Gold (XAU/USD) prices moved lower to around $2,795 during the early Asian session on Monday (03/02). The yellow metal faced pressure from a stronger Greenback after US President Donald Trump imposed tariffs over the weekend.
On Saturday, Canada was informed that the United States would impose 25% tariffs on Canada and Mexico while China would be slapped with 10% tariffs. Canadian energy will be subject to a 10% tariff, according to CTV.
The tariffs will go into effect on Tuesday. Canada, Mexico, and China have vowed to respond to the new broad tariffs on their exports to the US announced by Trump. This, in turn, boosted the US Dollar (USD) across the board and dragged the prices of USD-denominated commodities lower.
Source: Newsmaker.id
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