Gold and Oil Prices Fluctuate Amid Trump’s Remarks
Gold and oil prices experienced sharp volatility due to U.S. political statements and concerns about global inventories.
Contents
Gold
Slight Decline After Easing Powell Concerns
Gold prices dipped slightly after a volatile session, settling near $3,330 per ounce following a 0.7% gain in the previous session.
This move came amid speculation that Federal Reserve Chairman Jerome Powell could be dismissed by President Donald Trump.
However, Trump later stated that he had “no plans to take any action” against Powell, temporarily easing market tensions.
Although the threat of Powell’s dismissal has subsided, concerns over potential political interference remain,
especially regarding the independence of the Federal Reserve.
This has further reinforced gold’s role as a safe-haven asset, notably as it has risen by nearly 30% since the start of the year.
Supported by geopolitical tensions, ETF inflows, and central bank purchases.
Oil
Cautious Rise as Markets Await Inventory Data
Oil prices increased after three consecutive days of losses,
with Brent crude climbing toward $69 per barrel and West Texas Intermediate (WTI) stabilizing near $67.
These gains came as traders awaited U.S. inventory data, which showed a drop in crude stocks but a rise in distillates.
Meanwhile, Trump escalated his rhetoric on trade tariffs, stating he may impose up to 15% tariffs on over 150 countries.
While this could potentially weigh on global demand, the market is temporarily supported by low diesel inventories, especially in Europe and the U.S.
Ongoing tensions in the Middle East, including drone attacks on oil facilities in Iraq’s Kurdistan region,
are also supporting short-term prices. However, the return of OPEC+ supplies and weaker summer demand could put downward pressure on prices later this year.
Gold and Oil Prices Fluctuate Amid Trump’s Remarks