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Gold near fresh all-time highs ahead of US trading session

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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.

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Natural Diamonds Cut In Europe Will No Longer Face US Import Tariffs, Decision Is Expected To Benefit Antwerp

The Main Reason Was That The US Does Not Have A Domestic Diamond Mining Or Cutting Industry That Needs Protection From European imports.

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Natural diamonds cut in Europe will no longer face US import tariffs after the US government removed the 10% duty that had been in place for the past six months.

The decision is expected to benefit Antwerp, Europe’s largest diamond cutting and trading hub. According to the Antwerp World Diamond Centre (AWDC), Belgium exported $2.1 billion worth of polished diamonds to the US in 2024.

The exemption was first introduced in September 2025 after discussions between the AWDC and the European Commission. The main reason was that the US does not have a domestic diamond mining or cutting industry that needs protection from European imports.

The reasons for granting the exemption remain unchanged- no diamonds are mined or cut in the US, so there is no local industry that requires tariff protection.

The earlier exemption ended in February 2026 after the US Supreme Court ruled that President Donald Trump’s reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA) were unlawful. The US government then imposed a temporary 10% import surcharge under Section 122 of the Trade Act, which also applied to European polished diamonds.

After this surcharge expired on July 24, the US introduced new tariffs under Section 301 of the Trade Act. These tariffs target countries that do not have adequate measures to prevent imports linked to forced labor. However, natural diamonds cut in Europe have been exempted from these tariffs.

According to the US Trade Representative (USTR), the European Union is still strengthening its forced-labor regulations, which are expected to be fully implemented by December 2027.

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