Gold rises amid tariff and inflation concerns
(MENAFN) Gold prices increased on Tuesday, staying close to the record high reached in the previous session, as worries about U.S. tariffs and inflation continued to drive demand for the safe-haven asset. spot gold climbed 0.3 percent to USD2,820.69 per ounce by 0252 GMT, following its all-time high of USD2,830.49 recorded in the previous session.
U.S. gold futures, however, saw a slight decline, falling 0.2 percent to USD2,852.70. on Monday, president Donald trump announced a 30-day suspension of tariffs on Mexico and Canada in exchange for stricter border controls with both countries. despite this temporary relief, tariffs on Chinese goods were still set to take effect later in the day. many in the market view trump’s trade policies as a contributing factor to inflationary pressures.
Analysts believe that gold prices could continue to receive support in the current uncertain environment. according to IG market strategist yip Jun Rong, market volatility and political instability are likely to remain dominant factors, making gold an attractive hedge. historically, gold has been considered a reliable safeguard against inflation and geopolitical risks, which reinforces its appeal during uncertain economic conditions.
Other precious metals also saw gains. spot silver rose by 0.2 percent to USD31.61 per ounce, while platinum increased 0.7 percent to USD970.80. palladium recorded a 1 percent rise, reaching USD1,019.31. these movements indicate strong investor interest in precious metals amid ongoing economic and political uncertainties.
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