NEW YORK: Gold prices rose on Thursday, supported by a pullback in the dollar and the prospect of US interest rate cuts later in the year, while investors awaited more details on US President Donald Trump’s trade policy.
Spot gold was up 0.4% at $3,327.42 per ounce by 1108 GMT. US gold futures gained 0.5% to $3,336.40.
“The passing of the One Big Beautiful Bill, unsettling trade (policies) and rate-cut expectations should be ‘dollar negative’ kind of events... gold should be favoured in that environment,” said WisdomTree commodities strategist Nitesh Shah. The US dollar index eased 0.2% against its rivals, making gold less expensive for other currency holders.
Trump escalated his tariff campaign on Wednesday with a 50% levy on copper imports and a 50% duty on goods from Brazil, both effective from August 1. Trump also issued tariff notices to seven minor trading partners, adding to the 14 issued earlier in the week, also set to take effect on August 1 unless agreements are reached.
However, financial markets have largely shrugged off US President Donald Trump’s latest tariff salvos with global stocks advancing on Thursday.
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