Gold prices fell on Wednesday to their lowest point in more than a week, under pressure from a stronger US dollar and rising Treasury yields, as the latest tariff threats from US President Donald Trump unsettled markets.
Spot gold was down 0.2 percent at $3,295.03 per ounce, as of 0435 GMT, after hitting its lowest level since June 30. US gold futures fell 0.4 percent to $3,303.20.
Trump said he would impose a 50 percent tariff on imported copper and introduce long-threatened levies on semiconductors and pharmaceuticals.
Trump reiterated his threat of 10 percent tariffs on BRICS nations on Tuesday, a day after notifying 14 countries, including Japan and South Korea, of tariff increases set to take effect on August 1.
The US dollar index strengthened 0.2 percent after hitting a two-week high late on Tuesday, while the yield on benchmark 10-year US Treasury notes hovered near a three-week high.
The price trend that had been rising since mid-February has broken down, signaling weakness, with a stronger dollar and higher Treasury yields, amid uptick in US interest rates, putting pressure on gold, Marex analyst Edward Meir said.
