Gold prices jump as markets eye US tariffs

Bullion climbed toward $5,200 an ounce, extending a rally that has seen prices rise nearly 6% over the past six sessions, News.Az reports, citing Bloomberg.

Markets remained on edge amid a buildup of US troops in the Middle East. Washington also imposed sanctions on more than 30 entities linked to Iranian oil exports and weapons sales, intensifying pressure on Tehran ahead of a new round of nuclear negotiations scheduled for Thursday in Geneva.

At the same time, the administration of US President Donald Trump moved forward with efforts to maintain its tariff strategy, adding strain to relations with key trading partners. US Trade Representative Jamieson Greer said Trump plans to sign a directive raising global tariffs to 15% “where appropriate.” This follows the implementation of a broad 10% levy on Tuesday after the Supreme Court struck down Trump’s so-called reciprocal tariffs.

Gold has surged nearly 20% since the start of the year, stabilizing above $5,000 an ounce after a sharp two-day retreat from its late-January record high of $5,595. Persistent geopolitical and trade tensions have reinforced a multiyear bull market, strengthening the so-called dollar debasement trade — a strategy in which investors shift away from US currency and Treasury assets.

In another sign of heightened friction, Cuban forces fatally shot four individuals who had reportedly opened fire from a speedboat bearing Florida registration, an incident that carries the potential to escalate tensions between Havana and Washington.

Concerns about possible political interference in US Federal Reserve policy have also underpinned gold’s appeal. In a farewell essay ahead of his retirement, Atlanta Federal Reserve President Raphael Bostic expressed worry that public confidence in the central bank’s independence may be eroding.

As of 12:48 p.m. in Singapore, spot gold was up 0.6% at $5,193.79 an ounce. Silver edged 0.1% higher to $89.32. Platinum advanced, while palladium declined.