Gold's price (XAU/USD) is jumping higher as buyers dig into the precious metal on Monday, printing several fresh all-time highs above $2,900 at the time of writing.
The move comes after United States (US) President Donald Trump said he would announce "reciprocal tariffs" on many countries on Tuesday or Wednesday, adding to increasing uncertainty in global financial markets. On Sunday, US President Trump said a 25% levy would apply for all steel and aluminum imports into the US, but did not say when they would be applied.
Meanwhile, traders will focus on Federal Reserve (Fed) Chair Jerome Powell's semi-annual testimony to lawmakers on Tuesday and Wednesday for fresh clues about the path forward for US monetary policy.
Powell is likely to highlight the resilient economy as a key reason central bankers are in no rush to cut borrowing costs further. This is a tail risk for Gold as, in theory, it would be a bearish element for bullion.
Source: FXStreet
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