Gold Pares Gains After Touching 3-Week Highs
Gold prices trimmed early gains to trade flat around $3,360 an ounce on Monday, as persistent trade uncertainty continued to weigh on market sentiment.
US President Trump announced a new 30% tariff on imports from the European Union and Mexico, set to take effect on August 1. The move follows last week's broader tariff package targeting over 20 countries, including Japan, South Korea, Canada, and Brazil, and includes a steep 50% duty on copper imports.
While some investors believe these tariffs may be softened through negotiations, the ongoing trade tensions are adding to overall market volatility. Meanwhile, traders are closely monitoring a series of key Us economic reports due this week—including CPI, PPI, industrial production, and retail sales—for clues on the Federal Reserve’s next policy move.
Source: trading Economics
