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Published Fri, Aug 1, 2025 · 10:29 AM
GOLD held an advance – but remained on track for a weekly loss – as the White House unveiled President Donald Trump’s tariff rates on trading partners that are set to take effect on Friday.
Bullion traded near US$3,290 an ounce as markets opened in Asia, after ending the previous session 0.5 per cent higher.
The US will maintain a minimum global tariff of 10 per cent, while imports from countries with trade surpluses with the nation face duties of 15 per cent or higher. Early market reaction was muted, showing investors were unsurprised by the announcement.
Trump’s tariff agenda and concerns about a global trade war have been a major catalyst for gold’s surge by about a quarter this year – including to an all-time high above US$3,500 an ounce in April – while geopolitical conflicts have sparked demand for havens.
Still, the precious metal has been trading within a relatively tight range for months amid signs that investors have become increasingly inured to trade developments. The dollar closed out its best month of 2025 in July, adding additional headwinds for bullion as it is priced in the currency.
Spot gold was up 0.1 per cent to US$3,291.46 an ounce at 7.45 am in Singapore, with prices down 1.4 per cent so far this week. The Bloomberg Dollar Spot Index was little changed. Silver was little changed, while platinum and palladium rose.
Along with trade talks, investors will also focus on Friday’s US employment figures for July, which are expected to show job growth moderated and unemployment rose. BLOOMBERG
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