Gold price drifts higher to a fresh record high near $3,375 in the Asian session on Monday after facing some profit-taking due to the long weekend. Uncertainty about US President Donald Trump's tariff policies and persistent geopolitical tensions continue to underpin the precious metal.
Gold price retreated further from its record high on Thursday, trading as low as $3,284.10 early in the American session. The US Dollar (USD) maintained its bearish bias against all major rivals throughout the day, with XAU/USD easing on the back of profit-taking. The pair, however, bounced from the mentioned low and regained the $3,300 mark ahead of the long Easter weekend.
It was quite a busy day, despite limited reactions across the FX board. On the one hand, the European Central Bank (ECB) announced its monetary policy decision. As widely anticipated, ECB officials trimmed the three benchmark interest rates by 25 basis points (bps) each. Officials refrained from giving clear hints on what's next for monetary policy, yet highlighted the risks related to the trade war while noting uncertainty remains high.
On the other hand, United States (US) President Donald Trump jumped into social media and took aim at Federal Reserve (Fed) Chairman Jerome Powell, complaining he is moving too slow on interest rate cuts while stating that his "termination cannot come fast enough."
Trump's words came as an answer to Powell's speech on Wednesday, warning of the potential consequences of the Trump administration's trade war, while reiterating that the central bank plans to hold interest rates steady for now.
On a positive note, the White House welcomed talks with Mexico and Canada regarding a trade deal, albeit no specific details were offered.
Other than that, Wall Street trades mixed, with the Dow Jones Industrial Average (DJIA) sharply down but the Nasdaq and the S&P 500 holding on to modest gains.
Source: Fxstreet
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