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Gold prices edged slightly higher on Wednesday, rising 0.1% to $2,918.83 an ounce, bolstered by a U.S. dollar that hit three-month lows and growing political uncertainty after President Trump announced new tariff measures.
The precious metal has climbed 11% this year and reached a record $2,956.15 on February 24, with analysts maintaining a bullish outlook. Trump’s address to Congress revealed plans for “reciprocal tariffs” starting April 2, following his implementation of 25% tariffs on Mexican and Canadian imports and doubling duties on Chinese goods to 20%.
Meanwhile, China has unveiled additional fiscal stimulus to counter the escalating trade war impacts. Market attention now turns to Friday’s U.S. nonfarm payrolls report, though analyst Zain Vawda suggests geopolitical events currently overshadow economic data. Silver, platinum, and palladium all gained 1% in Wednesday’s trading.
