Commodities Daily - July 30, 2019
> Gold prices resume advance late yesterday and are holding above $1,425/oz this morning. Ahead of tomorrow's Fed meeting, Donald Trump again publicly criticized the Fed, saying that a small cut is a positive step but insufficient for the US economy. The burgeoning risk of a no-deal Brexit supported gold yesterday, as Foreign Secretary Dominic Raab said that London was hastening preparations for a hard Brexit.> Base metals largely inactive yesterday. Quotes moved in both directions this morning, despite the start of trade talks between the US and China in Shanghai. Tomorrow, investors await Chinese PMIs for July and the outcome to the Fed meeting. Should the dollar weaken after the meeting, base metals could receive a boost, foremost among them copper, which is currently trading at just above $6,000/tonne.
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