Gold prices climbed to a two-week high on Tuesday as renewed concerns over U.S. President Donald Trump’s tariff plans drove investors toward safe-haven assets.
Spot gold rose 0.9% to $3,362.69 per ounce by 06:32 GMT, after reaching its highest level since April 22. U.S. gold futures also gained 1.5%, hitting $3,370.40.
The surge followed Trump’s announcement of a 100% tariff on all foreign-produced films, with hints of further tariffs on medicines expected within two weeks.
“Gold saw a strong rally as investors sought stability amid heightened tariff uncertainty,” said Yip Jun Rong, market analyst at IG.
Meanwhile, attention now turns to the Federal Reserve’s interest rate decision and remarks from Chair Jerome Powell on Wednesday, which are expected to provide insight into future monetary policy.
