Gold pulls back after Trump defends the Dollar and threatens BRICS
Gold is trading lower on Monday after President-elect Donald Trump threatened the BRICS nations with 100% tariffs.
Trump warned he would use the tariffs if BRICS tried to replace the USD with its own currency.
The US Dollar rises, weighing on Gold, although increased geopolitical risk provides supportive inflows into the yellow metal.
Gold (XAU/USD) falls and trades in the $2,630s on Monday due to a stronger US Dollar (USD). However, the downside is limited as geopolitical risks remain elevated, driving continued safe-haven demand for the precious metal.
Gold pulls back at the start of the trading week after President-elect Donald Trump threatened to raise 100% tariffs on the BRICS trading bloc of nations if they go ahead with plans to replace the USD with their own currency.
His comments strengthened the US Dollar, which tends to negatively impact Gold since the precious metal is mainly priced and traded in USD.
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