(Adds comments and updates for EMEA morning session)
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Dollar hovers near two-week peak
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Trump says U.S. to impose 50% tariff on copper imports
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Focus on Fed minutes due later in the day
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Palladium down more than 2%
By Brijesh Patel, Anushree Mukherjee
July 9 (Reuters) - Gold prices extended their fall to a
more than one-week low on Wednesday, with investors favouring
the dollar after U.S. President Donald Trump's latest tariff
threats raised fears of a global trade war.
Spot gold was down 0.4% at $3,285.92 per ounce, as of
0853 GMT, its lowest level since June 30.
U.S. gold futures fell 0.7% to $3,293.80.
"The dollar has stabilised a little bit, and bond yields
have risen as well, which kind of reduces the appeal of
low-yielding assets like the Japanese yen, gold," said Fawad
Razaqzada, market analyst at City Index and FOREX.com.
The U.S. dollar index rose 0.2% after hitting a
two-week high in the previous session, while the yield on
benchmark 10-year U.S. Treasury notes hovered near a
three-week high, denting non-yielding bullion's appeal.
Trump said he would impose a 50% tariff on imported copper and
introduce long-threatened levies on semiconductors and
pharmaceuticals.
Trump reiterated his threat of 10% tariffs on BRICS nations on
Tuesday, a day after notifying 14 countries, including Japan and
South Korea, of tariff increases set to take effect on August 1.
Trump said on Tuesday that trade talks have been going well
with the European Union and China, though he added he is only
days away from sending a tariff letter to the EU.
In the near term, expect gold to continue moving sideways.
On the downside, support comes in at $3,250. On the upside,
resistance is seen around $3,300, Razaqzada said.
Investors now look forward to minutes from the U.S. Federal
Reserve's latest meeting, due later in the day, for hints of
potential interest rate cuts.
Trump has repeatedly
criticised
Fed Chair Jerome Powell for not cutting interest rates and
has floated the idea of naming his successor soon.
/p>
Spot silver fell 0.8% to $36.48 per ounce, platinum
shed 1% to $1,345.43 and palladium lost 2.5% to
$1,082.76.
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