Oil futures are up by nearly 3% after President Trump warned that he would impose 100% secondary tariffs on Russia within 10 to 12 days unless it ends its war on Ukraine. Trump had previously set the deadline to September 1.
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Russia is the world’s second-largest producer of crude oil and natural gas, meaning that secondary tariffs could drive up the prices of these resources and cause global disruptions to energy supply chains. Both China and India are key buyers of Russian oil and gas.
Spot Gold Prices Drop on Trade Optimism
Gold is often viewed as a safe-haven asset and a store of value. However, following the U.S.-EU trade deal, investors are growing more optimistic and increasing their risk appetite ahead of the August 1 tariff deadline. That doesn’t bode well for gold, with spot prices down by about 0.70% today.
At the same time, Spot Gold (XAUUSD) is still up by over 25% year-to-date in a record-setting year.
