- Trump announces tariffs on copper, Brazil, and small-value shipments
- Global gold demand up 3% in second quarter - WGC
July 31 (Reuters) - Gold price rose more than 1% on Thursday, moving away from the one-month low it touched in the previous session, as a pullback in the dollar and fresh U.S. tariff announcements lifted demand for the safe-haven asset.
Spot gold was up 1.1% at $3,312.03 per ounce, as of 0612 GMT. The bullion had hit its lowest level since June 30 at $3,267.79 on Wednesday.
U.S. gold futures gained 0.4% to $3,309.
The dollar eased from a two-month low, making gold less expensive for other currency holders.
"We had some large downward moves yesterday in gold around the FOMC statement release and the tariff announcement. So a moderately weaker U.S. dollar is helping gold today," said UBS commodity analyst Giovanni Staunovo.
Ahead of the August 1 deadline, U.S. President Donald Trump released fresh levies ranging from updates on copper tariffs to taxes on goods from Brazil, South Korea and India as well as an end to exemptions for small-value overseas shipments.
Meanwhile, Trump said on Wednesday the U.S. would charge a 15% tariff on imports from South Korea as part of an agreement to avoid even higher levies. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached.
On Wednesday, the U.S. Federal Reserve left interest rates unchanged as widely excepted but Powell said it was too soon to say whether the Fed would cut rates at its next meeting in September.
Gold tends to perform well in a low-interest-rate environment.
Global gold demand, including over-the-counter (OTC), trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday.
Focus now shifts to U.S. core PCE index data due later in the day, followed by U.S. non-farm payrolls on Friday for more cues on Fed rate path.
Elsewhere, spot silver was down 0.5% at $36.95 per ounce, platinum rose 0.4% to $1,318.20, and palladium gained about 1% to $1,216.27.
Reporting by Brijesh Patel in Bengaluru; Editing by Janane Venkatraman
Source: Reuters