Gold prices rose today, Tuesday, after falling in the previous session due to a wave of selling in the market, mainly in technology stocks. This rise was fueled by growing uncertainty over the tariffs proposed by the US President. Donald Trump, prompting investors to focus on safe-haven assets.
Spot gold rose 0,4% to $2751,66 per ounce.
Prices of the yellow metal had fallen more than 1% on Monday after a low-cost Chinese artificial intelligence model triggered a wave of selling in the market.
U.S. gold futures rose 0,3% to 2746,70 dollars.
On Monday, Trump said he was considering imposing tariffs on imported semiconductors, drugs and steel products to force producers to make them in the United States.
Trump's policies could lead to trade pressures and wars, increasing demand for safe-haven investments like gold.
Investors are currently focused on the US Federal Reserve's (Fed) first monetary policy meeting of the year, which is scheduled to begin later today, Tuesday.
Fed policymakers are expected to keep interest rates unchanged tomorrow, Wednesday, but Trump could complicate their task after saying last week that he wanted the central bank to cut borrowing costs.
A Reuters poll found that gold prices could hit record highs this year amid growing economic uncertainty and inflation fears.
As for other precious metals, money fell 0,4% in spot transactions to $30,08 per ounce. The palladium also fell 0,9% to 951,94 dollars, while the platinum fell 1% to 937,84 dollars.
By our partner Nidaa al Watan (with Reuters)
