Investing.com– Gold prices inched lower in Asian trading on Wednesday after hitting an all-time high in the previous session, as traders awaited specific details on U.S. President Donald Trump’s April 2 tariffs.
XAU/USD inched 0.3% lower to $3,116.24 per ounce by 00:57 ET (04:57 GMT), after rising by 0.4% in early Asian trading.
It reached a record high of $3149.03 on Tuesday.
Gold Futures expiring in June were largely unchanged at $3,146.06 an ounce.
The yellow metal had hit consecutive fresh record-highs in the last four sessions, but traders were cautious on the day of Trump tariffs, leading to increased volatility on Wednesday.
Gold ticks lower as traders await Trump tariff details
President Trump is poised to implement extensive reciprocal tariffs on April 2, targeting a broad spectrum of trading partners to bolster U.S. manufacturing and address perceived unfair trade practices.
This initiative, termed “Liberation Day,” is scheduled for 15:00 ET (19:00 GMT) on April 2, with the measures taking effect immediately thereafter.
These tariffs could elevate consumer prices and potentially dampen global economic growth.
Market participants worldwide are awaiting specific details about the tariffs.
The uncertainty surrounding these trade policies has driven investors toward gold, sending it to record highs.
The US Dollar Index inched up 0.1% in Asia hours.
Other precious metals were higher. Platinum Futures rose 0.3% to $1,009.65 an ounce, while Silver Futures gained 0.7% to $34.523 an ounce.
Weakening econ data complicates Fed rate outlook
The February Job Openings and Labor Turnover Survey (JOLTS) report showed job openings declined to 7.57 million, down from 7.76 million in January, signaling a gradual cooling of the labor market amid rising economic uncertainties.
At the same time, the ISM Manufacturing PMI fell to 49.0 in March from 50.3 in February, marking the sector’s first contraction this year. This was driven by lower factory orders and employment.
Analysts warn that weaker economic data complicates the Federal Reserve’s rate outlook, as restrictive policy might further slow growth, yet inflation risks from new trade tariffs limit room for easing.
Market participants now await nonfarm payrolls report on Friday for further insights.
Copper gains on strong Chinese factory data
Copper prices rose on Wednesday, a day after after better-than-expected Chinese factory data boosted sentiment.
Data on Tuesday showed that China’s Caixin Manufacturing PMI climbed to 51.2 in March, its highest level since December 2024, indicating a steady expansion in industrial activity.
Benchmark Copper Futures on the London Metal Exchange rose 0.5% to $9,731.70 a ton. Copper Futures expiring in May climbed 0.6% to $5.0635 a pound.
