FX.co ★ Gold Edges Higher

On Tuesday, gold prices climbed to nearly $3,350 per ounce, rebounding from a slight decline in the previous session. The market's focus remains on US trade policies. President Donald Trump has dispatched letters to leaders of 25 nations, informing them of impending tariff hikes effective August 1st. These new measures include a 30% tariff on imports from major trading partners like the European Union and Mexico. Trump has also cautioned that countries retaliating with their own tariff increases may encounter even higher US duties. Nevertheless, he expressed willingness to engage in further negotiations with trading counterparts before the tariffs are enforced. In the meantime, investors are anticipating the release of the US Consumer Price Index (CPI) report later today, seeking insights on the Federal Reserve's trajectory for interest rates.