Gold prices hovered around $3,350 per ounce on Tuesday, trimming gains from earlier in the session but holding its strong momentum since retesting record highs throughout the second quarter amid uncertainty from tariffs and strong central bank buying. US President Trump sent notified 25 countries of new tariff rates set to take effect on August 1st, including major trading partners Canada, Mexico, and the EU, while making a political appeal by tariffing Brazil. Uncertainty regarding US economic policy continued to hamper the US dollar, driving central banks to increase their gold reserves instead of piling into the usual Treasury securities. Surveys from showed that central banks added a net 20 tonnes of gold in May, lead by monetary authorities in Kazakhstan, Turkey, Poland, and Singapore. Meanwhile, bets of a rate hold by the Fed this month consolidated as US headline inflation rose to 2.7% in June, as expected, while markets continued to price two rate cuts this year.