Gold rises over 1% amid lingering trade uncertainty

Gold bars

Gold prices rose at the close of Tuesday's trading session, as trade tensions persisted ahead of the looming implementation of US tariffs and stalled negotiations between Washington and the European Union.

August gold futures climbed 1.1%, or $37.6, to settle at $3,444 per ounce.

Jim Wyckoff, a senior metals market analyst at Kitco Metals, said ongoing trade uncertainty has sparked some safe-haven demand.

He told Reuters that while the US is still negotiating some trade deals with other countries, there are rumors suggesting a possible failure to reach an agreement with the EU, which could prolong the uncertainty.

US President Donald Trump had previously threatened to impose 30% tariffs on EU imports starting in early August if no trade deal is reached with the bloc.