Ripplesadvisory, Gold firm as investors await clarity on Trump`s tariff plan
Gold prices held steady on Thursday as investors awaited more details on U.S. President Donald Trump's proposed steel and aluminium tariffs, the outcome of the European Central Bank's policy meeting, and U.S. jobs data.
Spot gold rose 0.2 percent to $1,327.48 per ounce by 0309 GMT. It hit a one-week high on Wednesday at $1,340.42, before closing at $1,325.49 an ounce. U.S. gold futures were mostly unchanged at $1,32.20.
"We see gold as a good hedge against rising equity market volatility and heightened political risks around trade tariffs, the NAFTA deal and North Korea," ANZ analysts said in a note.
Asian shares found some relief on Thursday as fears about a global trade war amid Trump's push to introduce protectionist tariffs were tempered by signs that the move could include carve-outs for key partners.
The White House said late Wednesday that Canada, Mexico and possibly other countries may be exempted at least for a while from the proposed steel and aluminium tariffs.
Trump is expected to sign a presidential proclamation establishing the tariffs during a ceremony scheduled for 2030 GMT on Thursday, a source familiar with the situation said.
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