Core Viewpoint - Spot gold has surpassed $3,410 per ounce, driven by concerns over U.S. debt sales and a gathering bearish sentiment towards the dollar, leading to a resurgence in gold and silver prices [1][3][4]. Group 1: Gold Market - As of July 22, spot gold prices surged to $3,416.65 per ounce, marking an increase of $19.983 or 0.59% from the previous close of $3,396.67 [4][5]. - The highest price recorded during this surge was $3,417.82, while the lowest was $3,383.115 [5]. - Spot silver also reached a new high since July 14, indicating a broader strength in precious metals [6]. Group 2: U.S. Trade and Tariff Developments - French Minister of Industry and Energy, Marc Ferracci, warned that if no agreement on tariffs is reached with the U.S. by August 1, the EU will impose tariffs on U.S. products worth over €90 billion, with an initial round of €21 billion [7]. - U.S. Treasury Secretary Becerra expressed optimism about tariff revenues, projecting annual income could reach $300 billion, potentially accounting for 1% of GDP, with a ten-year forecast of $2.8 trillion [9]. Group 3: Dollar Sentiment - The market is witnessing a crowded trade of shorting the dollar, as noted by Bank of England Governor Bailey, with long-term investors hesitant to overweight dollar assets [12]. - The U.S. dollar index has shown fluctuations, with a year-to-date decline of 9.85% [13]. Group 4: Federal Reserve Insights - Federal Reserve Chairman Jerome Powell, during a regulatory meeting, refrained from providing any monetary policy signals, adhering to the "quiet period" before the upcoming FOMC meeting [16][17]. - Powell emphasized the need for large banks to maintain sufficient capital and manage risks effectively, amidst ongoing discussions regarding the Basel III capital rules [18].