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Gold drops from highs, trades around $2860 as US dollar gains
28-Feb-2025, 02:59
Gold traded near 2860 dollars per ounce, set for its first weekly loss in nine as the US dollar held firm around 107.3 ahead of Trump's looming tariffs. The president confirmed a 25 percent levy on Mexican and Canadian goods from March 4, with a 10 percent tariff on Chinese imports also threatened. Meanwhile, nearly 20 million ounces of gold have moved to New York vaults since December, according to the World Gold Council. Despite the pullback, gold remains on track for a monthly gain, driven by safe-haven demand and rising ETF inflows. Investors now eye PCE price data for further Fed rate clues. On MCX, April futures slipped below 85000 rupees, shedding 700 rupees per 10 grams. A break below Rs 84300, might lead to a potential drop toward 83700-500 next week.
Gold traded near 2860 dollars per ounce, set for its first weekly loss in nine as the US dollar held firm around 107.3 ahead of Trump's looming tariffs. The president confirmed a 25 percent levy on Mexican and Canadian goods from March 4, with a 10 percent tariff on Chinese imports also threatened. Meanwhile, nearly 20 million ounces of gold have moved to New York vaults since December, according to the World Gold Council. Despite the pullback, gold remains on track for a monthly gain, driven by safe-haven demand and rising ETF inflows. Investors now eye PCE price data for further Fed rate clues. On MCX, April futures slipped below 85000 rupees, shedding 700 rupees per 10 grams. A break below Rs 84300, might lead to a potential drop toward 83700-500 next week.
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