Globally, spot gold held at $3,301.50 per ounce as of 0234 GMT.
US gold futures slipped 0.2% to $3,310.10 an ounce.Trump on Tuesday (July 8) doubled down on his plans to impose 10% tariffs on BRICS nations and announced a 50% levy on copper imports. He also floated potential 200% duties on pharmaceuticals and confirmed that new tariffs on 14 countries, including Japan and South Korea, will begin August 1.
These developments sparked concerns over global trade flows and inflation, though gold failed to rally as typically expected.“Gold prices remain in a consolidation phase,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association. “The threat of tariffs has raised risk aversion, but rising US yields and a stronger dollar continue to pressure the metal.”
The US dollar index steadied near a two-week high, while 10-year Treasury yields held near a three-week peak. A stronger dollar makes gold more expensive for other currency holders, while higher yields increase the opportunity cost of holding non-yielding assets like gold.
Still, some analysts see resilience. “Gold is holding up impressively well this month against rising yields and dollar strength,” said Ilya Spivak, head of global macro at Tastylive. “Its ability to resist the pressure suggests underlying strength and a bullish bias.”
Back in India, gold has near-term support at ₹96,190–95,880 per 10 grams and resistance at ₹96,950–97,380 per 10 grams, according to Rahul Kalantri, VP Commodities, Mehta Equities.
Market participants now await the US Federal Reserve’s June meeting minutes, due later today. Traders hope the minutes will clarify the Fed’s stance on rate cuts amid cooling inflation. The latest New York Fed survey showed one-year inflation expectations easing to 3% from 3.2% in May.
-With Reuters inputs
