Gold Shows Modest Move To The Downside After Recent Spike

(RTTNews) - After moving sharply higher over the past few sessions, the price of gold showed a modest move back to the downside during trading on Tuesday.

Gold for April delivery edged down $3.90 or 0.1 percent to $3,118.90, snapping a three-session winning streak and pulling back off the record closing high set in Monday's session.

The modest pullback may have reflected profit taking following the recent surge, although selling pressure was relatively subdued amid lingering concerns about President Donald Trump's trade policies ahead of the announcement of reciprocal tariffs on Wednesday.

"On Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it," White House press secretary Karoline Leavitt said.

"The President will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades," she added. "He's doing this in the best interest of the American worker."

A report from the Washington Post this morning said White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the U.S.

However, the Washington Post noted White House advisers cautioned that several options are on the table and no final decision has been made.

In U.S. economic news, a report from the Institute for Supply Management showed activity in the U.S. manufacturing sector contracted in March after two consecutive months of expansion.

The ISM said its manufacturing PMI dipped to 49.0 in March from 50.3 in February, with a reading below 50 indicating contraction. Economists had expected the index to edge down to 49.5.