Gold held losses after President Trump said bullion imports won’t face U.S. tariffs, though traders await official confirmation. Spot gold hovered near $3,345/oz after a 1.6% drop triggered by Trump’s social media post.
Last week, a surprise U.S. customs ruling had imposed tariffs, causing chaos and widening the gap between futures and spot prices. The spread has since narrowed but uncertainty lingers, keeping markets on edge.
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Gold has surged over 25% this year, driven by safe-haven demand and central bank buying. Meanwhile, the dollar held gains ahead of U.S. inflation data, which could hint at the Fed’s rate path.
Trump also extended the China tariff truce by 90 days, easing trade war fears and dampening gold’s appeal. Silver rose, platinum fell, and palladium was flat.
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