Spot Gold edged lower on Tuesday, holding below the $3,350 mark, as market players continued to pay attention to tariff negotiations at the start of a data-laden week.
US Treasury Secretary Scott Bessent said yesterday that many key US trade partners had made “very good” proposals to avert new tariffs.
Also, China’s decision to exempt some US goods from its retaliatory tariffs indicated the government was willing to de-escalate tensions between the two economic powerhouses.
Bessent pointed out that all aspects of the US government were in contact with China, but it was up to the latter to take steps towards de-escalation.
Market focus now sets on a slew of key US macro data releases for more guidance on the Federal Reserve’s interest rate trajectory.
The ADP employment growth, job openings, PCE inflation and the Non-Farm Payrolls reports this week may offer more insight into macroeconomic conditions and the Fed’s policy outlook.
Spot Gold was last down 0.76% on the day to trade at $3,318.60 per troy ounce.
Still, “gold remains a haven for investors during times of economic uncertainty, suggesting that this decline may be temporary,” XS.com market analyst Rania Gule said in an email.
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