Bullion hit over oneweek low earlier in the session
Trump pledges fresh tariffs on Canada, Mexico, and China
Fed39;s Neel Kashkari says open to cutting rates again next month

Nov 26 Reuters Gold prices held steady on Tuesday after dropping more than 3 in the previous session, with some support coming from Presidentelect Donald Trump39;s proposed tariffs on all imports from Canada, Mexico, and China.

Spot gold held its ground at 2,624.41 per ounce, as of 0614 GMT, recouping some losses from earlier in the session when prices hit their lowest since Nov. 18.

U.S. gold futures edged 0.2 higher to 2,624.70.

Despite the extended selloff yesterday, gold is holding up relatively well, which suggests some safehaven demand, Matt Simpson, a senior analyst at City Index said, adding we could see more turbulence ahead, especially with Trump back in focus.

Trump vowed hefty tariffs on Canada, Mexico, and China risking trade wars.

Gold is traditionally considered a safehaven investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts.

Meanwhile, Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the U.S. central bank39;s policy spectrum, said he is open to cutting rates again next month.

According to the CME Group39;s FedWatch Tool, markets currently estimate a 55.9 chance of a 25basispoint U.S. Federal Reserve rate cut in December.

Traders will keep a close eye on U.S. consumer…