A lower dollar and demand for safe haven assets amid widespread concerns of a wider trade war helped gold hold steady at $2,910 an ounce on Monday.
Canada’s retaliatory tariffs are still in effect, and China’s countermeasures are scheduled to go into effect later today, even if U.S. President Donald Trump postponed the 25% tariffs on the majority of imports from Canada and Mexico.
In a Fox News interview on Sunday, Trump declined to specify whether the economy is experiencing a recession or growing inflation, which heightened market anxiety.
Despite growing uncertainties in the U.S. economic outlook, Federal Reserve Chair Jerome Powell stated on Friday that authorities do not need to hurry to lower interest rates.
For more information on the Fed’s rate path, investors are now awaiting a significant U.S. inflation data that is scheduled for later this week.