Gold prices extended sharp gains in Asian trade on Tuesday (06/05) as safe-haven demand for bullion revived after the announcement of new US tariffs, while investors remained cautious ahead of the Federal Reserve's policy meeting starting later in the day.
At 02:16 ET (06:16 GMT), spot gold was up 1% at $3,366.95 an ounce, while gold futures expiring in June jumped 1.5% to $3,373.75 an ounce.
The yellow metal surged nearly 3% on Monday, erasing most of its losses recorded last week.
Gold prices hit a record high last month, just above $3,500 an ounce.
Gold rises on new Trump tariffs; Fed decision imminent
President Donald Trump signed an executive order on Monday to boost domestic pharmaceutical manufacturing and warned that tariffs on the sector could be imposed within two weeks.
A day earlier, he had instructed his administration to impose 100% tariffs on all foreign-made films in the U.S.
The moves come amid ongoing uncertainty surrounding U.S.-China trade tensions.
U.S. Treasury Secretary Scott Bessent told CNBC on Monday that he expects progress in U.S.-China trade talks in the coming weeks. China said last week that it is evaluating the possibility of trade talks with the U.S.
Hopes of a dialogue on trade tensions eased some market fears initially, but the new tariffs and ongoing uncertainty pushed investors toward safe-haven assets.
Investors are also treading cautiously ahead of the Fed's policy meeting that begins later.
The Fed is widely expected to keep interest rates unchanged as policymakers have taken a cautious stance to assess the impact of Trump's tariffs on inflation.
The U.S. Dollar Index was largely unchanged in Asian trading on Tuesday.
Among other precious metals, silver futures jumped 2.4% to $33.275 an ounce, while platinum futures rose 1% to $974.10 an ounce. (Newsmaker23)
Source: Investing.com
Gold prices rise over 0.44% during Friday's North American session as weaker than expected jobs market data increased the chances that the Federal Reserve (Fed) will cut interest rates next week. At t...
Gold (XAU/USD) trims a part of its intraday gains, though it sticks to positive bias through the first half of the European session on Friday and remains close to the record high touched earlier this ...
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Res...
The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of th...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs ...
EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...
U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...
Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
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...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...
The S&P 500 notched a second straight record-high close on Wednesday, as Oracle surged and cooler-than-expected inflation data supported...