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Gold futures settled marginally down on Wednesday, a day after rebounding from back to back losses, as the dollar gained some ground amid continued uncertainty surrounding Trump's tariff moves.
With the Trump administration sending mixed signals on the tariff front, traders are adopting a cautionary stance ahead of the April 2 tariff deadline.
There's an elevated baseline anxiety in the markets despite Trump hinting at tariff flexibility for some countries.
It is feared that potential U.S. tariff policies could fuel inflation and further strain global trade.
The dollar index climbed to 104.57, gaining nearly 0.4%.
Gold futures for March closed down $2.80 or about 0.09% at $3,020.90 an ounce.
Silver futures for March settled at $34.033 an ounce, gaining $0.031 or 0.09%, while Copper futures for March climbed to $5.2095 an ounce, gaining $0.0265 or 0.51%.
A report from the Commerc Department said new orders for U.S. manufactured durable goods unexpectedly increased in the month of February, climbing up by 0.9% in the month, after spiking by an upwardly revised 3.3% in January.
Economists had expected durable goods orders to slump by 1% compared to the 3.2% surge that had been reported for the previous month.
Q4 GDP data, speeches by Fed officials and the U.S. PCE inflation report are eyed for clairty on Fed's interest rate moves.
