Gold prices held steady on Wednesday after slipping in the previous session, as U.S. President Donald Trump eased tariffs on automobiles and signaled progress in trade negotiations with several countries—moves that calmed markets and revived risk appetite.
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Bullion traded near $3,316 per ounce, following a 0.8% drop on Tuesday, amid improved market sentiment.
Trump signed two executive orders to prevent the accumulation of tariffs on fully imported vehicles and reduced tariffs on auto parts used in domestic manufacturing—a decision that was welcomed by the automotive industry.
Despite the release of weak U.S. economic data, the market reaction remained muted. Consumer confidence fell to its lowest level in nearly five years in April, and job openings dropped to their lowest since September. Still, the impact on investor sentiment was limited.
Strong Demand Continues to Support Gold
Persistent uncertainty surrounding U.S.-led trade conflicts continues to underpin strong demand for gold, which briefly surged above $3,500 per ounce last week, reaching a temporary record high.
Gains in gold were further supported by:
Robust inflows into gold-backed ETFs
Heavy central bank buying
Active speculative interest in China
These factors have driven a more than 25% increase in gold prices since the start of the year.
At an event in the suburbs of Detroit, Trump noted ongoing trade contacts with officials from China, India, and France, although Beijing denied the existence of any current negotiations.
Trump also renewed his criticism of Federal Reserve Chair Jerome Powell, calling recent high inflation figures "fake news" during a rally celebrating his first 100 days in office.
As of 7:50 a.m. Singapore time, spot gold was down 0.1% to $3,315.87 per ounce. Meanwhile, the Bloomberg Dollar Index remained flat, and silver, platinum, and palladium prices were largely unchanged.
