Gold prices steady as investors await key US data, tariff updates

Gold prices held their ground on Wednesday as investors awaited potential trade developments between the United States and its trading partners and also key U.S. inflation data for clues on the Federal Reserve’s policy path.

FUNDAMENTALS

* Spot gold was steady at $3,318.79 an ounce, as of 0027 GMT. U.S. gold futures lost 0.2% to $3,328.50.

* U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials.

* Trump’s trade team also touted its first deal with a foreign trading partner, developments that eased investor worries about his erratic trade policies.

* Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 due to elevated uncertainties. * Meanwhile, U.S. consumer confidence slumped to a nearly five-year low in April as growing concerns over tariffs weighed on the economic outlook. * Market participants will scan economic data including U.S. personal consumption expenditures price index, due later in the day, and non-farm payrolls report on Friday to further gauge the impact of the latest tariffs on Fed’s interest rate outlook.

* Traders currently see around 97 basis points worth of rate cuts by 2025-end.

* Spot silver rose 0.1% to $33.00 an ounce, platinum fell 0.1% to $976.69 and palladium gained 0.2% to $936.36.