Gold prices nudged up in Asian trading Tuesday, holding around $3,363 an ounce by 10:00 GMT, supported by ongoing concerns over Donald Trump’s aggressive trade tariff announcements and rising geopolitical tensions in Eastern Europe.
The yellow metal found support amid lingering uncertainty over Trump’s recent imposition of steep tariffs. With the August 1 deadline fast approaching, major economies have just over two weeks to negotiate trade deals with Washington or face the risk of a full-scale trade war. While the EU is preparing retaliatory measures, Trump’s openness to talks offers only tentative relief.
Adding to gold’s appeal, geopolitical risks intensified as the U.S. sent more offensive weapons to Kyiv and threatened tighter sanctions on Russia’s oil industry. Trump’s public criticism of Vladimir Putin and his 50-day ceasefire ultimatum have done little to ease tensions, sustaining demand for safe-haven assets.
However, the dollar’s strength has capped gold’s gains, with investors now turning their attention to today’s U.S. consumer price index data, which could shape Federal Reserve interest rate decisions..
With trade uncertainty and geopolitical risks showing no sign of cooling, gold remains well supported, although the market awaits clearer direction from economic data and diplomatic developments.