Gold (XAU/USD) recovered most of its intraday losses and climbed back near the $2,800 mark during the first half of the European session on Monday (February 3). The safe-haven commodity remained within striking distance of its all-time peaks hit on Friday and continued to find support amid concerns about the potential economic impact of US President Donald Trump's trade tariffs.
This, coupled with trade war concerns, dampened investors' appetite for riskier assets, acting as a tailwind for the safe-haven gold price. Further, speculation that Trump's protectionist policies will boost inflation could further benefit the precious metal's status as a hedge against rising prices. This, in turn, suggests that the path of least resistance for bullion remains to the upside.
Meanwhile, the US Dollar (USD) surged back near more than two-year peaks in reaction to Trump's decision to impose tariffs on Canada, Mexico, and China. Additionally, speculation that the Federal Reserve (Fed) could hold off on cutting interest rates for some time this year, amid rising prices and surging consumer spending, may have contributed to capping gains in non-yielding gold.
Source: FXstreet
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