Gold rose toward $3,370 per ounce on Wednesday, recouping some losses from the previous session as rising geopolitical and economic risks boosted its safe-haven appeal.
On Tuesday, the OECD lowered its global growth outlook, citing mounting pressure on the US economy from escalating trade tensions. This was compounded by weak US factory orders but tempered by signs of labor market resilience.
Meanwhile, President Trump's tariffs on steel and aluminum took effect Wednesday, further straining global trade relations. Tensions between Washington and Beijing also remained high after mutual accusations of violating the trade deal.
Markets now await a likely meeting between President Trump and President Xi later this week. On the geopolitical front, Ukraine and Russia continued hostilities despite ongoing peace talks, while an Iranian diplomat indicated Tehran would likely reject a US proposal to resolve the nuclear dispute.
Source: Trading Economi
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