Gold rises 1%, supported by the uncertainty of US tariffs and the desire for safe havens

Gold prices rose by 1% during trading on Wednesday, with investors in Asian markets eager to The yellow metal as a safe haven.

This comes, in light of the continued uncertainty regarding American customs dutiesfollowing the ruling to cancel part of US President Donald Trump’s measures.

Gold prices

Register Goldin spot transactions reached $5,198 per ounce by 05:34 GMT, after ending the previous session down more than 1% as a result of profit-taking operations after reaching the highest level in three weeks. US gold futures also rose by 0.8% to $5,217.30.

Kyle Rodda, chief market analyst at Capital.com, said that the return of the Chinese market to activity, along with increasing political uncertainty in the United States, supports the attractiveness of gold, as well as silver to some extent.

The United States, on Tuesday, began collecting a temporary 10% customs tariff on global imports, while Washington is working to raise it to 15%, according to a White House official, which added to the confusion over tariff policy after the Supreme Court’s ruling last week.

At the same time, two Federal Reserve officials indicated that there is no imminent intention to adjust interest rates, while markets expect three cuts of 25 basis points each during the current year, according to the CME Group’s “Feed Watch” tool.

Rouda added that the scope is still open for further gains for gold, especially if the supportive factors continue. For prices, such as American trade and financial policy and developments in foreign policy.

During his State of the Union address to Congress, on Tuesday, Trump had hinted at the possibility of a strike against Iran, stressing that he would not allow it to possess a nuclear weapon.

These statements come at a time when Tehran is close to concluding an agreement with China to purchase anti-ship cruise missiles, according to informed sources, while a third round of nuclear talks between Iran and the United States is scheduled to be held Thursday in Geneva.
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As for other precious metals, silver jumped 3% to $89.92 an ounce, the highest level in three weeks.

Platinum rose 3.6% to $2,244.85, hitting its highest level since February 5, and palladium rose 2.4% to $1,811.37, also the highest level in three weeks.

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