Gold prices gained further support from U.S. President Donald Trump’s announcement that he will set tariff rates for trading partners within two weeks, according to Bloomberg via News.Az. The metal rose as much as 0.6% to about $3,373 an ounce, building on a 1% increase from the previous session, which was also driven by a weaker dollar.
Investor interest surged after the U.S. ordered some embassy staff to leave Baghdad and allowed military families to withdraw from the Middle East amid Iranian threats to attack U.S. bases if nuclear talks fail.
Trump also revealed plans to send letters to trade partners within one to two weeks outlining unilateral tariff rates, ahead of a July 9 deadline to reinstate higher duties on multiple countries. He confirmed that a trade framework with China is complete, with tariffs between the two economic giants remaining unchanged.
Ongoing global trade uncertainties and escalating geopolitical tensions have unsettled markets this year, enhancing gold’s appeal as a safe haven and driving a 28% gain so far in 2025. The metal, which hit a record high in April, has also benefited from increased central bank purchases.
As of 7:59 a.m. Singapore time, spot gold was up 0.3% at $3,364.43. The Bloomberg Dollar Spot Index held steady following a 0.4% drop on Wednesday. Other precious metals, including silver, platinum, and palladium, also saw gains.
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