Following three straight days of losses, gold held steady around $3,010 an ounce on Tuesday as traders evaluated developments in U.S. tariffs.
In addition to threatening a 25% tax on consumers of Venezuelan oil and warning of impending car tariffs, President Donald Trump hinted that certain countries could be excluded from reciprocal levies that are scheduled to go into force next week.
Although gold continues to be supported by safe-haven demand despite the possibility of extensive trade conflicts and geopolitical upheaval, this ambiguous signal has further confused the market.
Raphael Bostic, the president of the Atlanta Federal Reserve, weighed in on gold and stated that he now sees just a small 25-basis-point rate decrease by year-end and expects slower inflation development in the future.
For more policy clues, investors now await the publication of the PCE index, the Fed’s favoured inflation indicator, on Friday.
