Gold prices rose to around $3,360 per ounce on Monday, marking a fourth consecutive session of gains, as President Donald Trump's announcement of new tariffs drove investors toward the safety of bullion.
In letters to the EU and Mexico, Trump set a 30% tariff for both and referred to their respective trade deficits with the US as a "major threat" to national security. This follows a broader set of tariff hikes unveiled last week, targeting more than 20 countries—including Japan, South Korea, Canada, and Brazil—as well as a 50% duty on copper imports.
The new measures are set to take effect on August 1. Meanwhile, investors are closely watching a series of key US economic reports this week—including CPI, PPI, industrial production, and retail sales—for clearer signals on the Federal Reserve's next interest rate decision.
Source: Trading Economics
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