Online Reporter
Gold edged lower ahead of key economic data this week that could offer some insights into the impacts of President Donald Trump’s trade war.
Bullion traded near US$3 335 an ounce, after gaining 0,7 percent in the previous session.
Yields on Treasuries turned lower on Monday, boosting non-interest-bearing gold. Meanwhile, JPMorgan Chase & Co. said it expects another wave of dollar weakness as investors keep selling US assets under Trump’s policies.
The greenback fell 0,5 percent on Monday, making bullion cheaper for most buyers as the metal is priced in the currency.
Traders continue to weigh the outlook for the global economy amid heightened uncertainty over the impacts of the fast-developing US-led trade war, which has stoked haven demand for gold and led to its record-breaking run in recent months.
The consequences of Trump’s tariff agenda should become even clearer this week, with reports due on everything from American jobs to inflation and economic growth.
On Monday, a widely followed measure of Texas manufacturing activity weakened significantly as executives used words like “chaos” and “insanity” to describe the turmoil spurred by the White House’s tariffs, according to a report by the Federal Reserve Bank of Dallas.
There seems little prospect of a reprieve in the US-China trade war. Treasury Secretary Scott Bessent told CNBC that the US has put China to the side for now and indicated it’s up to Beijing to take the first step in de-escalating the fight.
The Chinese Foreign Ministry again denied it was in talks with Washington to find ways to whittle down the wall of tariffs separating the two largest economies. — Bloomberg
