Gold prices rose to around $3,350 per ounce on Monday, marking a second straight session of gains as investor anxiety grew over President Donald Trump’s tariff policy. While US Commerce Secretary Howard Lutnick expressed confidence on Sunday that a trade deal with the EU can be secured, he reaffirmed that August 1 is a “hard deadline” for tariffs to take effect. He also suggested that smaller nations would likely face a baseline tariff of 10%. These comments follow Trump’s recent letters to trading partners earlier this month, notifying them of new tariff rates—some reaching as high as 40%. However, strong US economic data released last week partially tempered expectations of an imminent interest rate cut by the Federal Reserve, limiting further upside for bullion. Investors now await upcoming remarks from Fed Chair Jerome Powell and Governor Michelle Bowman, seeking clearer signals on the central bank’s policy outlook.
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