Gold prices surged past $3,390 per ounce, reaching their highest level since mid-June, as a weakening US dollar and falling Treasury yields fueled safe-haven demand amid mounting trade tensions. US Commerce Secretary Howard Lutnick voiced optimism about securing a deal with the EU but warned that the August 1 deadline for tariffs is a “hard deadline.” He also underscored that the 10% baseline tariff would “definitely stay” during negotiations. His remarks came after President Trump sent formal letters to key trading partners earlier this month, outlining the tariff rates their countries would face without a deal. Meanwhile, the EU is preparing to unveil countermeasures against the US, as hopes for a favorable trade agreement with Washington diminish. On the monetary policy front, traders are pricing in around a 60% chance of a Fed rate cut in September, amid growing speculation over potential leadership changes at the Federal Reserve and a broader reshaping of the institution.