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PRECIOUS-Gold at over one-week low as higher dollar, yields dent appeal
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PRECIOUS-Gold at over one-week low as higher dollar, yields dent appeal
Jul 9, 2025 2:30 AM

(Adds comments and updates for EMEA morning session)

*

Dollar hovers near two-week peak

*

Trump says U.S. to impose 50% tariff on copper imports

*

Focus on Fed minutes due later in the day

*

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.

text_section_type="notes">Reuters Terminal users can see

related news and prices by clicking on the codes in brackets:

All precious metals headlines Precious metals market

reports European gold prices

London Bullion Market Association

New York Comex gold and silver New

York platinum and palladium

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