Gold prices ticked higher in early trade on Thursday, but the move so far has lacked conviction.
Spot prices touched $3,329.55 an ounce by mid-morning in London, keeping the metal lodged within its now-familiar $3,300 to $3,450 range.
The modest lift came as the dollar slipped following the release of minutes from the Fed’s June meeting. Most policymakers still expect to cut interest rates this year, but disagreement over timing remains. Several officials expressed concern that Trump’s sweeping tariff plans could push up inflation, muddying the policy outlook further.
President Trump added a fresh twist by confirming new trade tariffs on key US partners, including levies on copper. But instead of an immediate rollout, he pushed the effective date to 1 August. That delay blunted safe-haven flows into gold and kept investor nerves from spilling over – at least for now.
The metal continues to wrestle with mixed signals. Rate cut expectations and fiscal worries should, on paper, offer support. But a resilient dollar and cooling geopolitical tensions are working in the opposite direction. Middle East risks have faded for now, and the threat of new trade deals before August is keeping markets cautiously optimistic.
For gold, it’s been more drift than direction. While silver and platinum have outperformed recently, the yellow metal remains stuck in neutral, supported, but not surging.