Gold Holds Above $3K as Traders Eye Trump Tariffs and Key U.S. Data

Gold prices edged lower in Asian trade on Wednesday as investors took profits and awaited more clarity on U.S. President Donald Trump’s proposed trade tariffs. Despite the dip, spot gold remained strong, holding above the $3,000 per ounce mark and staying near record highs reached earlier in March.

Spot gold slipped 0.1% to $3,015.73/oz, while May gold futures dropped 0.2% to $3,048.25/oz. The precious metal continues to benefit from strong safe-haven demand, even as markets face ongoing uncertainty.

Trump stirred markets with comments in a Newsmax interview on Tuesday, hinting at limited exemptions for upcoming tariffs. He is expected to unveil reciprocal tariffs targeting at least 15 major U.S. trading partners on April 2, a date he called “liberation day.” However, mixed signals—especially regarding Canada and Mexico—have left traders unsure about the full impact.

Broader metal markets also weakened ahead of several critical U.S. economic reports. Durable goods data is due Wednesday, followed by revised Q4 GDP figures and the PCE price index, the Federal Reserve’s preferred inflation gauge, on Friday. Several Fed officials are also scheduled to speak this week, which could influence rate expectations.

Industrial metals saw sharper losses. Copper futures fell 1.5% to $9,962.12 a ton on the London Metal Exchange after earlier touching a nine-month high of $10,168.70. U.S. May copper futures held at $5.2440 a pound. The rally was fueled by speculation that Trump may impose a 25% tariff on copper soon, with smelter shutdowns in China further tightening global supply.

Elsewhere, platinum futures slipped 0.5% to $970.00/oz, and silver futures fell 0.2% to $34.123/oz.