Gold prices held steady after a decline on Tuesday, following U.S. President Donald Trump’s moves to ease some tariffs on automobiles and his remarks indicating progress in trade negotiations with several countries.

Bullion traded near $3,316 per ounce, after falling 0.8% in the previous session, as risk appetite broadly returned to the markets.

Trump signed two executive orders aimed at preventing the accumulation of tariffs on foreign-made vehicles and eased duties on imported parts used in automobile manufacturing within the United States.

Investors largely shrugged off weak U.S. economic data, including consumer confidence, which dropped to its lowest level in nearly five years in April due to growing pessimism about the economic outlook and job market. Job openings also fell last month to their lowest since September.

Uncertainty still lingers over the impact of U.S.-led trade wars, which had previously boosted gold demand, briefly pushing prices above a record $3,500 per ounce last week.

Spot gold edged down 0.1% to $3,315.87 per ounce as of 7:50 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed. Prices of silver, platinum, and palladium remained mostly steady.