Gold hovers near all-time highs as tariff confusion sparks market jitters
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Gold sustains gains, trading at $2,797, as White House clarifies tariff timeline confusion. Revised tariff announcements lead to brief dip in Gold with traders eyeing $2,800 resistance. Despite steady December Core PCE data, geopolitical uncertainty keeps Gold prices elevated. Gold price trades near all-time highs above $2,800 on Friday as market participants turn risk-averse after the White House corrected earlier reports from Reuters that the United States (US) would not impose tariffs on Canada and Mexico on February 1 and instead would do it on March 1. At the time of writing, XAU/USD trades at $2,797, up 0.15%. US Press Secretary Karoline Leavitt emphasized that tariffs of 25% would be enacted on Canada and Mexico on February 1, Saturday, adding that previous reports were wrong. She also added that Washington would apply 10% duties on goods imported from China. Following the report, the Greenback advanced, and Gold trimmed some of its earlier gains above $2,800. Bullion’s failure to print a daily close above the latter could pave the way for booking profits ahead of next week’s US Nonfarm Payrolls data. An earlier report from Reuters revealed that the US was set to impose tariffs until March 1. The article pointed out that Trump will announce tariffs that will include a process for the countries to seek exemption on certain imports.December’s Core Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, increased in December as expected, surpassing November’s number. However, on a yearly basis, Core PCE remained unchanged from the previous figures. The data comes after soft Q4 GDP figures and the Federal Reserve’s latest monetary policy meeting. Meanwhile, Fed officials have begun making public remarks, with Governor Michelle Bowman and Chicago Fed President Austan Goolsbee weighing in on economic conditions. Daily digest market movers: Gold price advances on…
Filed under: News - @ February 1, 2025 8:16 pm