Gold prices edged up to an 11-week high in Asian trading on Wednesday, extending gains for a third straight session as safe-haven demand increased amid concerns about U.S. tariffs under President Donald Trump.
Spot gold rose 0.2% to $2,749.29 an ounce, its highest since early November, while February gold futures rose 0.2% to $2,766.57 an ounce by 1:45 p.m. ET (06:45 GMT).
The metal was set for a third straight day of gains, as traders remained cautious as they tried to gauge Trump's policies, which are expected to boost inflation. Gold is seen as a hedge against inflation.
The dollar had fallen sharply on Monday after Trump avoided details on imposing U.S. trade tariffs, further supporting gold prices.
The precious metal, traditionally seen as a safe-haven asset, has held above a one-month peak since last week. This reflects that the market is bracing for global uncertainty as Trump's policy announcements and tariff declarations are expected to influence market dynamics.
Trump said on Tuesday that he is considering imposing a 10% tariff on Chinese imports starting Feb. 1, and also vowed to hit the European Union with tariffs.
Increasing tariffs would likely result in a reduced trade imbalance and higher inflation, both of which are seen as positive for the dollar.
A stronger dollar typically pushes gold prices lower as it makes the metal more expensive for buyers using other currencies.
The U.S. Dollar Index rose 0.2% in Asian trading on Wednesday, after closing largely unchanged the previous day. The index fell more than 1% on Monday as Trump avoided a tariff announcement.
Source: Investing.com
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