Gold prices rose for a third straight session on Wednesday, hitting a one-week high, helped by a weaker dollar and safe-haven demand amid economic and geopolitical uncertainty.

Spot gold rose 0.7% to $3,312.77 an ounce, as of 1:55 p.m. ET (1755 GMT). U.S. gold futures settled 0.9% higher at $3,313.50.

The U.S. dollar (.DXY), opens a new tab , fell 0.6% against a basket of other currencies, making gold cheaper for holders of foreign currencies.

Wall Street's main indexes fell and Treasury yields rose, as investors eyed a key debate over President Donald Trump's tax cut bill that has stoked concerns about the country's growing debt.

"We're kind of stuck in the middle range between recent highs and lows, waiting for more signals of a trade deal and tariffs," said Daniel Pavilonis, senior market strategist at RJO Futures.

The U.S. economic outlook remains weak despite a temporary easing in the U.S.-China trade war, according to a Reuters poll of economists.

Elsewhere, CNN reported on Tuesday, citing sources, that new intelligence suggests Israel is preparing to strike Iran's nuclear facilities, even as the Trump administration is negotiating with Iran over its uranium enrichment program.

Gold is known as a safe haven amid economic and geopolitical turmoil. Bullion prices hit a record high of $3,500.05 last month.

"We expect the recent pullback in gold prices to stimulate investment buying, as macroeconomic and geopolitical uncertainties remain," ANZ said in a note.

Silver rose 0.8% to $33.32 an ounce.

Platinum rose 1.4% to $1,068.16 after hitting its highest since May 2024 earlier. Palladium rose 0.8% to $1,021.40, its highest in more than six months.

China imported the most platinum in a year last month amid dwindling inventories, suggesting a potential supply shortage, while palladium jumped on concerns about easing demand, said Fawad Razaqzada, market analyst at City Index and FOREX.com. (alg)

Source: Reuters