Gold prices edged down to around $3,380 on Tuesday but remained close to a five-week high reached in the previous session, amid lingering uncertainty ahead of President Donald Trump's August 1 tariff deadline.
Attention is now on the EU-US trade negotiations this week, as they seek to clinch a trade deal before the deadline, when Trump has threatened to hit most of the bloc's exports with 30% tariffs.
Meanwhile, the bloc is preparing a broader set of possible countermeasures against the US in a scenario where there is no agreement. On the monetary policy front, the European Central Bank is expected to hold interest rates steady at 2.0% later this week after a series of cuts, while the US Federal Reserve's policy decision is scheduled for next week.
Investors now await comments from Fed Chair Jerome Powell and Governor Michelle Bowman later in the day, seeking clearer guidance on the central bank's policy stance.
Source: Trading Economics
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