GOLD held steady near a record high on Wednesday (Feb 19), with investors closely watching US President Donald Trump’s tariff strategies that have intensified worries of a global trade war while awaiting the Federal Reserve’s January meeting minutes.
Spot gold held steady at US$2,932.35 an ounce, as at 0019 GMT, moving closer to a record high of US$2,942.70 it hit last week.
US gold futures gained 0.1 per cent to US$2,952.40.
Trump said on Tuesday he intends to impose auto tariffs “in the neighbourhood of 25 per cent” and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade.
On Friday, Trump said levies on automobiles would come as soon as Apr 2, the day after members of his Cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade.
Bullion is viewed as a traditional hedge against rising inflation and geopolitical uncertainties.
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San Francisco Federal Reserve Bank president Mary Daly said inflation’s progress is bumpy and the US central bank should keep short-term borrowing costs where they are until the progress is more visible.
The market now awaits Fed’s January meeting minutes due later in the day for clues into the central bank’s interest rate trajectory this year.
On the geopolitical front, Trump’s administration said on Tuesday it agreed to hold more talks with Russia on ending the war in Ukraine after an initial meeting that excluded Kyiv, a departure from Washington’s previous approach that rallied US allies to isolate Russian President Vladimir Putin.
Spot silver rose 0.11 per cent to US$32.90 an ounce. Platinum fell 0.7 per cent to US$980.60, and palladium eased 0.4 per cent to US$983.48. REUTERS
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