By ANUSHREE MUKHERJEE
BENGALURU- Gold prices inched higher on Wednesday after hitting a one-week low in the previous session, as uncertainties stemming from US President Donald Trump’s tariff plans dampened risk appetite and boosted demand for safe-haven bullion.
Spot gold was up 0.1 percent at $2,918.01 an ounce, after falling more than 2 percent on Tuesday. US gold futures rose 0.5 percent to $2,932.50.
Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports to rebuild US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Trump tariff concerns, which are causing this rather lacklustre state of confidence in the US economy from a consumer side of the mindset, are supporting gold, said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA.
Offering further signs that Americans were growing anxious about the potential negative impact of Trump’s policies, US consumer confidence deteriorated at its sharpest pace in 3-1/2 years in February, while 12-month inflation expectations surged.
