Gold price (XAU/USD) edges lower to around $2,795 during the early Asian session on Monday. The yellow metal faces some pressure from the stronger Greenback after US President Donald Trump set tariffs over the weekend.
On Saturday, Canada was notified that the United States will place 25% tariffs on Canada and Mexico while China will be hit with 10% tariffs. Canadian energy will be tariffed at 10%, according to CTV.
The tariffs will take effect on Tuesday. Canada, Mexico and China have vowed to respond to sweeping new tariffs on their exports to the US announced by Trump. This, in turn, boosts the US Dollar (USD) broadly and drags the USD-denominated commodity price lower.
On the other hand, the Federal Reserve's (Fed) rate-cutting cycle, safe-haven demand due to uncertainties and concerns over global economic growth, and robust central bank buying might provide some support to the precious metal.
Prathamesh Mallya, DVP-Research at Angel One Ltd, noted that gold prices surged over 2% last week as market players sought refuge in safe-haven assets amidst concerns about rate cuts and tariff ambiguity.
Source: FXStreet
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