Gold jumps over 1% as trade uncertainty persists

Gold bars

Gold prices rose at Wednesday’s close as trade tensions persisted ahead of looming US tariffs and stalled negotiations between Washington and the European Union.

Gold futures for August delivery climbed 1.1%, or $37.3, to settle at $3,443.7 per ounce.

Jim Wyckoff, a senior analyst at Kitco Metals, said ongoing trade uncertainty had driven some safe-haven demand.

He told Reuters that while the US is still negotiating trade agreements with several countries, speculation is growing that a deal with the EU may not be reached, suggesting uncertainty will continue.

US President Donald Trump had earlier threatened to impose 30% tariffs on European imports starting in early August if a trade agreement with the bloc is not secured.