Gold prices continued to rise on Tuesday, supported by uncertainty over U.S. President Donald Trump’s tariff plans, boosting demand for safe-haven assets amid fears of a potential global trade war.
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Spot gold increased by 0.6% to $2,913.79 per ounce as of 07:14 GMT, while U.S. gold futures climbed 0.9% to $2,925.50.
Kyle Rodda, a market analyst at Capital.com, stated: "We are witnessing significant purchases by central banks, along with potential supply shortages in Europe, as investors seek to secure gold in the U.S. to avoid any possible tariffs."
Since his inauguration last month, Trump has imposed a 10% tariff on Chinese imports, announced and then postponed a 25% tariff on Mexican goods and non-oil imports from Canada, set a timeline for similar tariffs on imported steel and aluminum, and planned retaliatory tariffs on countries imposing taxes on U.S. imports.
Goldman Sachs raised its gold price forecast to $3,100 per ounce by the end of 2025, up from its previous estimate of $2,890, citing strong demand from central banks. The bank added that if uncertainty surrounding trade policies persists, including tariff concerns, gold prices could reach $3,300 per ounce before the end of the year.
Gold hit an all-time high of $2,942.70 on February 11, as the yellow metal is traditionally considered a hedge against inflation and economic turmoil.
Traders are now awaiting the release of the Federal Reserve’s January meeting minutes on Wednesday for insights into policymakers’ assessment of trade war risks on the economy.
Federal Reserve Board member Michelle Bowman stated on Monday that she needs more confidence that inflation will decline further before considering additional interest rate cuts, especially given the uncertainty surrounding new trade policies.
Meanwhile, spot silver fell 0.9% to $32.50 per ounce, while platinum gained 0.9% to $985.20, and palladium rose 1.6% to $978.00.
