Gold Shines Amid U.S. Tariff Uncertainty: A Safe-Haven Surge

Gold prices rose by 1% as investors turned to the safe-haven metal amid uncertainty over U.S. tariffs. The U.S. Supreme Court nullified several of President Trump's measures, influencing market reactions. Spot gold hit $5,198 per ounce, while future deliveries saw an upward spike.

Gold prices surged by 1% on Wednesday during Asian trading as investors sought refuge in the safe-haven asset amid prevailing uncertainties over U.S. tariff policies. The recent U.S. Supreme Court decision that voided several measures implemented by President Donald Trump further fueled market movements.

Spot gold was recorded at $5,198 per ounce at 0534 GMT. The previous session saw gold shedding over 1% due to profit-booking after reaching a three-week high earlier in the day. April U.S. gold futures rose by 0.8% to hit $5,217.30.

The U.S. recently initiated a temporary 10% global import tariff, which may soon increase to 15%. This move has added to the market's uncertainty, amidst unchanged interest rate policies by Federal Reserve officials. Spot silver and platinum also saw significant increases, reflecting the market's volatility.

(With inputs from agencies.)