Gold eased after gaining nearly 2% last week, as investors awaited developments in US trade negotiations ahead of a July 9 tariff deadline set by President Donald Trump.Bullion traded near $3,325 an ounce, with Treasury Secretary Scott Bessent indicating a possible extension to talks, saying that some countries lacking an agreement by Wednesday will have a three-week window to continue discussions.
Many major US trading partners are hurrying to secure deals or lobby for extra time, with Commerce Secretary Howard Lutnick telling reporters on Sunday that country-by-country tariffs will take effect Aug. 1.
Trump has long threatened that if countries fail to reach deals by July 9, he would impose higher rates on them. Concerns about the potential for a growing US-led trade war have underscored gold’s appeal as a haven asset.Bullion is up by more than a quarter this year, trading about $170 shy of a record set in April, with investors seeking safety in the metal amid heightened geopolitical and trade tensions. Inflows into bullion-backed exchange-traded funds have helped support the rally, alongside ongoing strong demand from global central banks.
Many major US trading partners are hurrying to secure deals or lobby for extra time, with Commerce Secretary Howard Lutnick telling reporters on Sunday that country-by-country tariffs will take effect Aug. 1.
Trump has long threatened that if countries fail to reach deals by July 9, he would impose higher rates on them. Concerns about the potential for a growing US-led trade war have underscored gold’s appeal as a haven asset.Bullion is up by more than a quarter this year, trading about $170 shy of a record set in April, with investors seeking safety in the metal amid heightened geopolitical and trade tensions. Inflows into bullion-backed exchange-traded funds have helped support the rally, alongside ongoing strong demand from global central banks.
Spot gold was down 0.4% to $3,325.05 an ounce as of 8:10 a.m. in Singapore. The Bloomberg Dollar Spot Index dipped, following a weekly loss of 0.4%. Silver, palladium and platinum were all little changed.
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