Gold climbs nearly 1.5%, settles above $3,400

Gold bars

Gold prices rose at Monday’s close, supported by a weaker US dollar and rising trade uncertainty ahead of the looming US tariff deadline.

August gold futures gained 1.43%, or $48.1, to settle at $3,406.4 an ounce.

The metal was buoyed by a decline in the US dollar, as the dollar index, which measures the greenback against a basket of six major currencies, fell 0.65% to 97 by 10:16 p.m. Mecca time.

David Meger, Director of Metals Trading at High Ridge Futures, told Reuters that the approaching Aug. 1 deadline for the implementation of new US tariffs on other countries is heightening market uncertainty.

At the same time, the European Union is reportedly considering a broader package of possible retaliatory measures against the United States, as hopes for a mutually acceptable trade agreement with Washington fade, according to diplomatic sources cited by the agency.