Gold prices dipped slightly in Asian trade on Wednesday but remained close to record highs as U.S. President Donald Trump threatened fresh trade tariffs on key imports. Markets also awaited signals on interest rates from the Federal Reserve’s upcoming minutes release.
Spot gold fell 0.2% to $2,929.02 an ounce, while April gold futures slipped 0.1% to $2,946.22. The precious metal has been rangebound as investors weigh haven demand against easing geopolitical concerns, particularly amid talks of a potential U.S.-brokered Russia-Ukraine peace deal.
Trump announced plans for a 25% tariff on automobile, pharmaceutical, and semiconductor imports, citing unfair trading practices. While auto tariffs could take effect as early as April, levies on drugs and chips are expected to be delayed. Investors appeared less reactive to the news, suggesting resilience to Trump’s tariff strategy. His recent postponement of tariffs on Canada and Mexico fueled hopes that these measures might serve as negotiation tactics rather than definitive policy shifts.
Global markets saw mixed reactions. Asian stocks registered minor losses, while U.S. stock futures edged higher. Other metals also declined—platinum futures dropped 1% to $1,000.95, silver futures slipped 0.1% to $33.325, and copper retreated 0.5% to $9,418.95 a ton amid profit-taking.
Market focus now turns to the Fed’s January meeting minutes. The central bank recently signaled a slower pace of rate cuts, citing inflation concerns. Upcoming speeches from Fed officials and key PMI data from major economies will provide further insights into economic conditions, potentially influencing gold and broader market sentiment.


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