COMEX gold stayed supported near record highs on Thursday morning amid sustained safe haven demand for the yellow metal. Risk-off sentiment intensified after US President Donald Trump signed an order late Wednesday imposing a 25% tariff on auto imports, effective April 2, with collections starting the next day. Dollar that was holding above 104.30 receded gains following the announcement. Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday said he's uncertain about the effect of President Donald Trump's tariffs on the U.S. economy, with the possibility that they could push up prices arguing for higher interest rates, and the chance that they could slow economic growth calling for reducing borrowing costs. Currently, the counter is quoting at $3035.30 an ounce, up 0.42% on the day. Investors are now closely monitoring upcoming US final Q4 Gross Domestic Product (GDP) and weekly jobless claims due later in the global day and Friday's PCE data for further cues.

Powered by Commodity Insights