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Gold Steadies as Traders Weigh Middle East Tensions and Tariffs.

commodities :: 2025-06-12 :: source - bloomberg

By Yihui Xie and Jack Ryan

(Bloomberg) -- Gold steadied, after rising on escalating tensions in the Middle East, while President Donald Trump ratcheted up trade uncertainty with remarks that he intends to impose unilateral tariffs on dozens of US trading within two weeks.

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Gold rose as much as 0.7% during Asian trading hours, after CBS reported that US officials have been informed of Israel’s readiness to launch an operation aimed at Iran, prompting the US to move some embassy staff out of Iraq and allowing military families to leave the region.

Bullion pared gains later Thursday morning as a gauge of the greenback gave up some losses.

Separately, Trump said he intended to set unilateral tariff rates with trading partners in the next week or two, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. The president also said a trade framework with China has been completed, with levies between the two largest economies to be maintained at their current levels.

Uncertainties over global trade and heightened geopolitical risks have rattled markets this year, boosting gold’s allure as a safe haven and powering a year-to-date advance of 28%.

Spot gold was up 0.2% to $3,360.68 as of 10:11 a.m. London time. The Bloomberg Dollar Spot Index extended losses to fall 0.4%. Platinum rose, silver and palladium fell.

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