Gold price remains steady at $2,637 amid thin Thanksgiving trading.
Trump's tariff threats weigh on Gold, but easing rhetoric towards Canada and Mexico offers some relief.
Market eyes 70% chance of a 25 bps Fed rate cut, supporting gold as Treasury yields stay subdued.
Gold price consolidated around $2,630 on Thursday amid thin liquidity trading as US markets are closed for Thanksgiving. Geopolitics continued to drive the price of non-yielding metal, which dwindled during the last three trading days. The XAU/USD trades at $2,637, virtually unchanged.
Market mood improved on Thursday, partly due to Israel and Lebanon's 60-day ceasefire. However, the escalation of the Russia-Ukraine conflict could keep Bullion prices firmly above $2,600.
US President-elect Donald Trump's tariff threats on China, Canada, and Mexico limited the advance of the golden metal, with traders flying towards the safety of the Greenback. Sources cited by Reuters said, “It did increase a bit of concern about the possible repercussions from these two countries. So that continues to remain an important support factor for gold.”
Following Trump’s remarks, Gold tumbled due to risks linked to his threats. However, recent developments suggest that the US President-elect has eased his rhetoric to Canada and Mexico.
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