Gold hovered around $3,300 per ounce on Wednesday, holding a more than 1% loss in the previous session, as a tempered Federal Reserve dovish outlook offset concerns over renewed trade tensions. President Donald Trump ruled out further extensions to the August 1 tariffs and announced broad new measures, including a 50% tariff on copper imports, potential 200% duties on pharmaceuticals, and a 10% levy on goods from BRICS countries.
Meanwhile, expectations for a July rate cut by the Fed were scaled back after a robust US jobs report last week eased fears of a slowing economy. Additionally, the tariffs are expected to boost US inflation in the coming months, limiting the outlook for further rate cuts. Investors now await the release of the June FOMC meeting minutes for more insights into the Fed’s policy stance. Elsewhere, the Perth Mint reported that gold delivered a 41% gain in USD terms over its full 2024–2025 financial year.
