Spot Gold rebounded from a 1 1/2-week low of $3,282.66 on Thursday, after the release of the most recent FOMC minutes and as market players continued to watch developments on the trade front.
Market focus was set firmly on a series of tariff demand letters from US President Donald Trump. Yesterday he said the US would impose a 50% tariff on Brazilian imports, starting on August 1st.
“The persistence of the current state of uncertainty, marked by prolonged delays and unclear trade policy direction, could support demand for safe-haven assets even without a formal trade war,” Samer Hasn, senior market analyst at XS.com, wrote.
Meanwhile, the minutes of the FOMC’s June meeting showed policy makers were divided on the timing and scale of potential interest rate cuts.
Though the majority of Fed officials expected some easing later this year, views ranged from favoring a rate cut as soon as July to favoring no cuts at all by the end of 2025.
Spot Gold was last up 0.24% on the day to trade at $3,321.67 per troy ounce.
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