Gold steadied above $2,910 per ounce on Wednesday, holding a 1% gain from the previous session, sustained by its safe-haven appeal and weaker US dollar.
On Tuesday, President Donald Trump walked back his trade-war threat against Ontario, hours after vowing to double tariffs on Canadian steel and aluminum to 50%, while Ontario Premier Doug Ford temporarily suspended a planned 25% surcharge on US electricity exports.
The ongoing global trade uncertainties, combined with heightened concerns over a US tariff-induced recession, continued to drive investors toward safety assets.
However, geopolitical risk premiums eased after the US agreed to resume military aid and intelligence sharing with Ukraine following Kyiv's acceptance of a US-proposed 30-day ceasefire with Russia. Meanwhile, markets now await the US CPI data later today to assess the Fed's potential interest rate stance for the year.
Source: Trading Economics
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