Gold rose 2% to above $3,285 an ounce on Tuesday, boosted by a weaker U.S. dollar and rising geopolitical uncertainty. The dollar extended its decline after the Federal Reserve sounded cautious about the economy and Moody's downgraded the U.S. credit rating to Aa1, citing rising debt burdens.
A weaker dollar makes gold more affordable for international buyers, boosting demand. Investor sentiment was further shaken by ongoing uncertainty over U.S. tariff policy and a key vote on President Trump's massive tax cuts.
Geopolitical tensions also contributed to safe-haven inflows after Trump said Ukraine and Russia would "very soon" begin ceasefire talks, possibly without U.S. participation. New sanctions from the EU and the U.K. against Russia added to the tense global backdrop, adding to bullion's appeal. (alg)
Source: Trading Economics
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