Gold prices rise as uncertainty continues over Trump’s tariffs

Gold prices rose today, as investors turned to the precious metal as a safe haven during Asian trading, in light of their assessment of the uncertainty regarding US customs duties after the Supreme Court annulled a large group of measures taken by President Donald Trump.

By 01:59 GMT, gold in spot transactions rose 100% to $1 per ounce.

The precious metal ended the previous trading session down by more than one percent, with investors taking profits after touching the highest level in three weeks earlier today.

US gold futures for April delivery rose 0.3 percent to $5,192.20.

“The return of the Chinese market, along with the increasing uncertainty about policies in the United States, continues to enhance the attractiveness of gold and to some extent silver as well,” said Kyle Rodda, senior market analyst at Capital.com.

Yesterday, Tuesday, the United States began collecting new temporary customs duties of 10 percent on imports from countries around the world, but a White House official said that Washington was working to raise them to 15 percent, which raised a state of uncertainty about Trump’s policies related to customs tariffs after the Supreme Court’s decision last week to cancel comprehensive customs duties.

Two officials at the Federal Reserve (the US central bank) indicated that there is no desire to change interest rate policy in the near term.

The CME Group’s FedWatch tool shows that markets currently expect interest rates to be cut by 25 basis points three times this year.

As for other precious metals, silver rose in spot transactions by one percent to $88.23 per ounce after recording its highest level in more than two weeks on Monday.

Platinum rose in spot transactions 2.1 percent to $2,212.72 per ounce, and palladium increased 1.4 percent to $1,793.68.