Gold prices maintain their rise amid hopes for a Fed rate cut and fluctuations around tariffs

Spot gold prices remained largely unchanged at $3,372.25 an ounce, while December gold futures were also held at $3,425.02 an ounce by 01:00 ET (05:00 GMT).

Gold is supported by the Fed’s reduced rates and tariff tensions

The price of gold has been rising for the last three consecutive sessions, with a jump of over 2% on Friday following the release of US non-farm payrolls data.

Data on Friday showed that U.S. nonfarm payrolls rose by just 73,000 in July, well below expectations, accompanied by downward revisions to May and June figures. The unemployment rate rose to 4.2%, fueling concerns about a slowdown in the U.S. economy.

The weak data led markets to price in a 92% probability of a Federal Reserve rate cut in September, according to the CME FedWatch tool.

Lower interest rates reduce the opportunity cost of holding unprofitable assets like gold, making gold more attractive to investors.

The US dollar index was trading marginally higher after sharp losses over the past two trading days, making gold cheaper for foreign buyers.

Trade policy developments also provided support. US Trade Representative Jamieson Greer confirmed that sweeping tariffs imposed by President Trump on imports from nearly 70 countries are likely to remain in place, fueling inflation concerns.

New threats to raise tariffs on India over its purchases of Russian oil have further shaken markets, increasing demand for bullion as a safe haven.

Metals markets are weaker; platinum down 0.5%

Platinum futures fell 0.5% to $1,335.65 an ounce, while silver futures rose 0.2% to $37.415 an ounce.

Benchmark copper futures on the London Metal Exchange rose 0.3% to $9,720.65 a tonne, while U.S. copper futures were little changed at $4.454 a pound.

US copper prices plunged 20% last week after President Trump excluded the refined metal from his planned 50% import tariff on the metal.