Gold prices hit 11-week high on safe-haven demand amid Trump tariff threats
Gold prices edged higher to an 11-week high in Asian trading on Wednesday, extending gains for a third consecutive session as safe-haven demand grew amid U.S. tariff fears under President Donald Trump’s administration.
Spot Gold rose 0.2% to $2,749.29 per ounce, its highest level since early November, while Gold Futures expiring in February gained 0.2% to $2,766.57 an ounce by 01:45 ET (06:45 GMT).
The yellow metal was set for a third straight day of gains, as traders remained cautious while trying to gauge Trump’s policies, which are expected to elevate inflation. Gold is seen as a hedge against inflation.
The dollar had fallen sharply on Monday after Trump avoided details on the imposition of U.S. trade tariffs, further supporting gold prices.
Source: Investing.com