Following the modest pullback seen within the earlier session, the price of gold confirmed a notable transfer back to the upside during trading on Wednesday.
Gold for April supply climbed $21 or 0.7 % to $3,139.90 an ounce after slipping $3.90 or 0.1 % to $3,118.90 an ounce in Tuesday’s session.
The price of gold more than offset the modest lower seen on Tuesday, as soon as again reaching a new report closing high.
Gold benefitted from its appeal as a secure haven amid issues in regards to the impression of President Donald Trump’s reciprocal tariffs on U.S. trade companions.
Trump is scheduled to announce the new tariffs in a Rose Garden occasion shortly after the close of trading, with White House press secretary Karoline Leavitt indicating the new levies can be “effective immediately.”
Reports instructed Trump’s crew have been nonetheless finalizing the main points of the plan within the hours main up to the announcement, though a White House official informed CNBC’s Megan Cassella the president has now made a closing determination on how he desires to proceed.
The increase by the price of gold additionally got here amid a lower within the worth of the U.S. greenback, with the U.S. greenback index falling by 0.4 %.
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