Gold and Oil Volatile Amid U.S. Tariffs and Trump–Putin Meeting:

Global markets are experiencing turbulence and volatility,
Surprise U.S. tariffs on gold triggered widespread disruption in the precious metal market.
Oil prices settled after choppy trading as investors awaited a potential meeting between,

U.S. President Donald Trump and Russian President Vladimir Putin
and the possible outcome of a deal to end the war in Ukraine.

Contents

Gold Market

Oil Stability

Supply Challenges

Market Summary

Chaos in the Global Gold Market

The gold trade depends on an interconnected network of banks, refiners, and shipping companies.

Still, a U.S. decision issued by the U.S. Customs and Border Protection
revealed in a letter dated July 31 to a Swiss refinery caused significant

disruption by stipulating that gold bullion would be subject to import tariffs.

The surprise announcement sent New York gold futures surging to a record high of more than $3,530 per ounce,
while the London benchmark price dropped by more than $100,

marking the most significant recorded price gap between the two markets.
Prices retreated after the Trump administration confirmed that gold bullion

imports would ultimately not be subject to tariffs.

Robert Gottlieb, managing director at JPMorgan Chase and former precious metals trader, said:

“The government did not realize that this financial instrument is,
At its core, gold is not merely a physical commodity.”

Swiss refiners are key in gold flows between London and New York.

Still, the announced tariffs prompted Asian refineries to halt sales to the U.S. Veteran expert Ross Norman,
The director of Metals Daily noted that the issue is not just about losing or gaining billions overnight,

but also about the significant risks to market stability.

Under Trump’s reciprocal tariff system, the 3% price gap does not cover import costs,

especially with a 39% tariff on Switzerland.
COMEX prices would need around $4,700 per ounce to make shipments viable.

Even alternative suppliers such as Canada and Mexico face threats of strict tariffs.

Oil Prices Steady Amid Geopolitical Watch

In energy markets, oil prices ended a volatile session and changed slightly.
Brent crude for October delivery rose 16 cents to $66.59 a barrel,

while West Texas Intermediate (WTI) settled below $64 a barrel, breaking a six-session losing streak.

This comes amid talks between Washington and Moscow aimed at securing a deal that would

grant Russia control over territory it seized in Ukraine, in exchange for a ceasefire.
The U.S. seeks approval from Kyiv and European allies, though the agreement remains uncertain.

In a punitive move, Trump doubled tariffs on Indian imports to 50% over New Delhi’s purchase of Russian crude,

threatening similar measures against China.
>While investors doubt Europe would back a deal seen as a significant win for Putin,

renewed cooperation between Washington and Moscow has boosted expectations
that Russian crude will continue flowing freely to its largest buyers.

Bob McNally, founder of Rapidan Energy and former White House official, said:

“The potential ceasefire would have only a mildly bearish impact on prices if the U.S.
And EU sanctions on Russian energy are not lifted.”

Supply Challenges and Market Shift

Oil producers and consumers have demonstrated adaptability to supply shocks,

as seen this week with offers of Urals crude from western Russia
to Chinese buyers who do not typically use this grade.
But Putin’s insistence on annexing Donbas and Crimea complicates negotiations.

Other market pressures include the approaching end of the summer peak demand season,

a 7% drop in oil prices in August after three months of gains, OPEC+ easing production curbs,
and signs of a slowdown in the U.S. economy amid Trump’s sweeping tariffs.

According to Bridgton Research Group,

Commodity Trading Advisors (CTAs) turned net short for the first time since June,
WTI short positions rose to 36% from 18% the day before,

And Brent short positions are climbing to 27% from 9% net long on Thursday.

Market Summary

The latest developments in gold and oil markets highlight their sensitivity to trade and geopolitical policies,

where a sudden decision or political negotiation can quickly shift the balance.
With gold tariffs still under review and anticipation building around the Trump–Putin negotiations,

Investors are urged to remain cautious in an environment of volatility and uncertainty.

Gold and Oil Volatile Amid U.S. Tariffs and Trump–Putin Meeting

Gold and Oil Volatile Amid U.S. Tariffs and Trump–Putin Meeting

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