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.
Top U.S. officials are set to meet with a high-level Chinese delegation this weekend in Switzerland, the administration announced Tuesday.
India has barred the import of goods linked to Pakistan, citing national security concerns, as relations between the two countries continue to spiral.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
China has ordered its airlines to suspend further deliveries of Boeing jets in response to the United States' decision to impose 145% tariffs on Chinese goods, according to a Bloomberg News report on Tuesday.
Markets fled to safety Thursday as Trump escalated tariffs on China to 125%, triggering a surge in gold, yen, and bonds. Despite a brief equity rally, investor confidence in U.S. trade policy and the dollar continues to erode.
On the 25th anniversary of the Gates Foundation, Bill Gates announced plans to donate nearly all of his personal wealth over the next two decades, aiming to provide $200 billion in support to the world’s poorest communities, especially as global aid budgets face significant reductions.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
In a move to strengthen its disaster preparedness, Morocco plans to invest 7 billion dirhams ($760 million) in emergency supplies and storage platforms across the country, following the devastating 2023 earthquake in the High Atlas Mountains.
Armenia has officially approved joining the Ashgabat Agreement, aiming to enhance its regional transit role and secure broader access to international markets through a key transport and transit corridor spanning Central and South Asia.
Ukraine has accused Russia of breaching a 72-hour ceasefire ahead of Russia’s annual May 9 military parade, with both sides exchanging accusations of violations and continued clashes reported on the ground.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
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Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
Cardinals from 70 nations have gathered in Vatican City to begin the historic conclave to elect the next pope, following the death of Pope Francis 17 days ago. This conclave is the most geographically diverse in Church history, showcasing Francis’ legacy of inclusivity.
Ukraine is exploring whether to replace the U.S. dollar with the euro as its reference currency, as Kyiv aligns more closely with the EU and global trade fractures deepen.
The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
Ford is raising prices on three of its Mexico-made models starting May 2, becoming one of the first major automakers to react to U.S. President Donald Trump's steep auto tariffs, which are reshaping industry costs and consumer prices.
As European NATO countries rush to strengthen their armed forces, large pension bills threaten to divert funds from urgently needed military hardware.
The European Commission has presented a roadmap to ensure the EU fully ends its dependency on Russian energy, while ensuring stable energy supplies and prices across the EU.
On the 25th anniversary of the Gates Foundation, Bill Gates announced plans to donate nearly all of his personal wealth over the next two decades, aiming to provide $200 billion in support to the world’s poorest communities, especially as global aid budgets face significant reductions.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
In a move to strengthen its disaster preparedness, Morocco plans to invest 7 billion dirhams ($760 million) in emergency supplies and storage platforms across the country, following the devastating 2023 earthquake in the High Atlas Mountains.
Armenia has officially approved joining the Ashgabat Agreement, aiming to enhance its regional transit role and secure broader access to international markets through a key transport and transit corridor spanning Central and South Asia.
Ukraine has accused Russia of breaching a 72-hour ceasefire ahead of Russia’s annual May 9 military parade, with both sides exchanging accusations of violations and continued clashes reported on the ground.
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