Insights 
VT 
Key Points:
- Spot gold rose 0.3% to $3,322.46; futures at $3,331
- Dollar index slipped 0.3%, while U.S. bond yields also eased
- Trump expands tariffs, but markets show signs of “tariff fatigue”
Gold prices edged higher on Thursday, buoyed by a mild pullback in the U.S. dollar and Treasury yields, yet the upside remained subdued as traders grew numb to Trump’s increasingly aggressive trade salvos
Spot gold rose 0.3% to $3,322.46, with U.S. gold futures up to $3,331, marking a slow recovery from this week’s dip to a low of $3,282.74. Momentum remained muted despite the geopolitical noise, suggesting investor hesitation.
Tariff Talk Grows Loud, But Impact Fades
President Donald Trump took his global trade war into “overdrive,” unveiling new 50% tariffs on U.S. copper imports and duties on Brazilian goods, both set to begin August 1. An additional seven countries were added to the tariff list Thursday—joining 14 others, including South Korea and Japan.
Yet markets barely flinched. Analysts noted the growing phenomenon of “tariff fatigue,” where the constant stream of protectionist headlines no longer moves the needle significantly.
Technical Analysis
Gold has staged a modest rebound, closing at 3319.48, up 0.54% intraday. Price action shows a recovery from the intraday low of 3282.74, with bullish momentum gradually building as shown by a consistent series of higher lows and higher highs. The 5-, 10-, and 30-period MAs are all aligned in a bullish crossover structure, supporting short-term upside.
Picture: Gold recovers above 3315, but resistance looms near 3330, as seen on the VT Markets app
The MACD has shifted above the zero line and remains in a positive posture, though with flattening histogram bars, suggesting momentum is slowing as price approaches potential resistance around 3325–3330, a level that previously acted as support-turned-resistance.
Fed Minutes Offer Few Surprises
Wednesday’s Fed meeting minutes showed limited support for a near-term rate cut, with only “a couple” of members pushing for action as early as July. The majority leaned toward holding rates steady a bit longer due to inflation tied to tariffs. The next FOMC meeting is slated for July 29–30, which could serve as the next true market-moving catalyst for gold.
Until then, expect range-bound price action, driven more by technicals and short-term dollar weakness than any meaningful fear response to the growing trade front.
