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Below the Quote on gold Commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd

Gold was steady at the start of the week on the back of US and UK markets being shut, however the metal in the early morning trade has inched lower.  European Commission trade chief Maros Sefcovic reported productive discussions with Trump administration officials, with both parties targeting a July 9 deadline for a trade agreement. Trump's decision to delay a proposed 50% tariff on European imports also eased immediate concerns. Trump’s move reduced safe-haven buying, investors remain cautious amid erratic U.S. trade policies and ongoing global tensions. Germany’s approval for Ukraine to strike inside Russian territory has escalated geopolitical risks, with the Kremlin denouncing the move as dangerously provocative. Adding to market jitters, Russia launched its third consecutive night of aerial attacks on Ukraine following the largest air assault of the conflict. Meanwhile, China’s net gold imports via Hong Kong surged in April, more than doubling from March and hitting the highest level since March 2024. The combination of persistent geopolitical instability and uneven trade signals continues to underpin gold’s longer-term appeal. Focus today will be on US durbale goods orders and consumer confidence data

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