Gold prices rose 1% in Asian trade on Wednesday after declining in the previous session amid profit booking, as investors assessed the impact of newly imposed U.S. tariffs, and awaited U.S.-Iran talks later this week.
Spot gold was last up 1% at $5,192.68 an ounce by 02:11 ET (07:11 GMT). U.S. Gold Futures gained 0.5% to $5,203.10/oz.
The yellow metal fell 1.6% on Tuesday after four straight sessions of gains.
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Traders weigh impact of fresh US tariffs The U.S. began collecting a temporary 10% global import tariff on Tuesday, with the Trump administration working to increase the levy to 15%, a move that has stoked uncertainty over global trade and inflation.
The tariff action followed a U.S. Supreme Court ruling last week that struck down earlier sweeping duties imposed under emergency powers, prompting Washington to reintroduce tariffs under alternative legal authority.
Geopolitical tensions also remained in focus, with the U.S. and Iran due to hold a third round of talks on Thursday in Geneva over Tehran’s nuclear programme.
However, gains in gold were capped by expectations that U.S. interest rates will remain elevated. Two Federal Reserve officials on Tuesday signalled little appetite to change the central bank’s policy stance in the near term, reinforcing a higher-for-longer rate outlook that typically weighs on non-yielding assets such as gold.
Silver, platinum rally
A slightly weaker U.S. dollar also provided support, making dollar-priced metals less expensive for overseas buyers.
The US Dollar Index edged 0.2% lower in Asian hours.
In other precious metals, silver prices jumped nearly 4% to $90.55 per ounce, while platinum surged nearly 5% to $2,277.60/oz.
Benchmark Copper Futures on the London Metal Exchange edged up 0.5% to $13,294.63 a ton, while U.S.Copper Futures rose 1.1% to $6.02 a pound.
