(Bloomberg) — Gold steadied as traders assess the latest twists in US President Donald Trump’s trade strategy, geopolitical developments and the outlook for the Federal Reserve’s interest rate path.
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Trump signed an executive order imposing an additional 25% tariff on India over its purchase of Russian energy, the White House said Wednesday, hours after talks between the US and Russia over the war in Ukraine failed to yield a breakthrough.
Federal Reserve Bank of Minneapolis President Neel Kashkari, meanwhile, said a slowing of the economy may make a rate cut appropriate in the near term. Swap traders assigned a more than 90% chance of a rate cut for next month.
Gold has climbed 29% this year as investors have sought safety amid heightened trade conflicts, geopolitical tensions and eroding trust in dollar-denominated assets. Still, the precious metal has been range-bound over the past few months, lacking new catalysts to surge past its record high of just over $3,500 an ounce reached in April.
Spot gold was 0.1% lower at $3,376.31 an ounce as of 1:06 p.m. in New York. The Bloomberg Dollar Spot Index slipped 0.3%. Silver and platinum edged higher while palladium declined.
–With assistance from Laura Avetisyan.
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