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Gold Rises Due To Demand From Tariff Uncertainty & Weaker Dollar

Gold prices rose in Asian trade Tuesday due to safe-haven demand ahead of Trump’s July 9 tariff deadline and a weaker dollar. Spot Gold climbed 0.8% to $3,328.71/oz, and Gold Futures for August jumped 1% to $3,339.70/oz. Bullion had risen 1.5% Monday, recovering losses from last week’s Israel-Iran ceasefire.

Approaching Tariff Deadline Shifts Investors To Safe Havens

Gold prices increased due to investor focus on trade deals before President Trump’s July 9 tariff deadline. A 90-day tariff pause began on April 2, but only two deals (China, UK) have been secured. Countries without deals face tariffs up to 50%. The Financial Times reported Tuesday that US officials are pursuing narrower agreements for quick wins, while still considering tariffs on key sectors.

Trump also threatened tariffs on Tokyo, and Treasury Secretary Scott Bessent stated steep tariff hikes are possible even with negotiations, expecting many deals before the deadline. Uncertainty over trade outcomes and new sectoral tariffs led investors to safe-haven assets.

Dollar Depreciation Fuels Metal Market Upturn

US Dollar Index stayed subdued in Asia, near three-year lows. Silver Futures rose 0.4% to $36.00/ounce; Platinum Futures fell 0.4% to $1,360.45. London Copper Futures gained 0.2% to $9,839.95/ton, and US Copper Futures surged 1.2% to $5.1145/pound. Copper’s gains were bolstered by unexpected growth in China’s Caixin PMI for June, as improved trade conditions boosted sentiment in the world’s top copper importer.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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