Gold prices rose on Wednesday as investors turned to the metal for safety amid uncertainty over U.S. trade policies. During Asian trading hours, demand for gold increased after the US Supreme Court struck down several tariff measures introduced by President Donald Trump. This decision has created confusion about the future direction of US tariff policy.
Spot gold rose 0.5% to $5,174.76 per ounce by 0159 GMT. In the previous session, prices had fallen more than 1% as investors booked profits after gold touched a three-week high earlier in the day. US gold futures for April delivery also edged up 0.3% to $5,192.20.
On Tuesday, the United States started collecting a temporary 10% global import tariff. However, a White House official said efforts were underway to raise it to 15%. These mixed signals have contributed to market uncertainty, particularly following last week’s Supreme Court ruling.
At the same time, two US Federal Reserve officials indicated that there is no immediate plan to change interest rates. Despite this, market expectations suggest that there could be three interest rate cuts of 25 basis points each later this year, according to the FedWatch Tool by CME Group.
Analysts say gold could continue to gain if concerns around US fiscal policy, trade tensions, and foreign policy remain. Technically, gold is expected to find support around $5,140 per ounce. It may test resistance at $5,205, and if prices break above that level, they could move toward the $5,221 to $5,244 range.
Other precious metals also saw gains. Spot silver rose 1% to $88.23 per ounce after reaching a more than two-week high earlier this week. Platinum increased 2.1% to $2,212.72, while palladium gained 1.4% to $1,793.68.
