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PRECIOUS-Gold edges higher as Trump tariff moves keep markets on edge
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PRECIOUS-Gold edges higher as Trump tariff moves keep markets on edge
Jul 9, 2025 6:30 PM

July 10 (Reuters) - Gold prices edged higher on Thursday

as U.S. President Donald Trump's latest tariff announcements

kept markets cautious, with investors closely watching trade

negotiations, while a slight pullback in the dollar provided

additional support.

FUNDAMENTALS

* Spot gold rose 0.2% to $3,321.04 per ounce, as of

0044 GMT. U.S. gold futures were up 0.3% at $3,329.10.

* The U.S. dollar index edged down 0.3%. A lower

dollar makes gold more affordable for overseas buyers.

* On Wednesday, Trump turned his trade ire against Brazil,

threatening Latin America's largest economy with a punitive 50%

tariff on exports to the U.S. and ordering an unfair trade

practices investigation that could lead to even higher tariffs.

* Trump issued tariff notices for seven minor trading

partners on Thursday, adding to 14 earlier in the week,

including 25% levies including South Korea and Japan, effective

August 1 unless trade agreements are reached before then.

* Trump also announced on Wednesday a 50% tariff on copper,

saying on social media that it would be effective August 1.

* Meanwhile, Trump said trade talks have been going well

with China and the European Union, which is the biggest

bilateral trading partner of the U.S.

* Minutes from the June 17-18 meeting revealed that only "a

couple" of Federal Reserve officials believed interest rate cuts

could happen as early as this month. Most policymakers, however,

expect rate reductions to be appropriate later this year, citing

concerns over inflationary pressures stemming from Trump's

tariff policies.

* The Federal Open Market Committee (FOMC) unanimously voted

to hold rates steady at its June meeting, with the next policy

meeting scheduled for July 29-30.

* Spot silver edged up 0.2% at $36.41 per ounce,

platinum fell 0.4% to $1,342.30 and palladium

inched up 0.1% to $1,106.34.

DATA/EVENTS (GMT)

0600 Germany HICP Final YY June

0900 Germany, France, UK Overall Comprehensive Risk

Q3

1230 US Initial Jobless Claim 5 July, w/e

1430 US EIA-Nat Gas Chg Bcf 4 July, w/e

1430 US Nat Gas-EIA Implied Flow 4 July, w/e

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