Gold prices traded around $2,765 per ounce on Wednesday, extending a slight recovery from the previous session as uncertainty over US tariffs spurred safe-haven demand.
On Monday, President Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to boost domestic production.
White House spokeswoman Karoline Leavitt also confirmed on Tuesday that Trump still plans to follow through with tariffs on Canada and Mexico starting February 1st and is considering new tariffs on China.
Investors' focus is now set upon the Federal Reserve's first policy meeting this year, where Fed officials are expected to leave interest rates unchanged later today. Higher rates tend to diminish the appeal of non-yielding gold. Market attention will also focus on how the Fed responds to President Trump's calls for further rate reductions last week.
Source: Trading Economics
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