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GOLD: Softer Backdrop As USD Firms

GOLD
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As confusion abounds on what happens next for tariffs, Gold took a breather today with some investors taking profit. We were last sub $2900 (near $2896), off around 0.70% from end Wednesday levels in the US ($2916.39). The 20-day EMA is back close to $2882.5. 

  • The USD is better bid, along with firmer US tsy yields, additional headwinds for bullion. Trump headlines from Wednesday suggested a possible delay to tariff announcements for Canada and Mexico next week, although the White House later stated no such decision has been made. US Commerce Secretary Lutnick also reiterated the April 2 date for reciprocal tariffs.
  • Indonesia’s President Prabowo has indicated that the country is expecting to boost gold reserves in a growing theme amongst Central Banks globally.
  • As South East Asia’s largest gold producer announced that state owned bank PT Bank Syariah Indonesia will open gold banking services in a bid to bring into the financial sector the estimated 1,800 tonnes of gold held privately in the country.
  • Gold has gained in every trading week in 2025 but if this week’s current trend continues has the potential to deliver its first weekly decline of the year.
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As confusion abounds on what happens next for tariffs, Gold took a breather today with some investors taking profit. We were last sub $2900 (near $2896), off around 0.70% from end Wednesday levels in the US ($2916.39). The 20-day EMA is back close to $2882.5. 

  • The USD is better bid, along with firmer US tsy yields, additional headwinds for bullion. Trump headlines from Wednesday suggested a possible delay to tariff announcements for Canada and Mexico next week, although the White House later stated no such decision has been made. US Commerce Secretary Lutnick also reiterated the April 2 date for reciprocal tariffs.
  • Indonesia’s President Prabowo has indicated that the country is expecting to boost gold reserves in a growing theme amongst Central Banks globally.
  • As South East Asia’s largest gold producer announced that state owned bank PT Bank Syariah Indonesia will open gold banking services in a bid to bring into the financial sector the estimated 1,800 tonnes of gold held privately in the country.
  • Gold has gained in every trading week in 2025 but if this week’s current trend continues has the potential to deliver its first weekly decline of the year.