Gold steadied around $2,880 per ounce on Tuesday, with investors assessing the economic outlook as U.S. President Donald Trump prepares to impose tariffs on key trade partners.
On Monday, Trump confirmed that 25% tariffs on imports from Mexico and Canada would start later today, along with a doubling of China levies to 20%.He also reiterated that reciprocal tariffs would take effect on April 2 on countries that impose duties on U.S. products.
These reignited fears of a global trade war that already showed signs of rising inflation and slowing economic growth — both of which support gold's status as a hedge against inflation and economic instability.
The latest data on U.S. factory activity showed a slowing pace of expansion, raising concerns that U.S. tariffs could undermine an already cooling economy.
Investors are now awaiting ADP employment report due on Wednesday and the non-farm payrolls report on Friday for more clues on the Federal Reserve's interest rate trajectory.
Source: Trading Economics
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