Market Alert: Trump Revives Trade War Playbook with Tariff Threats
Highlights:
Safe-haven appeal intact despite price dip
Gold prices softened slightly on Monday following last week’s nearly 2% surge, as markets turned their attention to the upcoming July 9 tariff deadline set by US President Donald Trump. Spot gold was trading at US$3325.05 an ounce at the time of writing, reflecting a 0.4% decline, according to Singapore trading data from 8:10am.
Possible Extension May Ease Tensions
US Treasury Secretary Scott Bessent suggested that countries still without trade agreements by the deadline may be granted a three-week extension to finalise negotiations. Meanwhile, Commerce Secretary Howard Lutnick confirmed that nation-specific tariffs could still take effect from August 1 if talks fail.
Global trading partners are now racing to either finalise deals or request additional time, with investors keeping a close eye on any updates from Washington that might sway market sentiment. The threat of a US-led trade war has helped reinforce gold’s traditional role as a hedge against economic uncertainty.
Strong Year for Gold Amid Global Unrest
Despite the latest dip, gold has had a standout year. The precious metal has risen over 25% in 2025 and is currently just US$170 shy of its all-time high from April. This momentum has been fueled by escalating geopolitical risk, robust demand from global central banks, and continued inflows into gold-backed exchange-traded funds. Other precious metals were largely stable at the time of writing. The Bloomberg Dollar Spot Index, which often moves inversely to gold, recorded a slight decline following a weekly loss of 0.4%.
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