Geopolitical uncertainties, along with Trump’s aggressive trade policy and central bank buying, a 27% advance in gold this year. The rally has lost momentum over the last couple of months, however, with bullion mostly trading between US$3,300 and US$3,400 an ounce.
US consumer confidence declined unexpectedly in June, signalling ongoing anxiety about tariff-driven impacts on the economy and job market.
That could prompt the US Federal Reserve to cut rates in the coming months, but Chair Jerome Powell has reiterated his view that policymakers need not rush. Lower rates are typically positive for non-interest paying bullion.
Spot gold rose 0.2% to US$3,330.85 an ounce as of 10.35am Singapore time. The Bloomberg Dollar Spot Index was flat. Silver was steady, while platinum and dipped.
