Gold rebounds from 1-month low on renewed trade uncertainty
Spot gold was up 0.6% at $3,295.37 per ounce, as of 0424 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday.
U.S. gold futures fell 0.2% to $3,289.30.
"Gold at sub-$3,300 levels has attracted buying interest from traders as a value play, particularly with the prevailing economic uncertainty, which goes hand in hand with U.S. President Donald Trump's secondary tariff threats," KCM Trade Chief Market Analyst Tim Waterer said.
Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption for small-value shipments from overseas.
Trump announced a deal with South Korea involving a 15% U.S. tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25% tariff on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached.
Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday, while Chair Jerome Powell's comments dampened expectations of rate cuts in September.
Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.
"Support around the $3,250 region is shaping as a key level to potentially protect against a move of more significance to the downside. But any breach could open the door lower to $3,200," Waterer said.
The U.S. core PCE index data will be in focus later in the day, and is expected to rise 0.3% month-on-month and 2.7% year-on-year, per a Reuters poll.
Spot silver was up 0.2% at $37.21 per ounce, platinum rose 1.6% to $1,333.45, and palladium gained 3.1% to $1,242.45.
(Reporting by Anmol Choubey in Bengaluru; Editing by Subhranshu Sahu and Eileen Soreng)
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