BY ANUSHREE MUKHERJEE
Gold prices rose to a two-week high on Tuesday as concerns over US President Donald Trump’s tariff plans boosted interest in the safe-haven metal, while investors awaited the upcoming Federal Reserve policy meeting.
Spot gold was up 0.7 percent at $3,357.63 an ounce, after hitting its highest level since April 22 earlier in the session.
US gold futures climbed 1.3 percent to $3,366.10.
“Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from US President Donald Trump,” said IG market strategist Yeap Jun Rong.
Trump announced on Sunday a 100 percent tariff on movies produced overseas, but issued few details on just how such a levy would work.
On Monday, he said he intends to announce pharmaceutical tariffs within the next two weeks.
On the radar this week is the Fed’s interest rate decision and Fed Chair Jerome Powell’s comments due on Wednesday to get clues on the US central bank’s rate trajectory. The Fed has held its policy rate in the 4.25 percent to 4.50 percent range since last December.
“Any dovish signals could provide further support for gold, reinforcing its broader upward momentum,” Rong said.
