Gold prices held firm on Wednesday after reaching an all-time high in the previous session. As investors await more details on President Trump’s upcoming tariff plans, the safe-haven appeal of bullion remains strong.
Steady Gains in Precious Metals
Spot Gold:Rose 0.3% to $3,119.26 per ounce by 1205 GMT, trading over $400 higher than before Trump took office in January. Gold hit a record peak of $3,148.88 on Tuesday.
Gold Futures:U.S. gold futures for June gained 0.3% to $3,155.80 per ounce.
Over the past four sessions, gold has marked consecutive record highs, reflecting mounting economic and geopolitical uncertainties.
Tariff Anticipation Fuels Caution
Investors remain cautious as they wait for President Trump’s tariff plans. The upcoming measures, expected at a White House Rose Garden event at 2000 GMT, could slow economic growth and stir trade disputes. Analysts warn that further tariff announcements might prompt markets to brace for stagflation or even a recession.
“The precious metal may surge to yet another record high if Trump’s next tariff announcement prompts markets to brace for economic slowdown,” said Han Tan, chief market analyst at Exinity Group.
Broader Economic Signals
The market is also eyeing key economic data:
ADP Employment Report:Due later in the day.
Non-Farm Payrolls:Scheduled for release on Friday, which will help gauge the Fed’s next move.
Amid these uncertainties, gold has proven to be a safe haven, with prices supported by a weak U.S. dollar.
For real-time updates on gold and other commodity prices, explore the Commodity Prices endpoint.
