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.
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