Spot gold rose 0.5% to $5,174.76 an ounce by 0159 GMT. Prices had fallen more than 1% in the previous session as investors booked profits after gold hit a three-week high earlier in the day. U.S. gold futures for April delivery also rose 0.3% to $5,192.20.
On Tuesday, the United States began imposing a temporary 10% global import tariff. However, a White House official said efforts are underway to increase this to 15%. These mixed signals have contributed to market uncertainty, especially after last week’s Supreme Court ruling.
At the same time, two US Federal Reserve officials indicated there is no immediate plan to change interest rates. Still, market expectations suggest there could be three rate cuts of 25 basis points each later this year, according to CME Group’s FedWatch Tool.
Analysts say gold could continue to rise if concerns about US fiscal policy, trade tensions and foreign policy persist. Technically, gold is expected to find support around $5,140 per ounce. It could test the resistance at $5,205, and if prices break above that level, they could move towards the $5,221 to $5,244 range.
Other precious metals also posted gains. Spot silver rose 1% to $88.23 an ounce after hitting a more than two-week high earlier this week. Platinum rose 2.1% to $2,212.72, while palladium rose 1.4% to $1,793.68.
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