Global gold prices rose on Tuesday, driven by a weakening U.S. dollar and falling oil prices, as markets await key U.S. labor market data later this week, which could influence future monetary policy by the Federal Reserve. Meanwhile, U.S. President Donald Trump has renewed his calls for interest rate cuts.
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According to Bloomberg, spot gold increased by 0.3%, reaching $3,312.25 per ounce, while U.S. gold futures rose by 0.5% to $3,323.10 per ounce.
The U.S. dollar index dropped 0.2%, hovering near its lowest level in three years, making gold more attractive to holders of other currencies.
Among other precious metals:
Silver rose by 0.1% to $36.13 per ounce
Platinum climbed 0.7% to $1,362.35
Palladium jumped 1.2% to $1,110.03
Oil Prices Fall on OPEC+ Supply Concerns
On the other hand, global oil prices declined amid expectations that OPEC+ will increase output in August and fears of a potential economic slowdown due to rising U.S. tariffs.
Bloomberg reported:
Brent crude (September delivery) fell by 16 cents (0.24%) to $66.58 per barrel
West Texas Intermediate (WTI) dropped by 20 cents (0.31%) to $64.91 per barrel
Sources within OPEC+ said last week that the group is planning a production increase of 411,000 barrels per day in August, following similar hikes in May and June.
If approved, this would bring the total 2025 OPEC+ output increase to 1.78 million barrels per day, representing over 1.5% of global oil demand.
OPEC+ is scheduled to meet on July 6, 2025, to finalize the decision.
