WASHINGTON (dpa-AFX) - Gold ticked lower on Tuesday as U.S. President Donald Trump delayed imposing higher tariffs on U.S imports and indicated he would make further climbdowns on tariffs. Spot gold dipped 0.4 percent to $3.324.26 per ounce in European trade while U.S. gold futures were down 0.3 percent at $3,333.65.
After threatening to impose new import taxes on more than a dozen countries, Trump pushed back the effective date of those tariffs, ranging from 25 percent to 40 percent, until Aug. 1.
Trump said the U.S. wants 'balanced and fair trade,' warning that any retaliation would trigger even higher tariffs.
The President also said his August 1 deadline for implementing the levies was not firm, raising mild hopes for deals over punishing tariffs.
In economic releases, U.S. Redbook report and consumer inflation expectation survey results for June may garner some attention in the New York session.
Investment bank Goldman Sachs reiterated its expectations that the U.S. Federal Reserve will start lowering interest rates at the upcoming September meeting.
Citing recent inflation and wage growth indicators, the investment bank estimates that the odds of a rate cut in September are 'somewhat above' 50 percent.
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