Gold Price Seesaws Above $3,100 As Trump Announces Tariffs On China
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Gold price tumbles and trades volatile within the $3,100 - $3135 range as United States (US) President Donald Trump imposed reciprocal tariffs worldwide, with the pending details to be released. US Treasury bond yields are rising by more than seven basis points to 4.230%
Key takeaways:
US President Donald Trump announced that the US will impose 10% tariffs on all imports and 25% duties on automobiles. These duties become effective on April 3.
Reciprocal tariffs are being applied to some countries. China’s being hit with 34% duties, the European Union with 20%, 46% to Vietnam, 24% to Japan, and 10% to the United Kingdom, just to mention ones.
As Trump revealed some of the details, Gold seesaws within the $3,100 - $3,135 area.
Gold price reaction
Gold price trades near familiar levels, with no clear direction as traders digest the US trade tariffs details. On further strength, Gold would rise past $3,149, the current record high, and threaten to challenge $3,200. On the downside, a drop below $3,100, the next support would be $3,050.
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