Gold and Silver Prices Climb as Tariff Deadline Looms

Investors are closely monitoring the latest developments in international trade, particularly the statements made by US Commerce Secretary Howard Lutnick. On Sunday, Lutnick emphasized that August 1 remains a "hard deadline" for the implementation of new tariffs, with a baseline rate of 10% firmly in place. This announcement has sent ripples through the markets, affecting precious metal prices.

Market Reactions to Trade Talks

As of 8:34 am ET, gold saw a significant increase, adding 1.02% to reach $3,384.13 per ounce. Similarly, silver prices rose by 1.05%, trading at $38.56 per ounce. Palladium also experienced growth, increasing by 0.93% to $1,258.62 per ounce, while platinum faced a slight decline, losing 1.32% to settle at $1,465.97 per ounce.

The ongoing trade discussions and the potential for new tariffs on trade not covered by the United States–Mexico–Canada Agreement (USMCA) are creating uncertainty, driving investors towards safer assets like gold and silver.