Gold rises as Trump tariff uncertainty fuels safe-haven demand
Gold prices rose on Tuesday as concerns over economic growth due to uncertainty surrounding U.S. President Donald Trump's tariff plans prompted safe-haven flows into bullion.
Spot gold gained 0.9% to $2,923.89 an ounce as of 09:32 a.m. ET (1432 GMT) after hitting a record high of $2,942.70 last week.
U.S. gold futures added 1.4% to $2,940.30.
"We are seeing increased safe-haven demand due to the disrupted nature of the Trump administration and we have also got a bullish chart posture," said Jim Wyckoff, a senior market analyst at Kitco Metals.
Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes U.S. products.
"While the broader trend remains intact, the risk of a deeper pullback cannot be ignored at these elevated levels. For gold to reach new highs, it may take an escalation in the geopolitical risks, particularly about Ukraine," said Fawad Razaqzada, market analyst at City Index and FOREX.com.
Among other metals, spot silver fell 0.7% to $32.57 an ounce. Platinum rose 0.8% to $983.20 and palladium climbed 1.8% to $979.60.
Source: Reuters
