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.
President Volodymyr Zelenskyy has claimed that Russian forces are suffering battlefield losses nearly three times higher than those of Ukraine, even a...
French President Emmanuel Macron has formally acknowledged that France waged a war in Cameroon during the country’s struggle for independence - mark...
President Ilham Aliyev has signed an order allocating funds from Azerbaijan’s 2025 state budget to support humanitarian aid for Ukraine....
Ukrainian President Volodymyr Zelenskyy met German Chancellor Friedrich Merz in Berlin on Wednesday before joining a German-hosted virtual conference ...
Starlink has officially started operations in Kazakhstan, making satellite internet available to the public for the first time. Citizens can now legal...
Tensions between the U.S. and Canada are escalating after President Donald Trump linked trade talks to Ottawa’s recognition of Palestinian statehood, threatening steep new tariffs if no deal is reached by 1 August.
U.S. President Donald Trump has launched a sweeping tariff campaign since returning to office in January, targeting major economies and disrupting global trade flows.
The United States and China have resolved disputes over rare earth mineral and magnet shipments, overcoming a key hurdle that had delayed a trade agreement reached in May.
As the massive pink-hulled container ship ONE Modern pulls into the Port of Hong Kong, its crew rushes to offload more than 700 containers within a tight 10-hour window.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
The U.S. budget deficit surged nearly 20% in July to $291 billion despite a significant increase in customs duty collections from President Donald Trump’s tariffs, as government spending outpaced revenue growth.
The National Carrier of Türkiye, Turkish Airlines has announced an increase in the number of its weekly flights to China.
Norway's $2 trillion sovereign wealth fund said on Monday it is terminating contracts with asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.
The Syrian Civil Aviation Authority has signed a $4 billion agreement with an international consortium last week (6 August), including companies from Türkiye, Qatar and the United States, aiming to expand Damascus International Airport.
The European Bank for Reconstruction and Development (EBRD) has announced a lending the equivalent of $7 million to Saloğlu, Azerbaijan’s leading furniture producer and retailer, in local currency to help boost its competitiveness.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment