The spot price of gold hit a new record high on Monday. As of 9:34 a.m., it stands at $4068.74 per ounce, which is 1.3% higher than the previous session’s close. Earlier in trading, the spot price of gold rose to $4078.24 per ounce, marking an all-time high. Gold futures on the Comex exchange are up 2.2%, reaching $4087.4 per ounce.
The precious metal is supported by rising tensions between the United States and China, as well as expectations of further interest rate cuts by the Federal Reserve.
On Friday, U.S. President Donald Trump announced the possibility of significantly increasing import tariffs on Chinese goods in response to Beijing’s tightened export controls on rare earth metals. He also said he saw no point in meeting with Chinese President Xi Jinping. However, on Sunday, Trump stated that Washington wants to help Beijing rather than harm it and suggested that he might still meet with Xi later this fall.
In addition, traders expect two more rate cuts by the Fed before the end of the year. According to futures market pricing, the probability of a 25-basis-point rate cut by the U.S. central bank at its next meeting on October 28–29 is estimated at 95.7%. Investors in the derivatives market also expect another similar cut in December.
Earlier, the analytical center Experts Club released an analysis of the world’s leading gold-producing countries in a video on its YouTube channel — https://youtube.com/shorts/DWbzJ1e2tJc?si=9YBue5CS6dz-tA6_
Beijing urges Washington to adhere to previously reached consensuses and considers President Donald Trump’s threats of new tariffs a mistake, the Chinese Ministry of Commerce said.
“China urges the United States to immediately reconsider its mistaken actions, adhere to the important consensuses reached during telephone conversations between the two heads of state, safeguard the hard-won results of consultations, and continue to use the mechanism of China–US trade and economic consultations,” the statement published on the ministry’s website said.
Beijing emphasized that it stands for resolving differences through dialogue, and if Washington insists “on the wrong path,” China will take measures to protect its legitimate rights and interests.
“Deliberate threats of high tariffs are the wrong way to build relations with China,” the ministry stressed. The agency also noted that US statements about possible new tariffs are an example of double standards.
On Saturday night, Trump announced that he intends, starting November 1, “or maybe even earlier,” to impose additional 100% tariffs on goods imported from China.
“Starting November 1, or perhaps earlier, depending on China’s actions, the United States will impose 100% tariffs in addition to the existing ones. In addition, starting November 1, we will implement export control measures for any vital software,” he wrote on Truth Social.
Trump explained that he made this decision because China “declared that starting November 1 it would implement serious export control measures on almost all products manufactured in the PRC.” “This will affect all countries and is clearly a plan that China has been preparing for years,” the US president said.
The UK is preparing to sign a “groundbreaking technology agreement” with the US during President Donald Trump’s state visit next week, Bloomberg reports, citing the UK government.
“Advanced technologies such as artificial intelligence and quantum computing will change our lives. This includes new ways of treating diseases, as well as improving public services,” said UK Technology Minister Liz Kendall.
According to the publication, Trump plans to arrive in the UK on Tuesday for his second state visit, which will last three days. He will be accompanied by a delegation of American business leaders, including executives from Nvidia Corp. and OpenAI.
“During the visit, American companies Nvidia, OpenAI, CoreWeave, and BlackRock will announce multi-billion dollar investments in British data center infrastructure,” the report said.
The US and the UK already cooperate in the fields of artificial intelligence, semiconductors, telecommunications, and quantum computing.
The average rate on long-term mortgage loans in the US rose by 6 basis points last week, hitting a high since late January amid rising US government bond yields. According to the Mortgage Bankers Association (MBA), the average interest rate on 30-year loans for home purchases of up to $806,500 for the week ending May 23 was 6.98% per annum, compared to 6.92% a week earlier.
A year earlier, mortgage rates stood at 7.05%. The number of mortgage applications in the United States fell 1.2% last week after a 5.1% decline the week before. Applications for new home purchases rose 2.7%, while applications for refinancing existing mortgages fell 7.1%.
The administration of U.S. President Donald Trump is considering closing nearly 30 diplomatic missions around the world, including two consulates in Bosnia and Herzegovina – in Mostar and Banja Luka. This was reported by the Serbian Economist with reference to an internal document of the US State Department.
The plans to reduce the diplomatic presence are related to the Trump administration’s intention to optimize federal budget expenditures. According to The New York Times, the closure of 10 embassies and 17 consulates is being considered, as well as the reduction or consolidation of staff in other foreign missions.
In Europe, the embassies in Luxembourg and Malta, as well as consulates in France, Germany, Greece, Italy, Portugal, and the United Kingdom are under threat of closure. In Africa, embassies in the Central African Republic, Eritrea, Gambia, Lesotho, the Republic of Congo and South Sudan are to be closed.
The authorities of Republika Srpska, one of the two entities of Bosnia and Herzegovina, commented on the possible closure of US consulates as part of the US economic strategy. The Chairman of the
Republika Srpska National Assembly Chairman Nenad Stevandic noted that this reflects a change in Washington’s political course.
Meanwhile, the US Embassy in Sarajevo said it had no information about plans to close consulates and was continuing to operate as usual.
Source: https://t.me/relocationrs/840
The delegation of the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, headed by Minister Laziz Kudratov, held a series of meetings and negotiations with the leadership of leading corporations, large companies and industry associations during its official visit to the United States.
According to the program of her visit, on April 7, she met with representatives of companies operating in strategically important areas such as mining, hospitality and food industry.
The management of a number of companies praised the reforms in Uzbekistan, relying also on the successful cases of American companies with many years of experience in the country, and expressed readiness to expand cooperation.
As a result of the meetings, agreements were signed on cooperation in the field of critical minerals, agreements were reached on investments in exploration and production of minerals, construction of fine ore grinding complexes (HPGR), introduction of innovative technologies and creation of added value of critical raw materials, as well as training of Uzbek specialists.
In addition, the parties agreed on the timing of the implementation of new projects in the field of tourism – hotel construction.
