Gold (XAU/USD) prices hit a new record high at the time of writing, approaching $2,581.75, which will hit intraday resistance as the US session begins. On the geopolitical front, markets were shaken by comments from US President Donald Trump confirming 25% tariffs will be imposed on Canada and Mexico, two of the US's largest trading partners, starting Saturday, and threatening to impose 100% tariffs on BRICS countries if they try to replace the US Dollar with a new currency in international trade. This should be a headwind for Bullion as it could lead to trade wars and inflation fears with prices soaring for US consumers and producers.
On the economic data front, inflation will grab all the attention, with the release of the US Personal Consumption Expenditures (PCE) Price Index for December, the Federal Reserve's preferred inflation gauge, due later today. Overall, the figures are expected to hold steady or edge higher. (AL)
Source:FXstreet
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