{"id":112461,"date":"2025-03-04T12:42:55","date_gmt":"2025-03-04T08:42:55","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=112461"},"modified":"2025-03-04T12:42:59","modified_gmt":"2025-03-04T08:42:59","slug":"gold-prices-hold-steady-as-u-s-tariffs-on-mexico-canada-take-effect","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-prices-hold-steady-as-u-s-tariffs-on-mexico-canada-take-effect\/03\/04\/market-updates\/","title":{"rendered":"Gold Prices Hold Steady as U.S. Tariffs on Mexico, Canada Take Effect"},"content":{"rendered":"\n

<\/h3>\n\n\n\n

Gold prices remained largely unchanged in Asian trading on Tuesday, with safe-haven demand providing support amid escalating trade tensions. The market reacted to the implementation of U.S. tariffs on Mexico and Canada, alongside further tariff escalations against China.<\/p>\n\n\n\n

As of 00:23 ET (05:23 GMT), Spot Gold<\/strong> was steady at $2,892.98 per ounce<\/strong>, while Gold Futures<\/strong> for April delivery edged up 0.1% to $2,903.87 an ounce<\/strong>.<\/p>\n\n\n\n

Gold Supported by Rising Trade Tensions<\/strong><\/h3>\n\n\n\n

At 5:01 GMT on Tuesday<\/strong>, the U.S. implemented 25% tariffs<\/strong> on imports from Mexico and Canada<\/strong>, part of President Donald Trump\u2019s<\/strong> broader trade strategy aimed at addressing illegal immigration and drug trafficking concerns.<\/p>\n\n\n\n

Additionally, Trump signed an order on Monday<\/strong> to increase levies on Chinese goods from 10% to 20%<\/strong>, following an initial tariff hike on February 4.<\/p>\n\n\n\n

In response, China announced retaliatory tariffs<\/strong> on U.S. goods, imposing 15% duties<\/strong> on several agricultural products. China\u2019s Commerce Ministry<\/strong> also added 15 U.S. entities<\/strong> to an export control list<\/strong> and designated 10 American firms<\/strong> as \u201cunreliable entities,\u201d with these restrictions set to take effect on March 10<\/strong>.<\/p>\n\n\n\n

Market Reaction: Equities Decline, Safe-Haven Demand Rises<\/strong><\/h3>\n\n\n\n

The escalating trade war has triggered significant downturns in global equity markets.<\/p>\n\n\n\n

    \n
  • Japan\u2019s Nikkei 225<\/strong> and Hong Kong\u2019s Hang Seng<\/strong> posted sharp losses.<\/li>\n\n\n\n
  • In the U.S., the Dow Jones Industrial Average<\/strong> fell 1.5%<\/strong>, while the NASDAQ Composite<\/strong> plunged 2.6%<\/strong>, and the S&P 500<\/strong> dropped 1.8%<\/strong> on Monday.<\/li>\n<\/ul>\n\n\n\n

    Gold\u2019s status as a safe-haven asset helped keep prices stable, as investors sought refuge from market volatility.<\/p>\n\n\n\n

    Other Precious Metals Muted Amid Dollar Stability<\/strong><\/h3>\n\n\n\n
      \n
    • Platinum Futures<\/strong> dipped 0.1% to $969.20 per ounce<\/strong>.<\/li>\n\n\n\n
    • Silver Futures<\/strong> edged 0.2% lower to $32.269 per ounce<\/strong>.<\/li>\n\n\n\n
    • The U.S. dollar remained steady<\/strong>, contributing to the subdued movement in precious metals.<\/li>\n<\/ul>\n\n\n\n

      Copper Prices Slip as Traders Await China\u2019s Economic Policies<\/strong><\/h3>\n\n\n\n

      Copper prices edged lower on Tuesday, pressured by the uncertainty surrounding Trump\u2019s tariff policies<\/strong> and their potential impact on industrial demand.<\/p>\n\n\n\n

      Markets are also closely watching China\u2019s upcoming Two Sessions parliamentary meetings<\/strong>, where policymakers may unveil economic stimulus measures<\/strong> to support domestic demand. Increased infrastructure spending<\/strong> and industrial activity in China\u2014the world\u2019s largest copper consumer<\/strong>\u2014could significantly boost copper demand.<\/p>\n\n\n\n

        \n
      • Benchmark Copper Futures<\/strong> on the London Metal Exchange<\/strong> fell 0.2% to $9,395.45 per ton<\/strong>.<\/li>\n\n\n\n
      • April Copper Futures<\/strong> were unchanged at $4.895 per pound<\/strong>.<\/li>\n<\/ul>\n\n\n\n

        Outlook: Gold Remains Resilient as Trade War Escalates<\/strong><\/h3>\n\n\n\n

        While gold prices have held firm amid rising geopolitical and economic uncertainty, continued equity market losses<\/strong>, a weaker dollar<\/strong>, and potential further retaliation from China<\/strong> could drive stronger safe-haven demand<\/strong> for bullion. Meanwhile, investors will closely monitor developments from China\u2019s economic meetings to gauge the outlook for industrial metals like copper.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Gold prices remained largely unchanged in Asian trading on Tuesday, with safe-haven demand providing support amid escalating trade tensions. The market reacted to the implementation of U.S. tariffs on Mexico and Canada, alongside further tariff escalations against China. As of 00:23 ET (05:23 GMT), Spot Gold was steady at $2,892.98 per ounce, while Gold Futures …<\/p>\n","protected":false},"author":9,"featured_media":110976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[],"class_list":["post-112461","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=112461"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112461\/revisions"}],"predecessor-version":[{"id":112462,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112461\/revisions\/112462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/110976"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=112461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=112461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=112461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}