Gold traded above $2,810 per ounce on Tuesday, hovering near a record-high hit in the previous session, supported by safe-haven demand amid global trade uncertainties
Markets continued to navigate the implications of U.S. tariffs, as President Donald Trump agreed to delay duties on Mexico and Canada for a month after the leaders of both countries took steps to address his concerns about border security and drug trafficking.
Tariffs of 10% are still set to be imposed on China today, though Trump said he'd hold further talks to Beijing. The inflationary impact of tariffs could further bolster gold's appeal as a hedge against both price pressures and geopolitical risks.
However, this may also keep interest rates elevated, a headwind for non-yielding bullion. Meanwhile, investors are keenly anticipating labor data this week, particularly Friday's nonfarm payrolls report, which could offer more insights about the strength of the U.S. economy.
Source: Trading Economics
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