Gold eased below $2,910 per ounce on Wednesday, pausing recent gains as rising US Treasury yields pressured prices.
Still, the metal remained relatively near its record highs, supported by safe-haven demand amid implementation of US tariffs.
Trump's 25% levies on Mexican and Canadian imports took effect Tuesday, alongside a hike in Chinese duties to 20%, escalating trade tensions and prompting retaliation.
However, US Commerce Secretary Howard Lutnick suggested possible tariff relief for Canada and Mexico.
Further boosting gold's safety appeal, the US paused military aid to Ukraine amid reports of potential sanctions relief for Russia. Meanwhile, markets await the ISM Services PMI and US jobs report for insights into Federal Reserve policy, as recent data signaled economic strain, fueling the case for further rate cuts.
Source: Trading Economics
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