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Precious Metals Preview: Gold futures steady above $2900 per ounce mark
10-Mar-2025 08:49

COMEX Gold futures are steadying above $2900 per ounce mark on Monday morning in Asia amid escalating global trade tensions. Currently, the counter is quoting at $2918.40 an ounce. A weaker US dollar, with the index dipping below 104 is also providing the yellow metal some support. Market nerves stayed high as Trump extended tariff relief for Mexico and Canada until April 2, while China prepared fresh retaliatory measures. Mixed US jobs data added to the uncertainty, with layoffs hitting a 2020 high even as jobless claims improved. The Labor Department stated that the US non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January. According to a latest update from the World Gold Council or WGC, global gold ETFs demand surged in February, adding US$9.4bn, with North America (+US$6.8bn) reporting their strongest month since July 2020. European inflows narrowed (+US$151mn), while Asia showed strength (+US$2.3bn).

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