Spot Gold eased from a fresh all-time high of $3,245.42 per troy ounce on Monday, after the White House announced certain exclusions from the reciprocal tariffs.
Yet, US President Trump said over the weekend that the exemption of smartphones and computers from the reciprocal tariffs on China would be short-lived.
“Softer U.S. dollar has been assisting gold, but news of tech product tariff exemptions lifted risk appetite and caused safe-haven demand to ease,” KCM Trade chief market analyst Tim Waterer was quoted as saying by Reuters.
“Ongoing trade and tariff dramas have created higher volatility and uncertainty levels in financial markets, and in such an environment the gold price could be eyeing off a run towards $3,300 in the near-term should dollar weakness persist.”
Goldman Sachs has revised up its year-end Gold price forecast to $3,700 per troy ounce from $3,300 previously on stronger-than-expected central bank demand and higher ETF inflows.
Markets are now expecting the Federal Reserve will likely resume monetary policy easing in June, while pricing in 80 basis points of rate cuts by year-end.
Spot Gold was last down 0.26% on the day to trade at $3,229.35 per troy ounce.
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