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Below the Quote on Crude and Gold 14 July 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities 

COMEX gold surged to a two-week high of $3,381.60/oz on Friday, closing slightly lower at $3,364/oz, as escalating trade tensions boosted safe-haven demand. U.S. President Donald Trump announced sweeping tariffs, including a 35% duty on Canadian imports and a 50% levy on Brazilian goods, among the highest imposed to date. He also signaled plans to raise the existing blanket tariff rate from 10% to 15% or even 20%. Gold extends gains today, rising to $3,389.30/oz, following Trump's announcement of a new 30% tariff on imports from Mexico and the European Union, effective August 1, after negotiations stalled. The EU bloc has agreed to extend its suspension of retaliatory measures until August 1 to allow more time for talks. Meanwhile, uncertainty regarding the future of Fed Chair Jerome Powell remains a key concern. Senior Trump administration officials have ramped up their attacks on Fed Chair Jerome Powell in recent days, and the President remarked it would be "great" if Powell stepped down, further unsettling investors.

WTI crude oil rebounded sharply on Friday, closing at $68.45/bbl, supported by the International Energy Agency’s statement that the market is tighter than it appears. Anticipation of a major statement by President Trump regarding Russia and potential new sanctions also contributed to the rally. Further supporting prices were Saudi Arabia’s hike in official selling prices for crude exports to Asia and Europe, along with expectations of strong summer demand. Oil extended its rally today, trading at $68.95/bbl, amid growing fears of U.S. sanctions targeting Russian energy exports. Trump has indicated he may escalate action against Russia and support legislation enabling tariffs of up to 500% on imports from countries that purchase Russian oil, gas, or uranium, a measure reportedly gaining momentum in the U.S. Senate.