Gold prices inched up on Thursday, supported by a weaker dollar and easing Treasury yields, while investors monitored escalating trade tensions. U.S. gold futures gained 0.5% to $3,336.8.
President Trump intensified his tariff campaign, announcing a 50% duty on U.S. copper imports and Brazilian goods starting August 1. He also issued tariff notices for seven smaller trade partners, adding to 14 earlier this week—including South Korea and Japan—with 25% tariffs pending unless deals are reached.
Despite the moves, Trump said talks with China and the EU were progressing well.
“The market’s sensitivity to tariffs is fading—traders need fresh catalysts to stir volatility,” noted Matt Simpson of City Index.
The dollar index dipped 0.15%, and 10-year Treasury yields pulled back from a three-week peak. A weaker dollar makes gold more affordable overseas, while lower yields reduce the opportunity cost of holding bullion.
Federal Reserve minutes showed most officials preferred delaying rate cuts to later in the year amid inflation risks linked to tariffs. The Fed kept rates steady in June and will meet again on July 29–30.