Gold price (XAU/USD) advances to the $2,880 region during the Asian session on Monday in reaction to US President Donald Trump's plans to impose new 25% tariffs on all steel and aluminum imports into the US. The announcement sparks concerns about a global trade war and benefits the safe-haven precious metal. Moreover, expectations that Trump's protectionist policies would reignite inflation turn out to be another factor that underpins the commodity's status as a hedge against rising prices.
Meanwhile, the upbeat US employment details released on Friday and inflationary concerns could limit the scope for the Federal Reserve (Fed) to ease further. This, in turn, assists the US Dollar (USD) in gaining some follow-through positive traction at the start of a new week and could act as a headwind for the Gold price. Apart from this, overbought conditions on the daily chart might hold back traders from placing fresh bullish bets around the XAU/USD in the absence of any relevant US economic data.
Gold price continues to attract safe-haven flows amid persistent worries about Trump's trade tariffs.
Mostly upbeat US jobs data and inflationary concerns could allow the Fed to hold interest rates steady.
A modest US Dollar strength might further contribute to capping the upside for the XAU/USD pair.(Cay) Newsmker23
Source: fxstreet
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