Gold price today: Gold rate continues to fall. What will happen on July 9?

Gold price on Tuesday fell again. Spot gold was down 0.4 per cent at $3,323.24 per ounce. U.S. gold futures fell 0.3 per cent to $3,332.50. Gold rate fell weighed by higher U.S. Treasury yields as U.S. President Donald Trump announced new tariff proposals on trading partners, including Japan and South Korea.

Gold is stuck between a rock and a hard place, said UBS commodity analyst Giovanni Staunovo. Negative for the gold price is the U.S. decision to extend the deadline for a trade deal for many trade partners, positive for the gold price is the fact that key U.S. trading partners in Asia might have to deal with higher tariffs in the near future, weighing on economic growth prospects, Staunovo said.

On Monday, Trump told 14 countries that sharply higher tariffs would start on August 1, marking a new phase in the trade war he launched in April, with levies between 25 per cent and 40 per cent. The new deadline was firm, Trump said, adding that he would consider extensions if countries made proposals for a trade deal.


"Reciprocal tariffs" were to be capped at 10 per cent until July 9 to allow for negotiations, but so far, agreements have been reached only with Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates.

Meanwhile, China has warned the Trump administration against reigniting trade tensions and threatened to retaliate against nations that strike deals with the U.S. to exclude it from their supply chains.

Trump's tariffs have stoked inflation fears, further complicating the U.S. Federal Reserve's path to lower interest rates. Investors await minutes of the Fed's June meeting, due on Wednesday, for more clues into the bank's policy outlook.

Spot silver was up 0.1 per cent at $36.76 per ounce, platinum fell 0.2 per cent to $1,368.08, and palladium rose 0.2 per cent to $1,113.04.

FAQs

Q1. What are current gold prices?
A1. Gold price on Tuesday fell again. Spot gold was down 0.4 per cent at $3,323.24 per ounce. U.S. gold futures fell 0.3 per cent to $3,332.50.

Q2. Who is President of USA?
A2. President of USA is Donald Trump.