Gold prices held steady as investors processed US President Donald Trump's decision to impose new trade tariffs on multiple countries while leaving room for further negotiations.
The market remains cautious as traders weigh the potential long-term impacts of the move on global trade relations, News.Az reports, citing Bloomberg.
The precious metal held near $3,333 an ounce, with investors awaiting more details on the president’s approach to negotiations after he threatened Japan and South Korea with 25% levies. He also issued higher rates for a dozen other trading partners, including South Africa and Thailand.
Now, investors are bracing for further fallout as the White House prepares to impose higher tariffs on the countries that do not reach agreements with the US. Still, Trump’s move to delay the new rates until Aug. 1 effectively buys each affected nation an extra three weeks to cut a deal.
Gold has rallied significantly this year, setting a record in April, as Trump’s efforts to overhaul trade policies stoked uncertainty, fanning demand for havens. The advance has been supported by central-bank accumulation, with China announcing a fresh rise in official holdings earlier this week.
Spot gold was little changed at $3,333.20 an ounce at 8:30 a.m. in Singapore. The Bloomberg Dollar Spot Index dipped 0.2%, after gaining 0.5% on Monday. Silver edged up, while palladium and platinum gained.
