Spot Gold extended losses on Wednesday, holding just above the $3,300 mark, as abating concerns over the US tariff impact reduced the safe haven appeal of the metal.
The Trump administration intends to ease levies on foreign parts used in US-made vehicles and prevent overlapping duties on imported autos.
Also, US Commerce Secretary Howard Lutnick signaled progress in trade negotiations with an unnamed country.
And, US Treasury Secretary Scott Bessent said this week many key US trade partners had made “very good” proposals to avert new tariffs.
Spot Gold was last down 0.15% on the day to trade at $3,312.07 per troy ounce.
According to Bas Kooijman, CEO and asset manager of DHF Capital, the yellow metal may face constraints in a short-term, as quickly changing conditions around global trade risks have tempered momentum.
Market players were now expecting the key US PCE inflation and flash GDP figures for more guidance on the Federal Reserve’s interest rate trajectory.
Annual core PCE inflation probably eased to 2.6% in March from 2.8% in February, according to market consensus, while annual PCE inflation probably eased to 2.2% from 2.5%.
At the same time, a preliminary estimate may show the US economy expanded at an annualized rate of 0.4% in Q1, after a 2.4% growth in Q4 2024.
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