Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty sparked by the announcement of new US tariffs boosted bullion's appeal, even as expectations of a US interest rate cut in September eased.

Spot gold rose 0.5% to $3,292.24 an ounce, as of 02:30 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday.

US gold futures fell 0.2% to $3,287.

"Gold at levels below $3,300 has attracted buying interest from traders as a value strategy, especially with the prevailing economic uncertainty, which aligns with Trump's threat of secondary tariffs," said Tim Waterer, Chief Market Analyst at KCM Trade. US President Donald Trump on Wednesday issued a series of tariff announcements, ranging from changing previously threatened levies on copper and goods from Brazil to ending tariff exemptions for small-value foreign shipments.

Trump announced a deal with South Korea involving a 15% US tariff on imports from that country, while also confirming ongoing negotiations with India after announcing 25% tariffs on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating that he hoped a fair deal would be reached.

Meanwhile, the US Federal Reserve kept interest rates steady on Wednesday, while comments from Chairman Jerome Powell dampened expectations of a September rate cut.

Gold, often considered a safe-haven asset during times of economic uncertainty, tends to perform well in low-interest-rate environments. "Support around $3,250 is forming as a key level that could potentially protect against a more significant move lower. However, a breach of that level could open the door to a decline to $3,200," Waterer said.

The US core PCE index will be in focus later, and is expected to rise 0.3% month-on-month and 2.7% year-on-year, according to a Reuters poll.

Spot silver fell 0.3% to $37 an ounce, platinum rose 0.6% to $1,320.98, and palladium rose 2.5% to $1,234.77.

Source: Reuters