The Financial Post reports in its Wednesday edition that gold dipped after hitting a month high, as investors eyed the progress of trade negotiations ahead of President Donald Trump's Aug. 1 tariff deadline.
A Bloomberg dispatch to the Post reports that bullion traded near $3,385 (U.S.) an ounce Tuesday after closing 1.4 per cent higher in the previous session. The dollar steadied following a sharp sell-off on Monday amid renewed concerns about global trade after White House Press Secretary Karoline Leavitt said the President may send more unilateral tariff letters before Aug. 1. A stronger greenback makes gold more expensive.
Several countries aim to secure deals with the White House ahead of the deadline, with officials from Japan, South Korea and the European Union scheduled to meet U.S. counterparts this week.
Investors were also weighing the outlook for the Federal Reserve's interest-rate path ahead of next week's policy decision. Officials have recently expressed differing views on how Mr. Trump's tariff agenda will impact inflation, with Fed Governor Christopher Waller advocating for a rate cut even as most of his colleagues remain more cautious. Higher borrowing costs tend to pose a headwind for gold.
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