Gold prices jumped in Asian trading on Wednesday as investors sought safety following a sharp escalation in U.S.-China trade tensions. A weaker dollar further supported the precious metal.

Price Snapshot (as of 02:35 ET / 06:35 GMT)

Spot Gold: rose 1.6% to $3,031.02 per ounce

Gold Futures (June delivery): climbed 1.9% to $3,046.61 per ounce

Earlier this week, gold had briefly dipped below the $3,000 mark—its lowest since March 13—before rebounding.

U.S. Tariffs Push Gold Higher
Gold’s gains were driven by renewed safe-haven demand after the U.S. implemented steep trade tariffs:

A 104% cumulative tariff was imposed on Chinese imports

Additional tariffs included:

20% on the European Union

24% on Japan

25% on South Korea

32% on Taiwan

46% on Vietnam

The new measures were announced by President Donald Trump on Tuesday and took effect Wednesday.

China Responds, Markets Turn Risk-Off

China’s Ministry of Commerce vowed to “fight to the end” if Washington continues its tariff actions

The escalating standoff fueled risk aversion, pushing investors toward traditionally safer assets like gold

Dollar Drop Amplifies Bullion Rally

The U.S. dollar fell to a six-month low, enhancing gold’s appeal to non-dollar buyers

A weaker greenback typically makes commodities like gold cheaper and more attractive globally

Monitor Real-Time Gold Prices
Investors tracking commodity movements can access real-time gold pricing and performance metrics using the? Commodities API from Financial Modeling Prep. It provides current and historical data for spot gold, gold futures, and other key commodities.

What’s Next

Market attention is now on China’s potential countermeasures

Traders are also watching for any hints from the Federal Reserve amid growing recession risks tied to prolonged trade disruption