BENGALURU- Gold extended gains on Tuesday as uncertainty over US President Donald Trump’s tariff plans continued to dominate sentiment, driving safe-haven demand amid fears of a potential global trade war.
Spot gold rose 0.2 percent to $2,903.56. US gold futures gained 0.6 percent to $2,916.80.
“We’ve seemingly got pretty significant central bank buying and that we’ve also got these potential shortages in Europe on the basis that there seems to be a rush to get gold in the US to avoid possible tariffs,” Capital.com’s financial market analyst Kyle Rodda said.
“I think the trend remains bullish for gold – the fundamentals are good.”
Since his inauguration, Trump has imposed a 10 percent tariff on Chinese imports, announced and delayed 25 percent tariffs on goods from Mexico and non-energy imports from Canada, set a date for 25 percent tariffs on imported steel and aluminum, and is planning reciprocal tariffs on all countries taxing US imports.
