Precious Metals Preview: Gold steadies above $3200 per ounce mark

COMEX Gold futures are steadying very close to record high levels above $3200 mark on Tuesday morning in Asia amid persistent trade war concerns. US President Donald Trump's administration said they decided to grant some electronic device imports, including smartphones, computers and laptops, exemptions from the steep 125% additional tariffs imposed on China, giving temporary relief to investors. However, Trump clarified that these products will still be subject to the 20% existing tariffs, which were imposed initially. Meanwhile, Federal Reserve Governor Christopher Waller said on Monday that interest rates may need to be cut soon if Trump's large-sized tariffs remain in place, supporting the commoedity. The yellow metal soared nearly seven percent last week and broke above $3200 per ounce. It currently quotes at $3241.40 per ounce, up 0.47% on the day.

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