Gold prices saw a noticeable increase today, Tuesday, continuing the gains from yesterday, Monday, reaching their highest level in two weeks. This strong rise was driven by renewed concerns regarding U.S. President Donald Trump's plans to impose new tariffs, which boosted demand for the yellow metal as a safe haven.
Gold Performance:
Gold rose in spot transactions by 1.4% to reach $3,380.92 an ounce, recording its highest level since April 22. Meanwhile, U.S. futures contracts for gold also increased by 2% to $3,389.90 an ounce.
The impact extended to precious metals as well, with silver in spot transactions rising by 1.5% to $32.99 an ounce. Platinum increased by 1.3% to $971.24 an ounce, and palladium rose by 0.5% to $945.75 an ounce.
Why is Gold Rising?
Recent statements from President Trump regarding a 100% tariff on all films produced outside the United States, along with his announcement of plans to impose tariffs on medications over the next two weeks, have increased uncertainty in the markets and bolstered demand for gold as a safe haven.
Investors are also closely watching the Federal Reserve's decision on interest rates and statements from its chairman, Jerome Powell, tomorrow, Wednesday.
While it is widely expected that the central bank will keep interest rates unchanged in a range between 4.25% and 4.50%, any signals regarding the possibility of easing monetary policy in the future could provide further support for gold prices.
