Precious Metals Preview: Gold, Silver gains amid safe haven demand due to tariff uncertainty

Precious metals are seen gaining momentum on the back of safe haven demand amid rising uncertainty from tariffs. US President Donald Trump notified 25 countries of new tariff rates set to take effect on August 1st, including major trading partners Canada, Mexico, and the European Union (EU). However, dollar index firmed up near a three-week high as investors awaited the latest producer price index report after hot inflation data pared back expectations of Fed interest rate cuts this year, capping gains on gold and silver prices. Currently, COMEX gold is quoting at $3340.90 an ounce, up 0.13% on the day while COMEX silver is up 0.07% at $38.14 per ounce.

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