Gold's price (XAU/USD) stabilizes and trades near $2,910 at the time of writing on Wednesday, following a 1.3% drop the previous day after markets got spooked by weak US consumer confidence data and more realistic tariff threats from President Trump's administration. Meanwhile, United States (US) yields have plunged substantially, with markets projecting a 25 basis points (bps) rate cut in June from the Federal Reserve (Fed). This is supportive for the precious metal and should see price action bottoming out from here.
Markets are looking forward to March 4, when tariffs on Mexico and Canada are set to be enabled.
Just ahead of that, the Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE), will be released on Friday.
Plenty of moving parts and elements might see traders keeping their powder dry before those events.
Source: FXStreet
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