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Gold has maintained stability around the $2,915 per ounce mark amid mixed market signals. President Trump’s contradictory statements about tariffs on Canadian steel and aluminum—first announcing a doubling to 50%, then quickly dialing back—have created market uncertainty that typically benefits gold as a safe-haven asset. This comes as Trump downplays recession fears despite concerning economic indicators.
Recent tepid US economic reports have sparked stagflation concerns—a challenging economic environment combining inflation pressure with slowing growth. This scenario could prompt multiple Federal Reserve interest rate cuts this year, which would generally benefit non-interest bearing assets like gold. Traders are closely watching Wednesday’s US consumer price data, as higher inflation could complicate the Fed’s rate-cutting plans. Additionally, a potential 30-day truce between Ukraine and Russia, brokered by the US in exchange for lifting its freeze on military aid to Kyiv, might ease some geopolitical tensions that have been supporting gold prices. Despite these factors, gold closed Tuesday up nearly 1%, while silver, platinum, and palladium also rose.
