(Bloomberg) — Gold was steady after a report indicating that the next round of President Donald Trump’s tariffs would be more measured than previously suggested.
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Bullion traded around $3,029 an ounce, not far below a record high reached on Thursday. President Trump’s tariff package is shaping up as more focused than the sprawling, fully global effort he had otherwise mused about, officials familiar with the matter say. That could mean less inflationary pressure and lower interest rates, a boon for gold, which does not bear interest.
Chinese Premier Li Qiang said Asia’s largest economy is still prepared for tariff shocks and Australian Treasurer Jim Chalmers warned about the “seismic” impact of US policies on the global economy.
The market remains wary about the fallout from the tariffs, however, as well as Trump’s upending of the geopolitical order. Gold has benefited, rallying 15% so far this year and rising above $3,000 an ounce for the first time, as investors flocked to the safe-haven asset. Strong central-bank buying and expectations for rate cuts have also aided the precious metal.
Spot gold traded at $3,029.88 an ounce as of 10:54 a.m. in London, after adding 1.3% last week. The Bloomberg Dollar Spot Index dipped 0.2% after rallying 0.8% over the previous three sessions. Silver and palladium moved higher, while platinum edged lower.
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