By Anmol Choubey
(Reuters) – Gold prices edged up on Monday, supported by safe-haven demand due to concerns about impending reciprocal tariffs from U.S. President Donald Trump.
Spot gold was steady at $3,022.21 an ounce at 09:50 a.m. (1350 GMT). U.S. gold futures edged 0.2% higher to $3,026.40.
“We’re not too far off those all-time highs and that little pullback we saw late last week was bought up fairly quickly. I expect that to continue here,” said Bob Haberkorn, senior market strategist at RJO Futures.
Gold, traditionally seen as a hedge against geopolitical and economic uncertainties and often thriving in a low interest rate environment, has surged 15% this year. Bullion reached an all-time high of $3057.21 last week, before slipping for two consecutive sessions.
Trump hinted on Friday that there would be some flexibility regarding reciprocal tariffs that are set to take effect on April 2 and are expected to drive inflation and hinder economic growth.
Chicago Federal Reserve President Austan Goolsbee and New York Fed President John Williams said on Friday that it would be premature to gauge the economic effects of Trump’s tariff actions.
Last week, the Fed held its benchmark interest rate steady and indicated two quarter-percentage-point cuts this year.
Investors now await U.S. Personal Consumption Expenditures data due on Friday, the Fed’s preferred inflation measure.
Meanwhile, U.S. and Russian officials held talks in Saudi Arabia aimed at making progress towards a broad ceasefire in Ukraine, with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement.
“If over the week the talks in Saudi Arabia do materialize and there is a dip in gold based off that, I expect it will be bought up fairly quickly,” Haberkorn said.
Spot silver firmed 0.2% to $33.11 an ounce, platinum fell 0.6% to $968.85, and palladium was down 1.1% at $947.75.
(Reporting by Anmol Choubey in Bengaluru. Editing by Mark Potter)
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