Gold edged back above $3,300 per ounce on Wednesday, recovering from earlier losses following the release of the latest FOMC minutes. At the June meeting, Fed officials were divided on how soon and how aggressively to cut interest rates. While most saw some rate reductions as likely this year, views ranged from calls for a July cut to no cuts at all in 2025. The Fed kept rates steady at 4.25%-4.5%, maintaining a cautious, data-driven stance amid mixed economic signals - tariff-driven inflation concerns, slowing consumer spending, and a resilient labor market. Despite ongoing political pressure from President Trump, Chair Powell reiterated the Fed’s independence. Meanwhile, Trump ruled out further delays to August 1 tariff deadline and unveiled sweeping new measures, including a 50% tariff on copper, potential 200% duties on pharmaceuticals, and a 10% levy on imports from BRICS nations. The expected inflationary impact of these tariffs could limit the Fed’s flexibility for further easing.