Gold prices retreated during Asian deals on Tuesday but continued to hold above the key US$5,000 support level, consolidating gains after touching a one-month peak of $5,250 earlier in the session.
By 3:15 pm AEDT (4:15 am GMT), spot gold was down 1.1% at US$5,168.23 per ounce, as buyers paused following four consecutive sessions of gains.
The pullback coincided with a modest rebound in the U.S. dollar as liquidity returned to markets with the reopening of Chinese and Japanese exchanges.
Improved risk sentiment allowed the greenback to stabilise, placing pressure on bullion.
Earlier, markets had embraced so-called “sell America” trades after renewed tariff confusion sparked by President Donald Trump over the weekend dented investor confidence.
Wall Street’s losses extended on Monday amid persistent uncertainty surrounding Trump’s trade policies, rising geopolitical risks and caution ahead of earnings from AI heavyweight Nvidia due Wednesday (Thursday AEDT).
Investors remain focused on trade developments following reports that the Trump administration is considering fresh national security tariffs on several industries, following a Supreme Court ruling that struck down a number of second-term levies.
Geopolitical tensions are also lending underlying support, as frictions between the United States and Iran continue to simmer, adding to safe-haven demand.
