WASHINGTON (dpa-AFX) - Gold prices surged above $3,300 per ounce on Thursday despite the dollar extending its bullish run.
Spot gold jumped nearly 1 percent to $3,306.50 per ounce in European trade, while U.S. gold futures were up 0.2 percent at $3,359.17.
Gold prices bounced back from a one-month low hit in the previous session as fresh tariffs announced by U.S. President Donald Trump reignited concerns over global trade.
Trump has hit out at New Delhi and its trading partner Moscow, hours after announcing 25 percent tariffs on Indian imports.
India would face an unspecified 'penalty' over purchases of Russian weapons and energy as well, Trump said, adding he does not care about India's trade dealings with Russia and that the two 'can take their dead economies down together'.
Trump also signed an executive order to impose his threatened 50 percent tariffs on Brazil and warned Canada it would face trade repercussions for planning to recognize a Palestinian state.
The dollar held around a two-month peak ahead of key inflation and labor market data releases due this week.
After Fed Chair Jerome Powell offered few signals of a potential rate cut, market expectations for a Fed rate cut in September have fallen below 50 percent, according to the LSEG data.
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