Stock Market Update
02-Jul-25 14:00 ET
Gold edges higher as rate cut bets, fiscal worries, and trade tensions fuel safe-haven demand
Dow -47.50
at 44447.44,
Nasdaq +164.17
at 20367.07,
S&P +20.27
at 6218.28
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.81%) is modestly higher, yet firmly atop the major averages with about two hours remaining on Wednesday afternoon.
Gold futures settled $9.90 higher (+0.3%) at $3,359.70/oz, in response to a mix of macroeconomic uncertainties. The U.S. dollar hovered near multi-year lows amid market speculation around Federal Reserve timing on rate cuts, Chair Powell's "wait-and-learn" tone and cooling U.S. jobs data have emboldened safe-haven bullion. Simultaneously, U.S. fiscal dynamics -- specifically, Senate passage of a sizeable tax-cut and spending bill adding approximately $3.3 trillion to national debt -- are adding inflation and debt-financing risk, which tends to support gold's appeal. Finally, mounting trade tensions, particularly as the July 9 tariff deadline looms and negotiations remain clouded, have further underpinned demand for the metal.
Meanwhile, the U.S. Dollar Index is up +0.1% to $96.78.
