Gold edged up 0.3% to $3,020.73 an ounce on Tuesday as investors weighed ongoing uncertainty around President Trump’s proposed reciprocal tariffs. The debate over trade measures has added to market caution, supporting demand for the precious metal as a safe-haven asset.
Market participants broadly anticipate that the tariffs could slow economic growth. While the president has threatened broad levies, he signaled that not all proposed tariffs would take effect on April 2 and that some countries could be granted exemptions. That qualified stance has left traders balancing the risks of slower growth against the possibility of a more targeted approach to trade policy.
Analysts say gold is likely to find support above the $3,000 level. Expectations of Federal Reserve rate cuts, combined with growing concerns about a cyclical slowdown, have strengthened the case for holding gold. In this environment, traders frequently view short-term dips in the price as buying opportunities, helping to underpin the market.
Looking ahead, investors are focused on the personal consumption expenditures (PCE) price index due Friday, the Federal Reserve’s preferred measure of inflation. The PCE reading could provide fresh clues about the Fed’s policy path and influence interest rate expectations—factors that typically affect gold’s appeal.