Spot Gold extended gains on Monday, as market players continued to fret over US trade policy.
US Commerce Secretary Howard Lutnick said over the weekend that August 1st was the firm deadline for countries to start paying the so called reciprocal tariffs.
He also stated that discussions could continue beyond that particular date.
Lutnick noted that smaller nations would likely have to pay a baseline tariff of 10%.
Lutnick’s remarks came after US President Donald Trump’s letters to major trade partners earlier in July, in which he informed them of new tariff rates.
Meanwhile, solid US macro data from last week tempered expectations of an imminent interest rate cut by the Federal Reserve. This seemed to have capped the upside for Gold.
Next, investors are now expecting the upcoming speeches by Fed Chair Jerome Powell and Governor Michelle Bowman.
Spot Gold was last up 0.54% on the day to trade at $3,368.09 per troy ounce.
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