Gold found some support from renewed tariffs fears and managed to pull back into the 2900 level. Real yields continue to fall as nominal yields recently fell much faster than inflation expectations. The culprit is likely Trump’s tariffs policy as it keeps inflation expectations high while also depressing growth expectations. The next NFP and CPI reports will be key for the market. Hot data, especially on the inflation side, will likely weigh on gold prices as the market might pare back its expectations for rate cuts that recently saw an increase to 75 bps of easing by year-end compared to 44 bps just last week.