Gold hovers near one-week low as firmer US dollar, yields weigh
Spot gold held its ground at $3,301.50 per ounce as of 0234 GMT. U.S. gold futures fell 0.2% to $3,310.10.
Trump said he would impose a 50% tariff on imported copper and introduce long-threatened levies on semiconductors and pharmaceuticals.
Trump reiterated his threat of 10% tariffs on BRICS nations on Tuesday, a day after notifying 14 countries, including Japan and South Korea, of tariff increases set to take effect on August 1.
The U.S. dollar index steadied after nearing a two-week high late on Tuesday, while the yield on benchmark 10-year U.S. Treasury notes hovered near a three-week high.
'Gold prices are holding up impressively well this month against a backdrop of rising yields and a strengthening U.S. dollar … its ability to resist the pressure suggests underlying strength and a bullish bias,' said Ilya Spivak, head of global macro at Tastylive.
Higher yield increases the opportunity cost of holding non-yielding bullion, while a weaker dollar makes gold more affordable for holders of other currencies.
Investors will closely examine the U.S. Federal Reserve's latest meeting minutes, due later in the day, for hints of potential interest rate cuts amid the central bank's wait-and-see approach.
'It's a light week for economic data, but how prices react to minutes from June's FOMC meeting may help establish where we are in Fed vs. markets policy debate,' Spivak said.
Meanwhile, Americans' inflation outlook remained stable, with the New York Fed's latest survey showing one-year inflation estimates at 3%, down from 3.2% in May, while the three- and five-year expectations stayed at 3% and 2.6%, respectively.
Spot silver fell 0.5% at $36.58 per ounce, platinum was down 0.8% at $1,348.78 and palladium lost 0.4% to $1,106.29.
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