Trump's tariff moves and uncertainty over Federal Reserve leadership'following Governor Kugler's resignation'fueled volatility. While gold found some support from geopolitical risks, resistance remains firm with near-term support expected around $3300.

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