Gold prices edged higher on Thursday, supported by a slight dip in the U.S. dollar and Treasury yields, as investors closely monitored escalating trade tensions fueled by a new round of tariffs announced by President Donald Trump.
By 0157 GMT, spot gold had climbed 0.3% to $3,322.46 per ounce, while U.S. gold futures also rose 0.3% to $3,331.
The gains came after President Trump intensified his global tariff campaign, unveiling a 50% tariff on U.S. copper imports and a similar 50% duty on goods from Brazil, effective August 1. He also announced new 25% tariffs targeting seven additional countries, bringing the total number of new tariff actions this week to 21, including measures against South Korea and Japan—unless new trade agreements are reached before the deadline.
Despite the aggressive stance, Trump signaled progress in trade negotiations with China and the European Union, calling them the U.S.’s most important bilateral partners.
Analysts noted that the market’s sensitivity to trade news has declined.
“The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull,” said Matt Simpson, senior analyst at City Index.
Meanwhile, the U.S. dollar index slipped 0.3%, and yields on 10-year Treasury notes retreated from a recent three-week high. A weaker dollar makes gold cheaper for foreign buyers, while falling yields enhance the appeal of non-yielding assets like gold.
Minutes from the Federal Reserve’s June 17–18 meeting revealed that only a few officials supported cutting interest rates as early as this month. Most preferred waiting until later in the year, citing inflation concerns related to ongoing trade policies. The Fed held rates steady in June, with the next meeting scheduled for July 29–30.
Other precious metals showed mixed movements:
- Spot silver rose 0.2% to $36.41 per ounce
- Platinum slipped 0.3% to $1,343.22
- Palladium edged up 0.1% to $1,106.25.
