Gold gained for a second day on increased tensions in the Middle East, with its haven status also supported by President Donald Trump’s comments that he will inform trading partners on tariff rates within two weeks.
Bullion rose as much as 0.6% to around $3,373 an ounce, extending a 1% gain from the earlier session when it was also boosted by a declining dollar. Buying interest increased after the US ordered some embassy staff to depart Baghdad and allowed military families to leave the Middle East, after Iran threatened to attack US bases if talks over its nuclear program fell through.
Separately, Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. The president also said a trade framework with China has been completed, with levies between the two largest economies to be maintained at their current levels.
Uncertainties over global trade tensions and heightened geopolitical risks have rattled markets this year, boosting gold’s allure as a store of value in turbulent times and powering a year-to-date advance of 28%. The precious metal, which reached an all-time high in April, has also been supported by increased central-bank buying.
Spot gold was up 0.3% to $3,364.43 as of 7:59 a.m. Singapore time. The Bloomberg Dollar Spot Index was steady after falling 0.4% on Wednesday. Silver, platinum and palladium all gained.
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