Gold's price (XAU/USD) is getting knocked out and is facing a substantial 3% loss since it printed a new all-time high at $2,956 on Monday at the start of this week.
The precious metal currently trades at $2,860 at the time of writing, after United States (US) President Donald Trump reiterated that tariffs for Mexico and Canada will start on March 4, while China will see an additional 10%, raising the total rates to20% on imports into the US. This dampens hopes markets still had for a possible delay in the implementation of these tariffs.
Meanwhile, the US Personal Consumption Expenditures (PCE) numbers are out of January. No outside surprises with the monthly core PCE reading ticking up to 0.3% from 0.2%, as expected. The headline PCE reading came in at 0.3%, unchanged against the December number.
Source: FXStreet
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