Gold prices edged higher on Tuesday as market uncertainty over US President Donald Trump’s tariff policies boosted demand for the metal as a safe-haven asset.
Spot gold rose 0.1% to $2,898.99 as of 00:30 GMT, while US gold futures climbed 0.4% to $2,912.60. The gains followed concerns over a potential global trade war triggered by Trump’s tariff decisions.
In the United Arab Emirates (UAE), gold prices also saw an uptick. 24-carat gold increased by AED1.25 to AED350.75, while 22-carat gold reached AED326.25, up by the same margin. 21-carat gold rose to AED313.00, and 18-carat gold edged up AED1.00 to AED268.25.
Market sentiment was further shaped by comments from US Federal Reserve Governor Michelle Bowman, who stated on Monday that she needed “increased conviction” that inflation would decline further before considering interest rate cuts.
The Trump administration’s evolving trade policies have added to economic uncertainty. Since taking office, Trump has imposed a 10% tariff on Chinese imports, set and delayed 25% tariffs on goods from Mexico and Canada, and announced plans for reciprocal tariffs on all countries taxing US imports.
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