Gold markets are showing resilience amid competing pressures, with prices holding around $2,646.88 per ounce. Support comes from growing concerns about Trump’s proposed protectionist trade policies, which could trigger inflation and trade wars, enhancing gold’s safe-haven appeal. However, these supportive factors are being offset by a strengthening dollar and rising Treasury yields. The precious metal’s outlook remains tied to upcoming economic indicators, including ADP employment numbers and Friday’s nonfarm payrolls report, as markets reassess Fed rate cut expectations. While the Fed projected two rate cuts for 2025, markets are currently pricing in just 38 basis points of easing, suggesting a more cautious approach to monetary policy.