FX.co ★ Gold Pares Gains After Touching 3-Week Highs

Gold prices settled near $3,360 an ounce on Monday after initially rising, as ongoing trade uncertainties continued to influence market sentiment. President Trump announced a new 30% tariff on imports from the European Union and Mexico, effective August 1. This follows a broader tariff package from last week that targets over 20 countries, including Japan, South Korea, Canada, and Brazil, and imposes a significant 50% duty on copper imports. While some investors anticipate potential softening of these tariffs through negotiations, the persistent trade tensions are contributing to market volatility. Investors are also awaiting pivotal U.S. economic data releases this week—such as CPI, PPI, industrial production, and retail sales—for insights into the Federal Reserve’s forthcoming policy decisions.