Gold prices rise amid uncertainty over Trump tariff policy

Gold bars

Gold futures climbed on Tuesday as the US dollar weakened and investor anxiety grew over President Donald Trump’s tariff policy ahead of a looming July 9 deadline, prompting a shift toward safe-haven assets.

August gold futures rose 0.95%, or $31.5, to $3,339.2 an ounce during early trading.

Spot gold also gained, rising 0.8%, or $25.88, to $3,329.02 an ounce at 8:31 a.m. Mecca time.

The US dollar index, which tracks the greenback against a basket of six major currencies, slipped 0.1% to 96.76.

Other precious metals also saw movement: September silver futures advanced 0.7% to $36.42 an ounce, while spot platinum held steady at $1,359.21. Palladium jumped roughly 1% to $1,118.26 an ounce.

Trump on Monday expressed frustration over the pace of trade talks between the US and Japan, while Treasury Secretary Scott Bessent warned that several countries could soon face sharply higher tariffs, Reuters reported.

The tariff rates, ranging from 10% to 50% and initially announced on April 2, are set to take effect on July 9 following a 90-day pause approved by Trump, unless bilateral trade agreements are reached before then.