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Gold prices steadied in Asian trading on Tuesday as safe haven demand rose following U.S. President Donald Trump’s tariff threats, though a stronger U.S. dollar capped gains. Spot gold dipped slightly to $3,334.22 per ounce, while September futures hovered at $3,343.70 by 01:22 ET.
On Monday, gold advanced after Trump issued letters proposing steep tariffs on several major Asian and African economies. However, he also extended the tariff deadline to August 1 and hinted at further trade talks, boosting investor risk appetite and limiting gold’s upside. Stocks in Asia climbed, while Wall Street futures reversed early losses.
Despite this, Trump’s tariff proposals included a 25% levy on South Korea, Japan, Malaysia, and Kazakhstan, and up to 36% on Thailand, contributing to market jitters. These mixed signals left gold trading within a narrow range, though the metal remains near its $3,500 record high set earlier this year.
Meanwhile, the U.S. dollar strengthened overnight following the tariff announcement and solid U.S. economic data, which reduced expectations of near-term interest rate cuts by the Federal Reserve. Although the greenback eased slightly in Asian trade, it continued to pressure metal prices.
Silver futures rose 0.3% to $37.008, and platinum edged up 0.1% to $1,383.75, both near multi-year highs. Copper prices also gained, with LME copper up 0.2% at $9,839.80 per ton, and U.S. copper futures rising 0.4% to $5.0260 per pound.
Investors now await the minutes from the Fed’s June meeting, due later this week, for further clues on monetary policy. The central bank maintained a hawkish tone at the time, signaling hesitation toward additional rate cuts despite persistent global trade uncertainties.
