Gold Prices Rise Supported by Dollar Decline.. Trump Imposes New Tariffs on Imports
Gold prices witnessed a rise during trading on Thursday, July 10, supported by a slight decline in the dollar exchange rate and US bond yields, following the release of the minutes of the recent Federal Reserve meeting.
In a separate context, US President Donald Trump announced an expansion of the tariff campaign by imposing new tariffs of 50% on copper imports, in addition to similar tariffs on goods coming from Brazil, to be effective starting August 1.
Trump also issued notifications to impose tariffs on seven of the United States' small trading partners, joining 14 other countries that had previously received notifications, including South Korea and Japan. These tariffs are set to come into effect on August 1, unless new trade agreements are reached.
Commenting on the trade developments, Trump affirmed that talks with China and the European Union are "going well."
The minutes of the recent Federal Reserve meeting revealed an agreement among the monetary policy committee members that the current situation allows for waiting for more clarity on economic forecasts. The minutes also indicated increasing concerns among meeting participants about rising inflation and unemployment risks in the United States.
Spot gold prices rose by 0.3% to reach $3323.3 per ounce, while futures for the yellow metal recorded a similar increase of about 0.3% to reach $3331 per ounce.
