Gold (XAU/USD) steadies on Tuesday after slipping to a fresh one-week low. At the time of writing, the precious metal is trading near $3,350 during American hours, recovering modestly after marking an intraday low of $3,331, pressured by rising US Treasury yields and a risk-on sentiment in global markets, which are offsetting support from a softer Greenback after the release of the latest US inflation data.
Data from the US Bureau of Labor Statistics showed headline Consumer Price Index (CPI) rose 0.2% MoM in July, matching expectations and slowing from June's 0.3% gain. On an annual basis, consumer prices held steady at 2.7%, slightly below forecasts of 2.8%. In contrast, Core CPI which excludes volatile food and energy prices increased 0.3% MoM, above the expected 0.2% and June's 0.2%. The annual core reading climbed to 3.1% from 3.0%, also exceeding market estimates.
The metal showed signs of stabilization after US President Donald Trump announced on Monday, via his social media platform Truth Social, that Gold imports would be exempt from new US tariffs.
The proposed tariffs could have applied to widely traded Swiss Gold bars, including 1-kilogram and 100-ounce bars, creating uncertainty in the bullion market and raising concerns over potential supply chain disruptions. The clarification eased market jitters, but investors are still awaiting a formal executive order to definitively clarify the administration's tariff policy.
Source: Fxstreet
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