Is gold set to shine again as an inflation hedge?GoldOANDA:XAUUSDinkicho_exness Tariff tensions are flaring once more ahead of the scheduled end to mutual tariff suspensions. President Trump has announced that tariff rates on countries such as South Korea and Japan will increase to 25% starting in August. This renewed threat has stoked concerns about inflation, pushing up Treasury yields. As trade war risks resurface, US Treasury prices have fallen—a move consistent with market expectations of front-loaded inflation driven by higher tariffs. Adding to the pressure, Trump’s newly signed tax cut bill is expected to widen the fiscal deficit by $3.3 trillion over the next decade, according to the Congressional Budget Office (CBO). XAUUSD is consolidating within a narrow range of 3320–3350. The price is hovering near both EMAs, awaiting an apparent trigger for a breakout. If XAUUSD breaks below the support at 3320, the price may retreat to 3300. Conversely, if XAUUSD breaches above the resistance at 3350, the price could extend its gains toward 3370.