Gold (XAU/USD) prices are trying to maintain their gains from the past few days on Wednesday (05/03) after earlier suffering losses in the Asian trading session and are trading around $2,920 at the time of writing on Wednesday. With tariffs still in place and more to come for Europe and other countries, Gold will continue to be a good place to go when it comes to safe havens.
However, some surprising comments from US Commerce Secretary Howard Lutnick overnight hinted that tariffs could be eased or lifted entirely for Mexico and Canada. This has weighed on Gold prices for now.
Daily Market Movers: Waiting for Trump's next move
US President Donald Trump doubled tariffs on China and imposed 25% levies on Canada and Mexico earlier this week. However, US Commerce Secretary Howard Lutnick hinted at relief for the two US neighbors, telling Fox Business that there could be a way to reduce some of the duties, Bloomberg reported. Zimbabwe's gold output jumped to 2,568 kg last month from 1,854 kg in the year-earlier period, Fidelity Gold Refinery said in an emailed statement, Reuters reported.
The extreme gold price volatility has eased as physical market tightness eases, indicating that shipments of bullion to the U.S. may have ended, Bloomberg reported. (Newsmaker23)
Source: FXstreet
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