Gold prices climbed on Tuesday, driven by safe-haven demand as U.S. President Donald Trump’s uncertain tariff plans kept investors on edge. The overall weakness of the U.S. dollar also supported the precious metal. Spot gold was up 0.6% at $3,230.18 an ounce, hitting a record high of $3,245.42 on Monday. U.S. gold futures gained 0.4%, settling at $3,240.40.<\/p>\n\n\n\n
“Traders are waiting for the next major fundamental development to drive the gold market, but the charts remain bullish,” said Jim Wyckoff, senior analyst at Kitco Metals. Safe-haven demand continues to support the gold market, as uncertainty surrounding U.S. tariffs, particularly on pharmaceutical and semiconductor imports, looms large.<\/p>\n\n\n\n
The price of gold has surged over 23% in 2025, hitting multiple record highs. The weaker dollar has contributed to this rally, as it makes gold more attractive to investors holding other currencies. Financial analysts, such as Commerzbank, note that the erosion of the dollar’s status as a safe asset is pushing many investors towards gold as an alternative.<\/p>\n\n\n\n
In addition to tariff concerns, the outlook for U.S. monetary policy is providing further support for gold. The dollar is nearing a three-year low against its rivals, with expectations that the Federal Reserve will resume cutting interest rates in June. Investors are awaiting further guidance from Fed Chair Jerome Powell, who is scheduled to speak on Wednesday, for more clues on the interest rate path.<\/p>\n\n\n\n
Meanwhile, spot silver eased slightly by 0.1%, trading at $32.32 an ounce. Platinum rose 0.9% to $959.75, and palladium saw a 1.7% increase, reaching $972.57 per ounce.<\/p>\n\n\n\n
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