Recession Fears Support Gold's StabilityGold held steady above $2,910 per ounce, maintaining a 1% gain. Investor sentiment shifted after Trump reversed his plan to double tariffs on Canadian steel and aluminum, just hours after the announcement. Ontario Premier Doug Ford also paused a 25% surcharge on US electricity exports.
Trade uncertainties and US recession fears continued to support gold, though geopolitical tensions eased as the US restored military aid to Ukraine following a 30-day ceasefire agreement with Russia. Markets now focus on upcoming US CPI data for clues on the Fed’s rate outlook.
Key resistance stands at $2,923, with further levels at $2,955 and $3,000. Support is at $2,860, followed by $2,830 and $2,790.
