Gold Faces Downward Pressure

On Thursday, the precious metal market witnessed a notable shift as gold prices fell by 1%. This decline was primarily attributed to the strengthening of the US dollar and the rise in Treasury yields. Investors are closely monitoring these developments, as they reflect broader economic trends and potential shifts in investment strategies.

Impact of US Tariffs Announcement

Adding to the market's volatility, US President Donald Trump's announcement regarding the imposition of tariffs on Canada and Mexico has introduced new uncertainties. Although the tariffs are set to be implemented by April 2, the announcement has momentarily diverted attention from gold, influencing its market dynamics.

Anticipation of US Economic Reports

Investors are eagerly awaiting the release of the latest US economic reports, which are expected to provide valuable insights into the state of the world's largest economy. The upcoming GDP data, in particular, is highly anticipated as it could influence future market movements and investment decisions.

At 3:16 am ET, gold was trading at $2,887.53 per ounce, marking a 1% decrease. Silver also experienced a slight dip of 0.27%, selling at $31.72 per ounce. In contrast, platinum and palladium saw modest gains, with platinum adding 0.16% to sell at $979.64 per ounce and palladium increasing by 0.18% to $920.13 per ounce.