Gold prices slipped modestly on Tuesday but stayed close to their record highs as concerns over trade tensions linked to President Trump’s tariff proposals continued to drive demand for safe-haven assets.
Following a peak of $2,956.15 on Monday — marking the eleventh record high this year — spot gold eased about 0.4% to $2,938.63.
Market participants say trading has been largely range-bound amid uncertainty over potential tariffs on imports from Canada and Mexico, which could widen price differentials between U.S. and London bullion markets and add volatility to short-term flows.
Investors are also focused on the upcoming personal consumption expenditures (PCE) inflation report due Friday, seeking clues on inflation momentum and the Federal Reserve’s likely interest-rate path, which will be a key driver for gold’s near-term direction.