Gold prices rebounded in Asian trading on Wednesday, climbing 1% after pulling back in the previous session due to profit-taking. Investors turned their attention to the economic impact of newly introduced U.S. tariffs, while also monitoring upcoming U.S.-Iran talks scheduled for later this week.
Spot gold rose 1% to $5,192.68 per ounce by 02:11 ET (07:11 GMT). Meanwhile, U.S. gold futures advanced 0.5% to $5,203.10 per ounce.
The precious metal had declined 1.6% on Tuesday, ending a four-session winning streak as traders locked in recent gains.
Markets Assess Impact of New U.S. Tariffs
The United States began enforcing a temporary 10% global import tariff on Tuesday. The Trump administration is reportedly working toward raising the levy to 15%, increasing uncertainty around global trade flows and inflation expectations.
The move followed a U.S. Supreme Court decision last week that invalidated earlier broad tariffs imposed under emergency powers. In response, Washington reintroduced the duties using alternative legal authority.
At the same time, geopolitical tensions remain elevated. The U.S. and Iran are set to hold a third round of negotiations in Geneva on Thursday regarding Tehran’s nuclear program, adding another layer of uncertainty for global markets.
Federal Reserve Outlook Caps Gold’s Upside
Despite the rebound in gold prices, gains were limited by expectations that U.S. interest rates will remain high for an extended period. Two Federal Reserve officials indicated on Tuesday that there is little urgency to adjust monetary policy in the near term. A higher-for-longer interest rate environment typically weighs on non-yielding assets such as gold.
Silver and Platinum Surge; Copper Edges Higher
A modest pullback in the U.S. dollar also supported precious metals, as a weaker greenback makes dollar-denominated assets more attractive to international buyers. The U.S. Dollar Index slipped 0.2% during Asian hours.
Among other metals, silver jumped nearly 4% to $90.55 per ounce, while platinum surged almost 5% to $2,277.60 per ounce.
In base metals, benchmark copper futures on the London Metal Exchange rose 0.5% to $13,294.63 per ton. U.S. copper futures also advanced 1.1% to $6.02 per pound.
