Gold Price News: Gold Pulls Back From Fresh All-Time High

Gold prices ultimately ended lower on Tuesday as the market pulled back from a new all-time high set earlier in the day as traders continued to fret over economic uncertainties and geopolitical tensions.

Prices rose as high as $3,150 an ounce on Tuesday, up from around $3,124 an ounce in late trades on Monday, before giving up the gains to end in negative territory at $3,109 an ounce later in the day.

Market braces for US tariffs

The price volatility came on the eve of so-called ‘liberation day’ in the US on Wednesday, when far-reaching trade tariffs are set to kick in on vehicles and auto parts, as well as potential reciprocal tariffs against other nations expected from the Trump administration.

The unpredictable outcome of US trade policy has maintained a degree of uncertainty in the wider financial markets, boosting interest in gold as a safe haven.

Meanwhile, US ISM manufacturing figures for March and job openings for February released on Tuesday both came in slightly below market expectations. Cooler economic data tend to lend weight to calls for lower interest rates to help stimulate growth, representing a bullish factor for non-yield-bearing gold.

Upcoming data/events

Looking ahead, the markets will be keenly awaiting the aforementioned tariff announcement by the US government on Wednesday, and this is likely to dominate other factors, given its potential repercussions on economic growth. Looking further out, the markets will be watching out for Thursday’s US ISM services PMI figures, followed by the unemployment rate and non-farm payrolls figures on Friday for the latest pulse-check on the US economy.