Precious Metals Preview: Gold gains safe haven appetite amid tariff concerns

COMEX gold gained momentum although in a narrow range on Tuesday morning amid safe-haven demand after US President Donald Trump threatened 100% Russia tariffs. Trump late Monday threatened to impose 100% tariffs on Russia if President Vladimir Putin does not agree to a deal to end his invasion of Ukraine in 50 days. Meanwhile, a firm dollar overseas ahead of US Consumer Price Index (CPI) inflation data, which is due later today, could mildly cap gains in the yellow metal. Moreover, Chicago Fed President Austan Goolsbee said that fresh tariffs unveiled by Trump have further muddied the inflation outlook, making it more difficult for him to support the rate cuts that the President has pressed for. Currently, the counter is quoting at $3365.40, up 0.19% on the day.

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