Gold Price Fades Earlier Profits After Hitting New All-Time High
Gold price (XAU/USD) sees earlier gains fade and is holding on to a small intraday gain ahead of the US trading session on Tuesday, trading near $3,132. The precious metal trades slightly above $3,130 at the time of writing and the new all-time high was eked out at $3,149 this Tuesday. Investors are still seeking refuge in Gold’s market with United States (US) President Donald Trump set to announce reciprocal tariffs on Wednesday around 19:00 GMT.
Meanwhile, traders brace for a heavy trading week in terms of US economic data. In the runup towards the Nonfarm Payrolls release due on Friday, markets will wait for several data to be published. Overnight, during a CNBC interview, Richmond Federal Reserve (Fed) Bank President Thomas Barkin said the economic reading is wrapped in a thick fog and is unclear for policymakers to read where rates should go, while recession fears are still on the table, CNBC reports.
Source : FXStreet