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🔴 Global markets are concerned about the effects of President Trump's tariffs, leading to a tension in risk appetite. However, gold hasn't benefited much as a safe haven so far, and selling pressure remains.

• Markets expect the Federal Reserve to cut interest rates by 50 basis points by the end of the year, starting in October. Therefore, the focus is currently on the minutes of the Fed meeting, as they will clarify the upcoming monetary policy, which will directly impact the dollar and, by extension, gold.

• The minutes of the meeting and speeches by Fed officials this week are very important to confirm or deny these expectations.