By Sybilla Gross

(Bloomberg) — Gold dipped after touching the highest in a month, as investors eyed the progress of trade negotiations ahead of US President Donald Trump’s Aug. 1 tariff deadline.

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Bullion traded near $3,385 an ounce after closing 1.4% higher in the previous session. The dollar steadied following a sharp selloff on Monday amid renewed concerns about global trade after White House Press Secretary Karoline Leavitt said the president may send more unilateral tariff letters before Aug. 1. A stronger greenback makes gold more expensive for most buyers.

Several countries are racing to secure deals with the White House ahead of the deadline, with officials from Japan, South Korea, the Philippines and the European Union scheduled to meet with their US counterparts this week.

Investors were also weighing the outlook for the Federal Reserve’s interest-rate path ahead of next week’s policy decision. Officials have recently expressed differing views on how Trump’s tariff agenda will impact inflation, with Fed Governor Christopher Waller advocating for a rate cut even as most of his colleagues remain more cautious. Higher borrowing costs tend to pose a headwind for gold, as it doesn’t pay interest.

Swaps markets show virtually zero possibility of a cut to Fed rates next week. For the rest of the year, traders are betting the Fed will lower by a total of 45 basis points, a level that’s little changed from Friday.

Gold has climbed more than a quarter this year, as uncertainty around Trump’s aggressive attempts to reshape global trade and conflicts in Ukraine and the Middle East sparked flight to havens. The precious metal has been trading within a tight range over the past few months.

Spot gold was down 0.3% to $3,386.71 an ounce at 10:21 a.m. in London. The Bloomberg Dollar Spot Index was flat, after a loss of 0.5% in the previous session. Silver, platinum and palladium all fell.

—With assistance from Jack Ryan.

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