Gold prices rose back above $3,000 per ounce on Tuesday as a weaker U.S. dollar and escalating trade tensions between the world's two largest economies lifted demand for the safe-haven asset.
Spot gold was up 0.8% at $3,007.21 an ounce by 08:44 a.m. ET (1244 GMT), moving away from a more than three-week low touched on Monday in a pullback from last week's record high of $3,167.57. U.S. gold futures gained 1.6% to $3,021.90.
"Despite falling for three consecutive sessions, gold remains bullish with trade tensions and the prospect of lower U.S. interest rates boosting its allure," said Lukman Otunuga, senior research analyst at FXTM.
"A solid breakout above $3,055 may open the doors back toward $3,100 and $3,130. Sustained weakness below $3,000 could see gold slip toward $2,950 and $2,930."
Concerns over a global trade war since U.S. President Donald Trump's announcement of reciprocal tariffs on April 2 have raised fears of a recession and prompted investors to take refuge in the safe-haven assets like gold.
Investors are now looking forward to minutes from the U.S. Federal Reserve's latest policy meeting due on Wednesday for more clues on the path of rate cuts.
Traders are pricing in about 40% chance of a Fed cut in May. Zero-yield bullion tends to thrive in a low interest rate environment.
Elsewhere, spot silver gained 0.4% to $30.23 an ounce, platinum rose 1.3% to $925.33 and palladium eased 0.5% to $914.18.
Source: Reuters
Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday's disappointing...
Gold eased on Monday due to slightly firmer U.S. Treasury yields and profit-taking following last week's sharp rally driven by weak U.S. jobs data. Spot gold lost 0.2% to $3,356.91 per ounce, as of 1...
Gold price (XAU/USD) pulls back from the $3,369 region, or over a one-week top touched during the Asian session on Monday, and for now, seems to have stalled last week's goodish recovery move from a o...
Gold prices weakened slightly on Monday (August 4th) as investors took profits after a sharp rise in the previous session on weaker-than-expected US employment data, which raised expectations of a US ...
Gold edged lower early in the Asian session on a technical correction after gold futures closed nearly 1.7% higher last Friday. However, gold's decline may have been limited by rising expectations of ...
Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell...
India defended its oil imports from Russia on Monday, calling U.S. and European Union criticism "unjustified and unreasonable" following U.S. President Donald Trump's decision to raise tariffs on the country. "Like any major economy, India will...
European stock markets opened positively this week, with the Euro Stoxx 50 up 0.6% and the broader Stoxx 600 up 0.2%. This rebound follows a sharp...
The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald...
Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away.
Without a deal,...
White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, dismissing criticism...