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Below the Quote on Gold Commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.

Gold edged down after U.S. President Donald Trump stated that not all of his proposed tariffs would take effect on April 2, boosting risk sentiment, while a Federal Reserve official signaled a cautious stance on rate cuts this year. President Trump said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks. Over the weekend he had mentioned about some flexibility in the reciprocal tariffs, weighing on precious metal pack. Elsewhere, Atlanta Federal Reserve President Raphael Bostic said that he anticipates slower progress on inflation in the coming months and, as a result, now sees the Fed cutting its benchmark rate only a quarter of a percentage point by this year-end. On data front, preliminary Manufacturing PMI from US was reported lower than expected, slightly below 50 mark, while Services PMI was reported better than expectations at 54.3 v/s 51.2 supporting Dollar index. Focus now shifts to US consumer confidence, inflation, GDP and durables goods orders data scheduled later this week.

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