Tariff deadline approaches, market uncertainty pushes gold prices above $3,400
the price of gold rose more than 1% on Monday, reaching the $3400 per ounce mark. This is due to the weakening of the US dollar and US bond yields amid uncertainty in trade negotiations. The United States has set a deadline for all countries to reach an agreement by August 1, otherwise they will face additional tariffs. David Meger, Director of Metal Trading at High Ridge Futures, said: "As the August 1 deadline approaches, this has brought a certain level of uncertainty to the market, which is certainly favorable." Meger stated that rumors about the US cutting interest rates sooner than expected are heating up, and speculation about the possible replacement of Fed Chairman Powell and the restructuring of the Fed is exacerbating market anxiety.
