Gold prices reached a two-day high of $2,664 but retreated due to a strong US labor market and President-elect Trump's tariff plans. The US Dollar strengthened after Trump's statements on reclaiming the Panama Canal and imposing tariffs on Canada and Mexico. Meanwhile, China's People's Bank increased its gold reserves, indicating growing demand amid global economic uncertainty.
Gold climbed to $2,664 but faced pressure from a strong US labor market and Trump's assertive tariff plans. Trump’s unexpected remarks on reclaiming the Panama Canal and imposing tariffs on neighbors bolstered the US Dollar. People's Bank of China boosted gold reserves, signaling increased demand as global economic uncertainties persist.
Gold price advanced late in the North American session on Tuesday yet retreated from daily highs on solid United States (US) economic data and US President-elect Donald Trump’s press conference remarks. The XAU/USD trades at $2,648, gains 0.50%. In the United States, the schedule revealed a strong jobs report amid an increase in job openings, reassuring investors that the labor market is solid. Furthermore, business activity in the services sector improved sharply, weighing on expectations for further easing by the Federal Reserve (Fed). In the meantime, US President-elect Donald Trump crossed the wires, said he would like to take back control of the Panama Canal and reiterated that he would impose tariffs on Canada and Mexico. This boosted the US Dollar (USD) and capped Gold’s advance. Earlier, Bullion rose to a two-day peak of $2,664 after China’s central bank increased its Gold reserves for the second straight month by 300K ounces to 73.3 million, an indication that the People’s Bank of China (PBoC) resumed its purchases after a six-month pause. US Treasury bond yields remained high, bolstering the Greenback. According to the Fed funds futures interest rate contract at the Chicago Board of Trade (CBOT), investors estimate 51 basis points (bps) of easing or two 25 bps interest rate cuts by the Fed toward the end of the year. Ahead this week, the US economic docket will feature the ADP Employment Change, Initial Jobless Claims figures, the Fed’s last meeting minutes and December’s US Nonfarm Payrolls repor
Gold Price US Economy Trump Trade People's Bank Of China Global Economics
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Do 1-ounce gold bars make sense amid gold's price recovery?The price of gold is ticking back upward, which could mean that some gold investments are better than others now.
Read more »
Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policiesNo 1 source of global mining news and opinion
Read more »
Gold price rises near $2,625 as Trump's return fuels uncertaintyGold prices surged towards $2,625 in early Asian trading on Monday, driven by concerns over potential trade conflicts and geopolitical instability stemming from Donald Trump's potential return to the White House. Market analysts predict that Trump's policies could intensify global trade tensions and fuel investor demand for gold as a safe-haven asset.
Read more »
Gold Price Rises Amid Trump Uncertainty and Gaza Hospital AttacksGold prices are up due to increased risk aversion ahead of the Trump administration and geopolitical tensions, including attacks on Gaza hospitals. However, the outlook for fewer Fed rate cuts in 2025 may limit gold's gains.
Read more »
EUR/AUD Price Forecast: Climbs to two-day high above 1.6500The EUR/AUD soared to a new two-day peak on Tuesday after the Reserve Bank of Australia (RBA) kept rates unchanged yet adopted a dovish stance, as they noted inflation is beginning to ease towards its 3% goal.
Read more »
Cardano's Open Interest Surges as Price ClimbsCardano's (ADA) Open Interest (OI) experiences a significant surge, indicating renewed interest from traders and investors. The price of ADA also sees an uptick, accompanied by increased trading volume.
Read more »