XAU/USD: Gold Prices Stable Near $3,400 as Traders Weigh US-China Tariff Uncertainty

Because who knows, Trump could decide to shoot a Truth Social post saying everything’s falling through.

🔑 Gold Holds Ground

• Gold XAUUSD hovered near the $3,400 mark on Thursday, steadying after wild May fluctuations as traders took a cautious stance in anticipation of any fresh US-China trade headlines.
• Market watchers are bracing for the next move from Washington after President Trump warned earlier this week that a deal with China is “extremely hard” — adding fuel to safe-haven interest.
• Still, with no concrete escalation (yet), traders seem content to hold positions rather than pile in — gold bugs are playing the waiting game while equities and bond yields swing around.

💳 The Trump Wildcard Still in Play

• Traders are growing used to the rhythm: tariffs proposed, market stumbles, deadline pushed, then everything changes with a single post on Truth Social.
• The latest round of back-and-forth with China — where both sides said the other violated the tariff truce — has left global markets guessing, and that uncertainty is the kind of thing gold traditionally thrives on.
• But the yellow metal hasn’t taken off this time — perhaps because traders have been here before, and now they’re waiting for real policy moves instead of social media fireworks.

👀 June Outlook: Steady or Spiky?

• With the Fed staying quiet before this month’s FOMC decision, and a jam-packed US data calendar on deck (including nonfarm payrolls Friday), gold’s next move may depend on broader macro sentiment.
• A cooling labor market could stoke bets on rate cuts and spark another gold surge — but strong numbers might do the opposite.
• For now, $3,400 (or anywhere around it) looks like the new comfort zone. Whether that turns into a launchpad or a ceiling depends on how diplomatic drama and economic data collide in the coming days.