Investing.com-- Gold prices rose marginally in Asian trade on Thursday and remained largely within a recently established trading range, while U.S. copper prices extended their rally after President Donald Trump confirmed his plans to tariff the red metal.

Broader metal prices gained ground as the dollar fell amid mixed signals on just when the Federal Reserve will cut interest rates further. But the greenback still maintained a bulk of its recent rebound from three-year lows.

Spot gold rose 0.3% to $3,323.72 an ounce, while gold futures for September rose 0.3% to $3,332.45/oz by 01:34 ET (05:34 GMT).

Gold saw limited safe haven demand from Trump’s tariff agenda, as the president released several letters outlining steep trade tariffs on major U.S. trading partners. But he also postponed his effective tariff date to August 1, sustaining some hopes that Washington will sign more trade deals.

Gold rangebound amid rate uncertainty, limited haven demand

Gold stuck largely to a trading range of between $3,300 and $3,450/oz, as the yellow metal grappled with pressure from the dollar and limited haven demand.

Bullion prices took some support from a softer dollar on Thursday, as the greenback fell after the minutes of the Fed’s June meeting showed a majority of policymakers still supported cutting interest rates this year.

But Fed members were split over the timing of the cuts, as a bulk of policymakers expressed concerns over the inflationary impact of Trump’s trade tariffs.

Fed Chair Jerome Powell has kept up this warning, and recently said that uncertainty over Trump’s tariffs was the only factor keeping the Fed from cutting rates.

Gold was also pressured by easing safe haven demand, amid cooling military tensions in the Middle East through the second half of June. Among precious metals, silver and platinum vastly outpaced the yellow metal over the past two months.

Platinum futures rose 0.3% to $1,387.60/oz, while silver futures rose 0.2% to $36.710/oz, with both metals remaining in sight of recent multi-year peaks.

Copper extends rally as Trump says 50% tariffs coming in August

U.S. copper futures rose 1.4% to $5.6183 a pound, remaining close to a record high hit earlier this week. Benchmark copper futures on the London Metal Exchange rose 0.5% to $9,687.10 a ton, recovering some lost ground.

Trump said on Wednesday evening that he will impose 50% tariffs on all U.S. copper imports, effective from August 1. The levies stand to severely crimp domestic copper supplies, especially given that the U.S. imports at least half of its copper requirements.

Trump said the levies are aimed at shoring up domestic copper production, although it remains to be seen whether local production can pick up sufficiently to meet demand.

London copper futures had tumbled on Trump’s announcement, given that it heralds weaker demand for copper imports in the U.S., which is still one of the largest consumers of the red metal.