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(Bloomberg) — Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month.
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Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump’s patience with talks appeared to wear thin before his Aug. 1 deadline.
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The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of letters he’s sent since last week to economies including Canada and Brazil that set out new duty rates. Rising trade tensions have underscored gold’s haven appeal, although investors have grown increasingly less convinced about the likelihood of widespread upheaval after previously backed down from some aggressive tariff threats.
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Gold has rallied more than a quarter this year, setting a record above $3,500 an ounce in April. Trump’s overhaul of trade policies has served as a steady source of uncertainty for markets, spurring investors to seek safety in the metal amid worries about the long-term impact on the global economy. The advance has also been aided by heightened geopolitical tensions and central-bank buying.
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Spot gold was 0.5% higher at $3,372.75 an ounce at 7:13 a.m. in Singapore. The Bloomberg Dollar Spot Index was up 0.1%. Silver edged up to trade near the highest level since 2011. Platinum and palladium dipped.
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