Gold prices rose on Tuesday, driven by escalating trade tensions between the U.S. and its major trading partners, along with a softer U.S. dollar. Spot gold gained 1% to $3,013.34, recovering from recent lows, while U.S. futures climbed 1.9%, reaching $3,028.40.
This rebound comes after gold hit a record high of $3,167.57 on April 3, driven by geopolitical uncertainties, strong central bank demand, and increased investments in gold-backed exchange-traded funds.
Analyst Zain Vawda of MarketPulse by OANDA highlighted the role of a weaker dollar and ongoing trade tensions in supporting gold's upward momentum.
The U.S. dollar index dipped, making gold less expensive for overseas buyers. As the trade war escalates, with the U.S. imposing tariffs and China pushing back, gold prices are likely to stay on an upward trajectory. Market watchers are also focused on the U.S. Federal Reserve’s upcoming policy meeting, anticipating a potential rate cut, which would further benefit gold.
Gold’s rally is supported by economic uncertainty and the market’s reaction to trade developments, with traders eyeing $3,100 as the next major resistance level.
Sanctions are a long-used tool designed as an alternative to military force and with the objective of changing governments’ behaviour, but they also...
Azerbaijan’s participation in the United States-backed Board of Peace reflects a clear calculation of national interest, according to Chingiz Mammad...
Millions of people in Britain are struggling to afford basic necessities, with a new report warning that the number living in the deepest levels of po...
A clock in a Tel Aviv square that became a rallying point for Israelis demanding the release of hostages taken during the October 2023 Hamas attack wa...
Turkish defence firm Aselsan announced on Monday that it had signed a deal with the NATO alliance, of which Türkiye is a longstanding member, for the...
Minnesota Governor Tim Walz has activated the state’s National Guard following the fatal shooting of a U.S. citizen in Minneapolis, an incident that has triggered protests and intensified tensions between state and federal authorities.
Venezuela’s interim president Delcy Rodriguez said on Sunday the country should not fear pursuing energy ties with the United States, as Caracas seeks to expand oil and gas production and attract foreign investment.
Iran’s Foreign Ministry has strongly rejected a U.S. magazine report on the death toll during January unrest. Nationwide protests erupted in response to soaring inflation and a national currency crisis.
A mosaic portrait of Pope Leo XIV was illuminated on Sunday at the Basilica of St. Paul Outside the Walls in Rome, continuing a centuries-old Vatican tradition marking the election of a new pope.
Diplomatic efforts to end the war in Ukraine remain stalled after talks in Abu Dhabi ended without an agreement. Moscow has since ruled out dialogue with the EU’s top diplomat.
Argentina's economic activity shrunk 0.3% in November compared with the same month last year, marking the first monthly contraction of 2025, data from Argentina's national statistics agency showed on Wednesday.
Wall Street closed sharply lower on Tuesday as global markets fell after U.S. President Donald Trump’s new tariff threats against Europe unsettled investors and revived fears of renewed volatility.
Global markets are rattled after U.S. President Donald Trump threatened new tariffs on eight European countries over Greenland, sending the euro to a seven-week low and raising concerns about renewed transatlantic trade tensions.
Hong Kong and Shanghai will sign a memorandum of understanding next week to establish a cross-border gold trade clearing system, a move aimed at boosting Hong Kong’s role as an international gold trading hub, Financial Secretary Paul Chan said.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment