Gold prices rose during trading on Tuesday, recovering some of the losses incurred in yesterday's session in a potential technical rebound, after falling by more than 1% in the previous session due to the strength of the US dollar and rising US Treasury yields.
Gold Now
In terms of trading, spot gold contracts increased by approximately 0.24% to register at $2,669.19 per ounce, and futures contracts for gold, with delivery in February, rose by about 0.22%, recording $2,684.10 per ounce.
As for other metals besides gold, spot silver contracts remained stable at $29.63 per ounce, while spot platinum contracts rose by about 0.49% to $960.99 per ounce, and palladium contracts increased by approximately 0.13% to $946.82 per ounce.
What affected gold movements today?
The recovery in gold prices today was primarily driven by reports released this morning regarding the economic team's study under elected President Donald Trump about gradually imposing tariffs, with monthly increases ranging from 2% to 5%.
This came as markets prepare for the inauguration of elected President Donald Trump, with concerns growing that proposed tariffs and trade policies could fuel inflation and ignite trade wars, thereby enhancing gold's appeal as a hedge against inflation.
Broader expectations for the yellow metal's prices remain positive, supported by the uncertainty surrounding geopolitical conditions and continued purchases by central banks.
Investors are now awaiting important US economic data set to be released this week, including producer and consumer price inflation data, along with retail sales and weekly unemployment claims.
