Gold prices rose on Tuesday to a highest point of two weeks, because the concern about the tariff plans of US President Donald Trump increased the interest in the Safe-Haven Metal, while investors waited the Federal Reserve policy meeting on Wednesday.
Spot Gold won 0.9% to $ 3,362.69 a ounce from 0632 GMT, after it had been the highest in the session since 22 April.
US Gold Futures climbed by 1.5% to $ 3,370.40.
“Gold prices have a strong run-up to start this week, with investors returning to the Safe-Hann Asset to cover themselves against portfolio volatility in the midst of renewed tariff concerts by US President Donald Trump,” said Ig-Market strategy Yeap Jun Rong.
On Sunday, Trump announced 100% rate at films produced abroad, but revealed few details about how such a tax would work.
On Monday he said that he intends to announce pharmaceutical rates within the next two weeks.
The decision -making decision of the FED and FED chairman Jerome Powell’s comments on Wednesday are closely monitored for instructions in the central bank’s rating brab sector. Since last December, the FED has held its policy percentage in the reach of 4.25% -4.50%.
“All Dovish signals can offer further support for gold, which strengthens its wider upward momentum,” said Rong.
The FED will doubt the rates without Wednesday, but the meeting is perhaps the last where the outcome is cut and dry with Trump’s rates that cast a shadow of uncertainty about the economic prospects, according to a report from Reuters.
“Fed officials will want to see proof of the labor market and other hard data before they cut. We think this will take a few months and therefore thought of three 25BP cuts in Jully, Septramper and October,” said Goldman Sachs.
The non-returns, to protect against political and financial unrest, thrives in a low interest rate environment.
Spot silver rose by 1.5% to $ 32.98 per ounce, platinum climbed by 1.4% to $ 972.25 and Palladium rose 0.5% to $ 945.25.
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