Gold Nears Record as Investors Eye U.S.China Tariffs - NFP Data

Gold held above $2,810 per ounce on Tuesday, near its record high, as safe-haven demand stayed strong amid global trade uncertainties. Trump postponed tariffs on Mexico and Canada for a month after steps to address border security and drug trafficking, while 10% tariffs on China are still set for today. These tariffs could increase gold's appeal as an inflation hedge but might lead to higher interest rates, weighing on non-yielding gold. Investors are also focused on this week’s U.S. labor data, especially Friday’s nonfarm payrolls, for economic insights.

Technically, the first resistance level will be 2830 level. In case of this level’s breach, the next levels to watch would be 2858 and 2900. On the downside, 2760 will be the first support level. 2727 and 2710 are the next levels to monitor if the first support level is breached.