Gold rises 0.7% as US tariff uncertainty boosts safe-haven demand
Shafaq News
Gold prices climbed on Wednesday as investors flocked to the safe-haven metal during Asian trading, amid uncertainty over US tariffs following the US Supreme Court's ruling that struck down a swathe of President Donald Trump's measures.
Spot gold was up 0.7% at $5,181.95 per ounce, as of 0353 GMT. Bullion ended the previous session down more than 1% as investors locked in profits after gold hit a three-week high earlier in the day.
US gold futures for April delivery were up 0.5% at $5,200.40.
"The return of the Chinese market, along with increased policy uncertainty in the United States, is maintaining the appeal of gold and, to an extent, silver as well," said Kyle Rodda, a senior market analyst at Capital.com.
The United States began collecting a temporary 10% global import tariff on Tuesday, but Washington was working to raise it to 15%, a White House official said, sowing confusion over Trump's tariff policies after the Supreme Court's defeat last week.
Meanwhile, two US Federal Reserve officials signaledno near-term appetiteto change the setting of central bank interest rate policy.
Markets currently expect three 25-basis-point rate cuts this year, according to CME's FedWatch Tool. FEDWATCH
"There's still ample room for further upside for gold here, especially if all the things driving gold prices higher, such as US fiscal trade, foreign policy, continue to persist," Rodda added.
Gold may stabilize around a support of $5,140 per ounce, and retest the resistance at $5,244, Reuters technical analyst Wang Tao said, adding that the immediate resistance is at $5,205; a break above may lead to a gain into the $5,221 to $5,244 range.
In geopolitics, Iran and the US are set to hold a third round of nuclear talks on Thursday in Geneva, Oman's foreign minister, Badr Albusaidi, said.
Spot silver climbed 2.4% to $89.44 per ounce, after hitting a more than two-week high on Monday.
Spot platinum rose 3.1% to $2,234.75 per ounce, while palladium added 2.2% to $1,807.27.
(Reuters)
Only the headline is edited by Shafaq News Agency.
