FX.co ★ Gold Edges Up

Gold prices climbed to approximately $3,350 per ounce on Monday, marking a consecutive session of gains, as investor concerns heightened over President Donald Trump's tariff policies. U.S. Commerce Secretary Howard Lutnick announced on Sunday that August 1 serves as the definitive deadline for countries to commence paying what are known as reciprocal tariffs, though he mentioned that negotiation processes might extend beyond this date. He also indicated that smaller countries are likely to encounter a baseline tariff rate of 10%. These developments follow Trump's recent communications to trading partners earlier this month, informing them of new tariff implementations, with some reaching up to 40%. However, robust U.S. economic figures released last week partially mitigated expectations for an imminent interest rate reduction by the Federal Reserve, thus capping further gold price increases. Investors are now looking forward to upcoming statements from Fed Chair Jerome Powell and Governor Michelle Bowman for more definitive insights into the central bank's policy direction.