Gold prices rose in Asian trade on Wednesday as a court ruling allowing U.S. President Donald Trump’s trade tariffs to remain in place largely offset optimism over progress towards a trade deal with China.
Safe haven demand also rose in anticipation of key U.S. consumer price index inflation data due later in the day, which is set to provide more cues on the world’s largest economy and interest rates.
The U.S. and China announced a framework agreement for trade, sparking some risk-on moves in Asia and limiting gold’s advance. But U.S. stock index futures fell in regional trade after a U.S. appeals court ruled to keep Trump’s trade tariffs in place, at least until it decides on an earlier trade court ruling that sought to block the tariffs.
Spot gold rose 0.6% to $3,341.03 an ounce, while gold futures for August rose 0.6% to $3,362.25/oz by 00:29 ET (04:29 GMT).
Gold upbeat as Trump tariff jitters offset limited China cheer Gold benefited from a risk-off move in U.S. futures, after an appeals court ordered that Trump’s tariffs be left in place as it considers an earlier ruling that blocked his tariff plans.
Tuesday’s ruling leaves Trump’s plans for his “liberation day” tariffs, which outline steep levies against major trading partners, largely in place, ahead of an early-July deadline for their implementation.
News of the ruling offset some optimism over U.S. and China stating that they had reached a framework for trade talks, although officials provided few actual details on the agreement.
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U.S. officials said the agreement will formalize a May trade deescalation reached in Geneva, Switzerland, and will also help resolve issues of China’s rare earth exports and U.S. restrictions on chip sales to China.
But markets were now seeking more concrete details on the deal, which limited the risk-on move in Asia.
Gold also remained largely within a recent trading range, as it struggled to retake record highs hit earlier this year.
Other precious metals were upbeat near multi-year highs. Platinum futures surged 1.4% to $1,237.50/oz, remaining close to an over four-year peak, while silver futures rose 0.3% to $36.765/oz and were near their highest level in over 13 years.
Among industrial metals, benchmark copper futures on the London Metal Exchange rose 0.2% to $9,770.03 a ton, while U.S. copper futures rose 0.2% to $4.8970 a pound.
US CPI data awaited for more econ, rate cues Focus was now squarely on key U.S. consumer price index inflation data, due later on Wednesday, for more cues on the world’s largest economy.
The print is expected to show inflation firmed slightly in May, remaining sticky around levels seen through most of 2025. U.S. price pressures had largely stalled their downturn in recent months, with disruptions stemming from Trump’s tariffs also pushing up consumer prices.
The dollar firmed ahead of the CPI data, given that the print could grant the Federal Reserve more impetus to keep interest rates unchanged. Strength in the dollar limited gains across metal markets.
