Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew.
The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year.
Year-to-date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal.
Meanwhile President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933.
