PRECIOUS-Gold rebounds from 1-month low on renewed trade uncertainty

July 31 (Reuters) - Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty stemming from fresh U.S. tariff announcements lifted bullion demand and investors bought on dips despite reduced expectations of a U.S. rate cut.

FUNDAMENTALS

* Spot gold XAU= was up 0.4% at $3,286.99 per ounce, as of 0041 GMT. Bullion hit its lowest level since June 30 in the previous session.

* U.S. gold futures GCcv1 fell 0.5% to $3,282.10.

* U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements, ranging from changes to previously threatened levies on imports of copper and on goods from Brazil to ending an exemption from tariffs for small-value shipments from overseas.

* Trump announced a deal with South Korea involving a 15% U.S. tariff on imports from the country, while confirming ongoing negotiations with India after declaring a 25% tariff on Indian goods effective Friday. He also expressed optimism about trade talks with China, stating he expects a fair deal to be reached.

* Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday and Chair Jerome Powell's comments following the decision dampened expectations of rate cuts in September.

* Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment.

* The market awaits the U.S. core PCE index data due later in the day, which is expected rise 0.3% month-on-month and 2.7% year-on-year, as per a Reuters poll.

* U.S. economic growth rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in 2-1/2 years.

* Spot silver XAG= held steady at $37.10 per ounce, platinum XPT= fell 0.3% to $1,308.85 and palladium XPD= rose 0.9% to $1,216.25.

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