Reuters – Gold prices rose to a two-week high on Tuesday as concerns over U.S. President Donald Trump’s tariff plans boosted interest in the safe-haven metal, while investors awaited the upcoming Federal Reserve policy meeting.
Spot gold was up 0.7% at $3,357.63 an ounce, as of 0410 GMT, after hitting its highest level since April 22 earlier in the session.
“Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President Donald Trump,” said IG market strategist Yeap Jun Rong.
Trump announced on Sunday a 100% tariff on movies produced overseas, but issued few details on just how such a levy would work.
On Monday, he said he intends to announce pharmaceutical tariffs within the next two weeks.
