Gold futures rose, but remained broadly range-bound amid lackluster trading. Pepperstone analyst Chris Weston said that gold's rise in recent weeks is likely to be small, but buying is likely to increase as investors seek portfolio protection in the upcoming tariff action. Although Trump's proposed tariffs have been market-priced, the scale and scope of the counterattack and retaliation measures are unclear. Canada may announce in advance a list of US goods that will face retaliatory tariffs. Although it remains to be seen how the parties will eventually react, this could generate new noise and uncertainty, leading to increased market volatility and push gold back to $2,800.

Gold futures rose, but remained broadly range-bound amid lackluster trading. Pepperstone analyst Chris Weston said that gold's rise in recent weeks is likely to be small, but buying is likely to increase as investors seek portfolio protection in the upcoming tariff action. Although Trump's proposed tariffs have been market-priced, the scale and scope of the counterattack and retaliation measures are unclear. Canada may announce in advance a list of US goods that will face retaliatory tariffs. Although it remains to be seen how the parties will eventually react, this could generate new noise and uncertainty, leading to increased market volatility and push gold back to $2,800.