#Gold declined after the #US and #Iran exchanged strikes over the weekend, sending energy prices higher and once more raising the prospects for interest-rate hikes to combat inflation

As shipping prices reach four-year high, expect to pay more ‘for just about everything’. Shipping prices are soaring as companies rush to get ahead of a new round of U.S. tariffs that are expected towards the end of July.

Fuel price increases and the months-long closure of the Strait of Hormuz due to the Iran war are also contributing to rising maritime shipping costs, which are currently at a four-year high.

“There are [also] other factors that are involved,” Corey explained from Buckhorn, Ont., northeast of Toronto.

“Shipping companies, the operators of the ships, have sort of selectively reduced their capacity to ensure that the costs remain high.” According to the Platts Container Index, global shipping rates at the end of June were the most expensive they’ve been since April 2022, when pandemic-related supply chain issues peaked. Data from the online logistics platform Freightos shows that the average price to send a 40-foot container from East Asia to North America’s west coast surged by 120 per cent over the past six weeks to reach US$6,200.

Meanwhile, the U.S. is widely expected to impose a fresh round of international tariffs after the current global duties expire on July 24. From running shoes to lawn mowers and toys, Corey says anything that arrives in Canada via a shipping container could see price increases in the near future.

“We’re starting to see the shipping companies obviously passing the fuel price on through fuel surcharges onto consumers,” Corey said. “If this situation continues, obviously it is going to start trickling down and we are going to pay higher prices for just about everything we buy now.”

#Gold held two days of gains after weak US jobs data reduced the chances of the Federal Reserve raising interest rates this year to tackle inflation

South Korea’s exports extended their strong run in June, highlighting the durability of the #semiconductor boom that is underpinning growth.

The Philippines has cut its economic growth targets and sees a weaker peso beyond the end of the term of President Ferdinand Marcos Jr. in 2028 amid headwinds such as the Middle East tensions and an intense El Niño weather event

#Gold steadied near $4,000 an ounce as the latest US inflation gauge tempered expectations for an interest-rate hike, capping a tumultuous week that saw bullion slump to the lowest since November

#Qatar said that an incident during startup of the Ras Laffan industrial complex has resulted in a blast that has injured dozens

#China warns supply chains may become disconnected as key trading partners mull new measures to address growing imbalances and reduce rare earths dependencies

#Adnoc tells its customers to resume loading its crude oil from ports within the Persian Gulf, the company says in a notice to customers seen by Bloomberg and corroborated by multiple term lifters

#Argentina logs $3.5 billion trade surplus in May, topping expectations