Gold rebounds from one-month low on renewed trade uncertainty
Spot gold was up 0.4 per cent at US$3,286.99 per ounce, as at 0041 GMT. Bullion hit its lowest level since Jun 30 in the previous session.
US gold futures fell 0.5 per cent to US$3,282.10.
US President Donald Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption from tariffs for small-value shipments from overseas.
Trump announced a deal with South Korea involving a 15 per cent US tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25 per cent tariff on Indian goods effective on Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached.
Meanwhile, the US Federal Reserve held interest rates steady on Wednesday and Chair Jerome Powell's comments following the decision dampened expectations of rate cuts in September.
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Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment.
The market awaits the US core PCE index data due later in the day, which is expected to rise 0.3 per cent month on month and 2.7 per cent year on year, as per a Reuters poll.
US economic growth rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in 2½ years.
Spot silver held steady at US$37.10 per ounce, platinum fell 0.3 per cent to US$1,308.85 and palladium rose 0.9 per cent to US$1,216.25. REUTERS
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