Gold endured a volatile few hours’ trading — rallying to a record, then paring gains — after President Donald Trump imposed tariffs on US steel and aluminum imports, adding to uncertainty in global markets.
Gold climbed to a fresh record high, as trade-war worries bolstered haven demand and there were continued signs of short-term tightness in the market.
Gold tumbled as traders digested Donald Trump’s pick of Scott Bessent as Treasury Secretary and looked toward the Federal Reserve’s next interest-rate decision.
Gold traded near a two-month low, on course for its worst week since June 2021 as traders wind back expectations for a Federal Reserve interest-rate cut next month.
Gold rose to a record on Wednesday on haven demand before the US election, and held a narrow gain after jobs and GDP data that showed the ongoing resilience of the US economy.
Gold’s record-setting rally may have captured the headlines this year, but it’s silver that’s running harder and faster as the less glamorous metal benefits from robust financial and industrial demand.
Gold retreated after hitting a fresh record as investors weighed remarks from policymakers ahead of a key jobs report due Friday.
Gold surged above $2,200 an ounce for the first time as investors grew more confident about the Federal Reserve’s path for rate cuts, boosting the appeal of non-interest bearing bullion.
Gold isn’t losing its allure, according to a dozen money managers who all told Bloomberg News they expect to maintain or raise their exposure to the precious metal in the coming 12 months.
Agricultural commodities fell, offering some reprieve to rampant food inflation, as traders weigh incoming data on harvests and looming recessions in some major economies.