02:00 PM EDT, 07/08/2025 (MT Newswires) -- (Updates prices.)

Gold traded lower midafternoon on Tuesday as U.S. President Donald Trump renewed tariff threats against the country's trading partners while again delaying imposing the levies, while the dollar and yields rose.

Gold for August delivery was last seen down US$26.10 to US$3.316.70 per ounce.

The metal has traded in a narrow range since falling back from a record high of US$3,452.80 on June 13. Calming Mideast tensions have cut into safe haven buying but a weaker dollar and capricious U.S. tariff policies are offering support.

Trump on Monday extended a 90-day pause on planned tariffs that would have expired on Wednesday to Aug.1 as the Administration again promises to secure the trade deals it expected when Trump launched his trade wars on April 2. The uncertain outlook for U.S. trade policies is offering some support to gold even as the dollar recovers from three-year lows touched last week.

"Gold's 12-week consolidation period continues after prices once again bounced from USD 3,300 support - ahead of another key level below at USD 3,245 - after Trump's tariff threats helped offset the negative impact of a stronger dollar and rising bond yields," Saxo Bank noted.

The dollar was higher early, with the ICE dollar index last seen up 0.09 points to 97.57 after last week falling to 96.38, the lowest since January, 2022.

Treasury yields were higher, with the U.S. two-year note last seen paying 3.92%, up 1.3 basis points, while the yield on the 10-year note was up 4.1 points to 4.426%.