Gold prices were largely steady during Monday's Asian trade, finding support above US$2,900 per ounce as global uncertainty and concerns over United States trade policies bolstered safe-haven demand, while weaker U.S. employment data also contributed to a softer dollar, further aiding gold's appeal.
By 3:55 pm AEDT (4:55 am GMT), gold remained relatively stable at $2,910.61 per ounce.
Last week, U.S. President Donald Trump issued an executive order exempting goods from Canada and Mexico under the U.S.-Mexico-Canada Agreement (USMCA), reversing tariffs imposed just days earlier.
However, uncertainty surrounding future trade actions continues to influence investor sentiment.
Despite the exemption, U.S. Commerce Secretary Howard Lutnick stated on Sunday that the 25% tariffs on steel and aluminum imports, set to take effect on Wednesday, are unlikely to be postponed.
The unpredictability surrounding Trump’s trade policies has heightened market volatility, reinforcing gold’s role as a safe-haven asset.
Meanwhile, data released by the U.S. Bureau of Labor Statistics (BLS) on Friday showed that U.S. job growth slowed in February, raising expectations of multiple interest rate cuts by the Federal Reserve this year.
The nonfarm payrolls (NFP) report indicated a 151,000 increase in February, following a revised gain of 125,000 in January. This fell short of market expectations of 160,000.
