Gold prices experienced a decline from their peak due to U.S. President Trump's one-month exemption of U.S. automakers from tariffs on Canadian and Mexican imports, which boosted global investor sentiment and reduced the allure of safe-haven assets like gold. Nonetheless, potential retaliatory measures from China and other nations could increase uncertainty and support gold prices. The broader economic outlook is mixed, with signs of slowing economic growth, prompting traders to focus on upcoming labor market data that could influence future gold demand and dollar strength.
Gold prices have pulled back as US President Trump temporarily exempted US automakers from his tariffs on Canada and Mexico, leading to improved global investor sentiment.
While gold's appeal diminishes with higher global sentiment linked to Trump's tariff exemptions, retaliatory measures from Mexico and China could provide support for the yellow metal.
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