PRECIOUS-Gold firm as investors await clarity on Trump’s tariff plan
March 8 (Reuters) – Gold prices held steady on Thursday asinvestors awaited more details on U.S. President Donald Trump’sproposed steel and aluminium tariffs, the outcome of theEuropean Central Bank’s policy meeting, and U.S. jobs data.
Spot gold XAU= rose 0.2 percent to $1,327.48 per ounce by0309 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 GCcv1 were mostly unchanged at $1,32.20.
“We see gold as a good hedge against rising equity marketvolatility 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 aglobal trade war amid Trump’s push to introduce protectionisttariffs were tempered by signs that the move could includecarve-outs for key partners. The White House said late Wednesday that Canada, Mexico andpossibly other countries may be exempted at least for a whilefrom the proposed steel and aluminium tariffs. is expected to sign a presidential proclamationestablishing the tariffs during a ceremony scheduled for 2030GMT on Thursday, a source familiar with the situation said.
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