Spot Gold held steady above the $3,000 mark on Monday, as the US Dollar eased from a two-week high, while market players were looking for fresh catalysts that may support the recent rally.
Last week, Gold scaled a record high of $3,057.21 per troy ounce, underpinned by geopolitical tensions and prospects of Fed interest rate cuts.
The Trump administration’s reciprocal tariffs are set to take effect on April 2nd, which many believe may stoke inflation and hamper GDP growth.
However, “President Trump has left some wiggle room for the reciprocal tariffs to potentially be less severe than feared, which has lowered market anxiety to a degree but … it has also sapped the gold price of a bit of momentum,” KCM Trade chief market analyst Tim Waterer was quoted as saying by Reuters.
On the geopolitical front, a US delegation will negotiate a ceasefire in the Black Sea and broader peace in Ukraine during talks with Russia today.
In other news, five people, including a Hamas political leader, were killed during an Israeli air strike on a hospital in Gaza over the weekend.
Spot Gold was last little changed on the day to trade at $3,021.98 per troy ounce.
The US Dollar Index was last down 0.13% to 104.010, easing from Friday’s two-week high of 104.223.
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