Gold price climbs to $3,400 with tariffs, rate cut in focus

Gold climbed on Monday to its highest in over a month, as both the US dollar and bond yields weakened amid uncertainty over trade talks ahead of the August 1 deadline.Spot gold rose 1.4% to $3,397.51 per ounce by noon ET, after briefly touching the $3,400 level for the first time since mid-June. US gold futures traded 1.6% higher at $3,411.1 per ounce.Click on chart for Live PricesMeanwhile, the US dollar index fell 0.7%, making gold more affordable for buyers using other currencies,. Benchmark 10-year US Treasury yields also hit a more than one-week low, making bullion more appealing to investors.“With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive,” said David Meger, director of metals trading at High Ridge Futures, in a Reuters note.Gold price to hit $3,600 this year and next: CIBCThe European Union is exploring a broader set of possible counter-measures against the US as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.On the interest rate front, traders are pricing about a 63% chance of a Federal Reserve rate cut in September, according to the CME FedWatch tool.On Friday, Fed Governor Christopher Waller advocated for a rate cut as early as this month, sending gold higher by nearly 1%.(With files from Reuters)Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com