Gold trades with a positive tone on Tuesday, pressuring the upper end of its recent range, as the US Dollar (USD) remains vulnerable due to United States (US) President Donald Trump’s tariffs. Trump embarked on a trade war in the first days of his mandate, spurring concerns about a potential US economic slowdown. Since then, Trump kept escalating tensions, announcing that he instructed Secretary of Commerce Howard Lutnick to add an additional 25% tariff on all steel and aluminium coming from Canada, pushing the total levy to 50%.
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