Gold rises as US tariff uncertainty lifts safe-haven demand
- Spot gold was up 0.5% at $5,174.76 per ounce
- US gold futures for April delivery were up 0.3% at $5,192.20
- Spot platinum climbed 2.1% to $2,212.72 per ounce
Gold prices climbed on Wednesday, as investors flocked to the safe-haven metal during Asian trading, weighing uncertainty over US tariffs after the US Supreme Court struck down a swathe of measures from President Donald Trump.
Spot gold was up 0.5% at $5,174.76 per ounce, as of 0159 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 0.3% at $5,192.20.
The United States began collecting a temporary new 10% global import tariff on Tuesday, but Washington was working to increase it to 15%, a White House official said, sowing confusion over Trump’s tariff policies after the Supreme Court defeat last week.
Meanwhile, two US Federal Reserve officials signaled no near-term appetite to 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.
“There’s still ample room for further upside for gold here, especially if all the things driving gold prices higher, such as U.S. fiscal trade, foreign policy, continue to persist,” Rodda added.
Gold may stabilise 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 U.S. are set to hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said.
Spot silver rose 1% to $88.23 per ounce, after hitting a more than two-week high on Monday.
Spot platinum climbed 2.1% to $2,212.72 per ounce, while palladium added 1.4% to $1,793.68.
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