Gold prices jumped in Asian trade on Tuesday, lifted by safe-haven demand amid uncertainty over U.S. trade negotiations ahead of President Donald Trump’s July 9 tariff deadline, while a weaker dollar provided additional support.
Spot Gold rose 0.8% to $3,328.71 an ounce, while Gold Futures for August jumped 1% to $3,339.70/oz by 02:10 ET (06:10 GMT).
Bullion rose 1.5% a day earlier, and was set to cover most of the ground it lost last week due to the Israel-Iran ceasefire.
Investors flock to safe-haven assets ahead of tariff deadline
Gold prices rose as investors looked out for trade deals ahead of President Trump’s July 9 tariff deadline.
A 90-day pause in tariff enforcement that began on April 2 is set to expire next week, with the U.S. having secured only two trade deals so far — with China and the UK.
Countries failing to reach trade deals before the deadline face the reimposition of reciprocal tariffs as high as 50%.
A Financial Times report on Tuesday stated that U.S. trade officials are pivoting to narrower trade agreements in a bid to secure quick wins ahead of the deadline. The report also said that the administration is still considering tariffs on key sectors.
Meanwhile, Trump threatened to impose fresh tariffs against Tokyo, while Treasury Secretary Scott Bessent said that nations may still face steep tariff hikes even amid ongoing good-faith negotiations. Bessent added that he expects a flurry of deals ahead of the deadline.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement
