Gold held a decline after President Donald Trump said the new August deadline for the start of so-called “reciprocal” tariffs won’t be delayed, with nations expected to use the extended window to continue negotiating with the US.Bullion traded near $3,300 an ounce, after a 1% loss in the previous session. Trump’s move to postpone the imposition of all “Liberation Day” duties—which were first announced in April and then delayed to July 9 — to next month is partly an effort to clinch more agreements from nations still willing to deal with the US, denting haven demand for the precious metal.
While the delay has eased some concerns about the potential negative impact that Trump’s tariff agenda could have on the global economy, the president also indicated he could announce substantial new rates on imports of copper and pharmaceuticals. If those materialise, that could see renewed demand for havens.
Gold was also impacted on Tuesday as US Treasuries fell. Yields have been rising as investors pare bets on Federal Reserve interest-rate cuts by year-end, following a report last week that showed a surprisingly resilient US labour market. Higher borrowing costs tend to pose a headwind for non-yielding bullion.The precious metal has rallied by more than a quarter this year, setting a record in April, as Trump’s efforts to overhaul trade policies stoked uncertainty, driving investors to seek safety in gold. The advance has been supported by central bank accumulation, with China announcing an eighth straight month of purchases earlier this week.
While the delay has eased some concerns about the potential negative impact that Trump’s tariff agenda could have on the global economy, the president also indicated he could announce substantial new rates on imports of copper and pharmaceuticals. If those materialise, that could see renewed demand for havens.
Gold was also impacted on Tuesday as US Treasuries fell. Yields have been rising as investors pare bets on Federal Reserve interest-rate cuts by year-end, following a report last week that showed a surprisingly resilient US labour market. Higher borrowing costs tend to pose a headwind for non-yielding bullion.The precious metal has rallied by more than a quarter this year, setting a record in April, as Trump’s efforts to overhaul trade policies stoked uncertainty, driving investors to seek safety in gold. The advance has been supported by central bank accumulation, with China announcing an eighth straight month of purchases earlier this week.
Spot gold was little changed at $3,300.23 an ounce as of 7:40 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver, palladium, and platinum edged lower.
Read More: Copper futures gain the most on record after Trump calls for 50% tariff
