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
Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting i...
Gold prices hovered near an all-time high on Wednesday, buoyed by expectations of a U.S. interest rate cut this month, while market participants awaited U.S. inflation data for clues on the Federal Re...
Gold prices edged higher on Wednesday, holding above the critical $3,600-per-ounce level, buoyed by expectations of a U.S. interest rate cut this month, while key inflation reports due this week were ...
Gold rises in the early Asian trade. Its recent surge past $3,600/oz reflects investor demand for safe-haven assets due to deepening global economic and geopolitical uncertainty, Sean Hoey, managing d...
Gold prices advanced to a record high on Tuesday amid rising optimism that the Federal Reserve is set to kick off what will likely be a series of interest rate reductions. Gold futures rose 0.2% to $...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday after tamer-than-expected producer price inflation last month calmed worries that price pressures...
European stocks closed mostly lower on Wednesday with losses from tech, consumer defensive companies, and miners as markets continued to assess the outlook on global rates and geopolitical risk. The Eurozone's STOXX 50 closed dropped 0.2% to 5,378...
If Israel failed to kill Hamas leaders in an air strike on Qatar on Tuesday, it would succeed next time, the Israeli ambassador to the United States said after the operation, which raised concerns it would torpedo efforts to secure a ceasefire in...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
Russian forces attacked a thermal power plant in the Kyiv region as part of an overnight attack, Ukraine's Energy Ministry said on Monday,...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...
European shares finished higher on Monday, while French stocks also rose as investors stayed calm in the run-up to a no-confidence vote later in the...