FUNDAMENTALS
* Spot gold was steady at $3,318.79 an ounce, as of 0027 GMT. U.S. gold futures lost 0.2% to $3,328.50.
* U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials.
* Trump’s trade team also touted its first deal with a foreign trading partner, developments that eased investor worries about his erratic trade policies.
* Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 due to elevated uncertainties. * Meanwhile, U.S. consumer confidence slumped to a nearly five-year low in April as growing concerns over tariffs weighed on the economic outlook. * Market participants will scan economic data including U.S. personal consumption expenditures price index, due later in the day, and non-farm payrolls report on Friday to further gauge the impact of the latest tariffs on Fed’s interest rate outlook.
* Traders currently see around 97 basis points worth of rate cuts by 2025-end.
* Spot silver rose 0.1% to $33.00 an ounce, platinum fell 0.1% to $976.69 and palladium gained 0.2% to $936.36.
