Gold Holds Steady As Investors Seek Safety From Tariff Risks

Gold held steady near $3,350 an ounce on Wednesday after earlier gains driven by Asian bargain hunting, according to Bloomberg. Trump’s decision to double steel and aluminum tariffs to 50% and criticize China’s Xi Jinping on social media added to fears, boosting gold’s appeal as a haven. Gold dipped on Tuesday after strong U.S. job openings data suggested economic resilience, and prices rebounded once trading opened on the Shanghai Gold Exchange. Analysts say ongoing trade uncertainty may offset the impact of delayed interest rate cuts, keeping demand for gold elevated. Gold has risen about 28% this year and sits roughly $150 below its April all-time high, as investors steer clear of tariff-exposed assets. Central banks are also fueling demand, continuing to buy amid geopolitical tensions and concerns over dollar dependence. China accused the U.S. of undermining a recent trade truce and urged improved relations, while the EU threatened new countermeasures over tariff plans. Traders are awaiting U.S. job data due Friday, which could influence Federal Reserve rate decisions and impact gold prices.