Gold climbed toward $3,390 per ounce on Thursday, the highest in two weeks, supported by escalating trade tensions and growing expectations for US interest rate cuts. President Donald Trump's sweeping tariffs ranging from 10% to 50% took effect, targeting dozens of countries. A 100% tariff on imported semiconductors was also announced. While some exemptions apply to firms committing to US production, the move stoked market uncertainty. Meanwhile, Minneapolis Fed President Neel Kashkari signaled the need for rate cuts amid a slowing US economy. Jobless claims data reinforced that view, with both initial and continuing claims topped forecasts, with the latter hitting a three-year high. Traders now see a 91–93% chance of a 25 bps Fed rate cut in September, according to CME FedWatch.