International News
Gold near fresh all-time highs ahead of US trading session
Gold’s price (XAU/USD) is seeing gains tick up trading near $2,952 at the time of writing, fueled by a weaker US Dollar (USD) and softening US yields in a reaction to the recent German federal election outcome. Although the far-right party Alternative for Germany (AfD) has gained 20% of votes, the Christian Democratic Union of Germany (CDU) is comfortable in the lead with 208 seats against AfD’s 152. US yields dropped off and the CME Federal Reserve (Fed) Futures are now favoring a 25 basis points (bps) rate cut in June, where last week odds were rather for no rate cut in June.
Meanwhile, traders will watch the US Gross Domestic Product (GBP) release for the fourth quarter of 2024 later this week. Given the recent slowdown in US activity and economic data (for example, the softer Services Purchase Managers Index (PMI) reading on Friday), another drop in US yields could be triggered, with markets anticipating the Federal Reserve lowering its monetary policy rate to boost the economy and demand. The US dollar weakened after several reports and economic data points last week revealed that US business activity slowed and consumer confidence waned, with expectations for inflation surging and markets pricing in more rate cuts by the Federal Reserve this year.
Dubai Diamond Exchange (DDE) and the London Diamond Bourse (LDB) have signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation between the two diamond trading centres, expanding business opportunities for members, and promoting responsible growth across the global diamond and gemstone trade. The agreement was announced on 8 July 2026.
The MoU establishes a framework for collaboration in responsible trading, commercial development, knowledge sharing, and closer engagement between members of the two bourses. It also seeks to encourage dialogue on issues affecting the international diamond industry as trading centres adapt to an increasingly interconnected global marketplace.
The agreement was signed by Ahmed Bin Sulayem, Chairman of the Dubai Diamond Exchange, and Charlotte Rose, President of the London Diamond Bourse. It marks the first formal international partnership under Rose’s presidency, which began in June.
Ahmed Bin Sulayem, Chairman, Dubai Diamond Exchange, said:
“The Dubai Diamond Exchange was built on the belief that connecting markets creates opportunity. This partnership with the London Diamond Bourse reflects that philosophy, bringing together two major diamond trading centres to strengthen collaboration and expand opportunities for our respective members. The future of our industry will not be built by individual markets acting alone. By working more closely together, we can establish a stronger network of trusted trading centres, sharing expertise, upholding recognised standards, and reinforcing confidence and growth across the global diamond trade.”
Charlotte Rose, President, London Diamond Bourse, noted:
“There is no better partner for the London Diamond Bourse to begin this new chapter with than the Dubai Diamond Exchange. As a fellow member of the World Federation of Diamond Bourses, the DDE shares our commitment to trusted, well-governed trading, and this agreement opens up real opportunities for members on both sides. I’m looking forward to seeing where this partnership takes us.”
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