Safe-haven gold gains on tariff uncertainty ahead of August 1 deadline
Spot gold was up 1% at $3,308.07 per ounce, as of 0855 a.m. ET (12:55 GMT).
U.S. gold futures gained 0.3% to $3,306.10.
"We've seen an uptick in trade uncertainty as we approach this August 1st deadline for tariffs... just a little bit of a revival of the safe haven bid," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"The midpoint of the broader range is sort of around $3,312/oz and we tested that level today. I'd probably be a little bit more optimistic if we're able to set new highs for the week."
Trump on Wednesday issued a blitz of tariff announcements on imports of copper and goods from Brazil and South Korea, ahead of an August 1 deadline for higher U.S. tariff rates.
U.S. inflation increased in June as tariffs on imports started raising the cost of some goods. The PCE index rose 0.3% last month after an upwardly revised 0.2% gain in May.
Meanwhile, the U.S. central bank held interest rates steady on Wednesday, and Fed Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September.
Gold thrives in a low-interest rate environment as it is a non-yielding asset.
Investors now await the U.S. non-farm payrolls data on Friday for more clues on the Fed's rate path.
Spot silver fell 1.3% at $36.66 per ounce, its lowest since July 7, platinum slipped 0.5% to $1,306.98, while palladium gained about 0.9% to $1,215.79.
"It would not be surprising if strong selling pressure in silver futures is partly due to sympathy selling amid the big copper market meltdown seen the past two days," Jim Wyckoff, a senior analyst at Kitco Metals said.
Trump surprised the market on Wednesday by saying the U.S. would impose a 50% tariff on copper pipes and wiring, dragging down U.S. copper prices more than 20% on the COMEX exchange .
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