Gold Nears All-Time High as Trade Tensions Persist

The price of gold witnessed a significant increase on Tuesday, inching closer to its previous all-time high of $3,490.58. This surge comes as global trade uncertainties continue to dominate market sentiments.

US and EU Trade Deal Still in the Balance

US Treasury Secretary Scott Bessent emphasized that the quality of a deal with the European Union outweighs the urgency of timing, signaling Washington's patience in negotiations. With the deadline for new US tariffs on various countries set for August 1, the market remains on edge.

Market Reactions

At 12:29 pm ET, gold prices jumped by 1%, reaching $3,430.70 per ounce. Silver and palladium also saw increases, while platinum experienced a slight decline, highlighting the varied responses within the precious metals market to ongoing trade concerns.