Gold prices traded higher during Thursday's Asian session, holding just below the record highs reached on Wednesday amid growing concerns over U.S. President Donald Trump’s tariff plans.
By 4:15 pm AEDT (5:15 am GMT) spot gold was up $11.38 or 0.4% to US2,944.45 per ounce, just below record highs of $2,947.08 per ounce.
Trump reiterated his plans to impose tariffs on timber, cars, semiconductors, and pharmaceuticals, stating they would be announced "over the next month or sooner".
He also reaffirmed his intention to impose auto tariffs of around 25%, alongside similar duties on semiconductors and pharmaceuticals.
Additionally, traders are monitoring escalating geopolitical concerns between the U.S. and the European Union (EU) over the Russia-Ukraine conflict, after the U.S. excluded Ukraine and the E.U. from its negotiations with Russia.
Meanwhile, the PBoC kept its one-year loan prime rate (LPR) unchanged at 3.1% and the five-year LPR at 3.6%, in line with expectations, providing little stimulus to global markets.
The Fed's January meeting minutes, released on Wednesday (Thursday AEDT), showed that "many participants noted that the committee could hold the policy rate at a restrictive level if the economy remained strong and inflation remained elevated".
Looking ahead, U.S. jobless claims data and speeches from Fed officials are expected to take a backseat as investors remain focused on Trump's tariff policies.
