Spot gold fell $20 intraday and is now quoted at $4,044/oz.

Fed Chair Kevin Warsh said he does not believe the Fed can do much about milk and beef prices.

Chancellor Merz said on the 15th at the government’s summer press conference he does not want the U.S. to interfere in German elections and stressed Germany will not interfere in U.S. voting. He warned foreign funding of German parties breaches German law and urged foreign states and government‑affiliated entities to comply. State elections in Saxony‑Anhalt, Berlin and Mecklenburg‑Western Pomerania are due in September; polls show the far‑right Alternative for Germany (AfD) leading in Saxony‑Anhalt and Mecklenburg‑Western Pomerania. Merz said an AfD entry into government would have distinct implications for Germany compared with similar developments elsewhere in the EU and that he will do his utmost to prevent it.