Gold price (XAU/USD) trims a part of its heavy Asian session losses and currently trades around the $2,785 region, still down nearly 0.60% for the day.
US President Donald Trump's decision to impose tariffs on Canada, Mexico, and China lifts the US Dollar (USD) back closer to over a two-year high. This turns out to be a key factor that drags the commodity away from the all-time peak, around the $2,717 region touched on Friday.
That said, bets that the Federal Reserve (Fed) will lower borrowing costs twice by the end of 2025, along with concerns about the potential economic fallout from Trump's policies and the risk-off mood, offer support to the safe-haven Gold price.
This, in turn, warrants some caution for bearish traders ahead of this week's key US macro releases scheduled at the beginning of a new month, starting with the ISM Manufacturing PMI later today.
Source: FXStreet
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