Daily Times

Gold prices extended their gains on Wednesday, following a record high in the previous session, as investors sought the comfort of the safe-haven metal in anticipation of the potential impact of US reciprocal tariffs. Spot gold was up 0.7% at $3,131.25 an ounce, as of 0240 GMT. Bullion touched an all-time high of $3,148.88 on Tuesday. US gold futures rose 0.4% to $3,159.90. “The main reason for these successive record highs has been safe-haven buying, and the geo-political uncertainty underpinning this shows no sign of letting up,” said Philip Newman, managing director of Metals Focus. A US economic slowdown, potential rise in inflation, and interest rate cuts could set the stage for gold to reach $3,300 in the coming months, Newman said. Suspense surrounds the market ahead of the US tariffs set to be imposed later in the day, which President Donald Trump has called “Liberation Day.” Trump’s tariff policies could flare up inflation, slow economic growth and escalate trade disputes.