Gold rally takes a breather, still heading for eight straight weekly advance
Gold prices steadied near an all-time high on Monday, supported by concerns over U.S. President Donald Trump's tariff plans, while focus shifted to a key U.S. inflation report due later this week.
Spot gold was steady at $2,934.82 an ounce as of 0020 GMT. U.S. gold futures dipped 0.1% to $2,950.10.
Bullion scaled an all-time high of $2,954.69 on Thursday.
Trump last week said he would announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors, and pharmaceuticals.
This follows the already-imposed additional 10% levy on Chinese imports and a 25% tariff steel and aluminium.
Traders are closely monitoring the Federal Reserve's interest rate trajectory for clues, as Trump's policies are seen as inflationary. If high inflation forces the Fed to maintain rates, gold's appeal as a non-yielding asset will decrease.
Markets will next look to the Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, due on Friday for more confirmation of the central bank's rate path.
On the geopolitical front, Trump reversed course on Friday and said Russia did in fact invade Ukraine, and that Kyiv would soon sign a minerals agreement with the United States as part of efforts to end the Ukraine war.
Elsewhere, physical gold demand in China and India remained negligible this week as buyers shied away from purchases due to record-high prices.
Spot silver was down 0.1% to $32.58 an ounce. Platinum added 0.7% to $976.25, and palladium firmed 0.4% to $972.93.
Source: Reuters
