Gold is trading higher at the start of the European session today, Tuesday, July 15, as concerns about the trade war and tariffs rise. Fears of tariffs have also risen again after the US President announced his intention to impose 30% tariffs on the European Union and Mexico. Markets are awaiting US inflation figures this evening. The yellow metal is trading at the start of today’s European session, up about 0.52%, trading at $3,360 per ounce, while silver is trading at $38.25 per ounce, up 0.29%.
Markets are awaiting inflation figures this evening, represented by the Consumer Price Index (CPI) for June. Expectations indicate that the index will rise by 0.3% month-on-month in June, after growing by 0.1% in May, and will rise to 2.6% year-on-year, up from 2.4% in May. Markets will closely monitor these figures due to their importance and impact on the Federal Reserve’s monetary policy in the coming period. Federal Reserve Chairman Jerome Powell indicated that this summer would be the time to see the impact of tariffs on inflation, while expectations so far indicate that the Fed will resume cutting interest rates in September.
Platinum, meanwhile, is trading at $1,369, up about 0.49%, while palladium is down about 0.76%, trading at $1,184.