WASHINGTON (dpa-AFX) - Gold hovered near record levels on Wednesday as investors grappled with rising bond yields and renewed trade uncertainty.
Growing expectations of a Federal Reserve rate cut this month, lingering political uncertainty in France and renewed Russia-Ukraine tensions also buoyed safe-haven demand for the precious metal.
Spot gold edged up by 0.1 percent to $3,536.85 per ounce in European trading, while U.S. gold futures were up 0.4 percent at $3,605.80.
Equity markets sank as bond yields surged after the long weekend amid Fed independence worries and increased investor anxiety following a landmark federal appeals court decision that ruled most of President Donald Trump's global tariffs illegal.
Trump's erratic tariffs and other policies are already affecting consumers' cost of living and costing businesses real money.
Trump said his administration would ask the Supreme Court 'for an expedited ruling,' warning that 'if you took away tariffs, we could end up being a third-world country'.
If the justices strike down the tariffs, the government may have to repay the billions of dollars already brought in through Trump's tariffs. The tariffs have poured more than $159 billion into U.S. coffers so far.
In economic releases, U.S. reports on factory orders and job openings along with the Federal Reserve's Beige Book will be in the spotlight later today ahead of the August jobs report due Friday.
The Wall Street Journal reported, citing people familiar with the matter that U.S. Treasury Secretary Scott Bessent plans to start interviews on Friday to determine the next Federal Reserve chair.
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