Gold rose above $3,290 per ounce on Thursday, rebounding from a more than 1% drop to a four-week low in the previous session, as markets assessed recent trade moves and the Fed’s policy outlook. President Trump announced tariff measures, including removing exemptions for low-value imports and revising duties on copper and Brazilian goods.
He also confirmed a 15% tariff on South Korean imports and a 25% tariff on Indian goods, while noting ongoing talks with India. Meanwhile, the Fed held interest rates steady, as expected. Chair Powell reiterated it’s too early to consider cuts and offered little guidance on timing. Markets responded by pricing in 35 bps of cuts by year-end. Investors also digested stronger-than-expected US data, with GDP growth and private employment both beating forecasts. Focus now shifts to upcoming PCE inflation and jobless claims on Thursday, followed by July’s jobs report on Friday.
