Analysis: Tariff Deadline Looms, Market Uncertainty Drives Gold Prices Above $3,400.00

Gold prices rose more than 1% on Monday, rising above the $3,400.00/ounce level. The dollar and U.S. Treasury yields weakened amid uncertainty over trade negotiations, with the U.S. stipulating that countries must reach an agreement before the August 1 deadline or face more tariffs. "As the August 1 deadline approaches, it's creating a degree of uncertainty in the market, which is certainly favorable," said David Meger, director of metals trading at High Ridge Futures. Meger said rumors of the U.S. cutting interest rates sooner than expected are heating up, and speculation about a possible replacement of Federal Reserve Chairman Powell and a restructuring of the Fed is adding to market unease. [Golden Ten]