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Gold prices held steady in Asian trading on Monday following modest gains last week, as the U.S. dollar remained near a four-month low amid ongoing uncertainty over U.S. trade policies. Investors scrutinized the latest jobs report and Federal Reserve Chair Powell’s comments to gauge the future path of interest rates.
At 02:05 ET (06:05 GMT), Spot Gold was largely unchanged at $2,911.21 per ounce, while April Gold Futures edged up 0.1% to $2,918.27 per ounce.
Recent remarks from President Donald Trump, made on Fox News’ “Sunday Morning Futures,” did little to ease concerns. Although Trump refrained from predicting a recession in 2025 amid escalating trade tensions, his administration’s imposition of 25% tariffs on imports from Mexico and Canada—and additional measures targeting China—has raised fears of an economic slowdown and rising inflation. These uncertainties have further bolstered demand for safe-haven assets such as gold, particularly as the U.S. Dollar Index has hovered near its four-month low, making gold more attractive to international buyers.
Other precious metals remained subdued, with Platinum Futures steady at $966.25 an ounce and Silver Futures rising 0.3% to $32.943 an ounce.
Market attention is now turning to upcoming U.S. jobs data, which reported the addition of 151,000 jobs in February—slightly below expectations—and an increase in the unemployment rate to 4.1%. This mixed labor market data has fueled expectations for further rate cuts in 2025. However, Fed Chair Powell has indicated that the central bank will remain cautious, emphasizing that the economy is in a good place despite elevated uncertainties, as it assesses the impact of Trump’s recent economic policy measures including tariffs and federal worker layoffs.
In the industrial metals sector, copper prices were marginally lower amid weaker-than-expected Chinese data. Recent reports indicated that deflationary pressures in China have intensified in February, with both consumer and producer prices falling more than anticipated. This deflationary trend, combined with weak consumer spending, has heightened concerns about a slowdown in industrial activity, thereby reducing demand for copper. Benchmark Copper Futures on the London Metal Exchange edged down 0.1% to $9,571.05 per ton, while April Copper Futures declined 0.3% to $4.6945 per pound.
Overall, investors remain cautious as they weigh the implications of trade policy uncertainty, mixed economic data, and evolving monetary policy on global markets.
