Gold prices jumped over 1% on Tuesday, reaching $3,349.32 per ounce, as investors sought safety amid growing uncertainties.
The weaker U.S. dollar made gold more attractive to international buyers, while concerns about potential U.S. tariffs and the country’s fiscal outlook drove demand for the precious metal.
President Trump’s pressure on the Federal Reserve for rate cuts and ongoing trade tensions with Japan added to market uncertainty. Analysts expect gold to continue rising, with the next resistance level around $3,370.