Safe-haven gold gains on tariff uncertainty ahead of August 1 deadline
Spot gold was up 1% at $3,308.07 per ounce, as of 0855 a.m. ET (12:55 GMT).
U.S. gold futures gained 0.3% to $3,306.10.
"We've seen an uptick in trade uncertainty as we approach this August 1st deadline for tariffs... just a little bit of a revival of the safe haven bid," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"The midpoint of the broader range is sort of around $3,312/oz and we tested that level today. I'd probably be a little bit more optimistic if we're able to set new highs for the week."
Trump on Wednesday issued a blitz of tariff announcements on imports of copper and goods from Brazil and South Korea, ahead of an August 1 deadline for higher U.S. tariff rates.
U.S. inflation increased in June as tariffs on imports started raising the cost of some goods. The PCE index rose 0.3% last month after an upwardly revised 0.2% gain in May.
Meanwhile, the U.S. central bank held interest rates steady on Wednesday, and Fed Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September.
Gold thrives in a low-interest rate environment as it is a non-yielding asset.
Investors now await the U.S. non-farm payrolls data on Friday for more clues on the Fed's rate path.
Spot silver fell 1.3% at $36.66 per ounce, its lowest since July 7, platinum slipped 0.5% to $1,306.98, while palladium gained about 0.9% to $1,215.79.
"It would not be surprising if strong selling pressure in silver futures is partly due to sympathy selling amid the big copper market meltdown seen the past two days," Jim Wyckoff, a senior analyst at Kitco Metals said.
Trump surprised the market on Wednesday by saying the U.S. would impose a 50% tariff on copper pipes and wiring, dragging down U.S. copper prices more than 20% on the COMEX exchange .
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The Independent
an hour ago
- The Independent
Inside Ukraine's effort to produce more of its own weapons to fight Putin as Trump's support flip-flops
On Tuesday, Donald Trump gave Vladimir Putin a new deadline – agree to a ceasefire in the Ukraine war or face fresh sanctions. It appeared the US president had finally run out of patience with the Russian leader, declaring he was 'no longer interested in talks' and cutting a previous deadline of 50 days dramatically short. But regardless of how encouraging this apparent renewed sense of urgency might be to Ukraine, Mr Trump's views on the war and support for Kyiv are anything but consistent. From the infamous Oval Office ambush of Volodymyr Zelensky to fluctuating financial commitments from the US, Kyiv has been wise to look elsewhere for reliable supplies – preferably Ukraine's own burgeoning weapons industry. Ukraine has made no secret that a key priority is to build its own missiles that match the destructive power and long reach of the Shahed killer drones, cruise missiles and ballistic missiles that Moscow has been launching in recent weeks. Russia has launched huge mass aerial attacks against the capital and cities across Ukraine including Kharkiv, Dnipro, Odesa, Zaporizhzhia, Ivano-Frankivsk and Pavlohrad. Pavlohrad, in Ukraine's southeastern region of Dnipropetrovsk, recently suffered its biggest aerial attack since the start of the full-scale invasion. When The Independent drove into the city two days later, a huge plume of smoke, visible from miles away, hung over it as fires continued to rage. It is common knowledge that Pavlohrad has been home to missile production facilities since Soviet times, and Russia's defence ministry claimed, after the attack, it had struck facilities producing components for missiles and drones. Dima, who works in the local coal miners' union communications department, lives in the industrial area of the city that took the brunt of the attack. 'We experience explosions from Russian rockets and drones frequently,' he said. 'But this attack was the biggest and seemed to go on forever. 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Reuters
an hour ago
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The Herald Scotland
an hour ago
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