WASHINGTON (dpa-AFX) - After ending the previous session roughly flat, the price of gold showed a modest move to the upside during trading on Tuesday.
Gold for August delivery rose $14.80 or 0.4 percent to $3,388.60 an ounce after edging down $0.60 or less than a tenth of a percent to $3,373.80 an ounce during Monday's session.
The increase by the price of gold came amid a modest pullback by the value of the U.S. dollar, with the U.S. dollar index slipping by 0.2 percent after yesterday's 0.7 percent advance.
Gold also benefitted from is appeal as a safe haven amid concerns about the Federal Reserve's independence after President Donald Trump said he is removing Fed Governor Lisa Cook from her position.
In a letter to Cook posted on Truth Social, Trump accused her of making false statements on one or more mortgage agreements.
However, Cook responded with a statement claiming Trump does not have the authority to fire her and said she will not resign.
'I will continue to carry out my duties to help the American economy as I have been doing since 2022,' said Cook.
Traders were also reacting to Trump's latest tariff threats, with the president threatening to impose 'substantial additional tariffs' on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.
'America, and American Technology Companies, are neither the 'piggy bank' nor the 'doormat' of the World any longer,' Trump said on Truth Social. 'Show respect to America and our amazing Tech Companies or, consider the consequences!'
On Monday, Trump threatened to impose 200 percent tariffs on China if Beijing does not export rare-earth magnets to the U.S.
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