Gold Price News: Gold Steady as Markets Assess Tariffs Impact

Gold prices held steady on Tuesday at levels close to their recent all-time highs, as the markets grappled with an uncertain outlook amid a recent shifting US trade policy stance.

Prices moved in a relatively narrow range of $3,200 to $3,233 an ounce on Tuesday, little changed from Monday’s range. That compared with an all-time high of $3,247 an ounce on April 11^th.

Gold’s safe haven appeal maintains interest

Gold prices appeared to pause for breath as the markets grappled with uncertainty over US trade policy amid the recent tariffs chaos. US President Donald Trump’s decision to pause tariff increases on most countries for 90 days have left the markets wondering what global trade will look like in the months ahead, and this was only exacerbated by the ongoing stand-off on tariffs between the US and China.

The uncertainty linked to the impact of US tariffs on the global economy has increased interest in safe haven assets like gold. However, the Trump administration has also shown a willingness to carve out exemptions on certain goods, raising the prospect of less extreme economic impacts overall.

Markets weigh chances of US rate cuts

Gold prices also continue to take support from expectations that the US Fed may cut interest rates further in the coming months. Market data suggest a roughly 82% chance that the central bank will keep rates on hold at its upcoming meeting on May 7^th, but a 70% chance of a cut of at least 25 basis points at the following meeting on June 18^th.

Upcoming data/events

Looking ahead, Wednesday will bring US retail sales figures for March for an update on the US economy, followed by an interest rate decision by the Bank of Canada, with the markets expecting the central bank to keep rates unchanged at 2.75%. Then it will be Europe’s turn on Thursday, with the ECB expected to cut rates by 15 basis points to 2.4%.