Gold rises as tariff uncertainty lifts safe-haven demand

Gold prices climbed on Wednesday as investors flocked to the safe-haven metal during Asian trading, amid uncertainty over U.S. tariffs following the U.S. Supreme Court's ruling that struck down a swathe of President Donald Trump's measures.
Spot gold was ⁠up 0.7% at $5,181.95 per ounce, as of 0353 GMT. Bullion ended the ⁠previous session down more than 1% as investors locked in profits after gold hit a three-week high earlier in the day.
U.S. gold futures for April delivery were up 0.5% at $5,200.40.
'The ‌return of the Chinese market, along with ​increased policy uncertainty in the ⁠United States, is maintaining the appeal of gold and, to ​an extent, silver as well,' ‌said Kyle Rodda, a senior market analyst at Capital.com. The United States began collecting a temporary 10% global import tariff ​on Tuesday, but Washington was working to raise it to 15%, a White House official said, sowing confusion over Trump's tariff policies after the Supreme Court's defeat last week.
Meanwhile, two US Federal Reserve officials signaled no near-term appetite to change the setting of ‌central bank interest rate policy.
Markets currently expect three 25-basis-point rate cuts this year, according ​to CME's FedWatch Tool.
'There's still ample room for further upside for gold ​here, especially ‌if ⁠all the things driving gold prices higher, such as U.S. fiscal trade, foreign policy, continue to persist,' Rodda added.
Gold may stabilise around a support of $5,140 per ounce, ​and retest the resistance at $5,244, Reuters technical analyst Wang Tao said, ⁠adding that ​the immediate resistance is at $5,205; a break above may lead to a gain into the $5,221 to $5,244 range.
In geopolitics, Iran and the U.S. are set to hold a third round of nuclear talks on Thursday in Geneva, Oman's foreign minister, Badr ​Albusaidi, said.
Spot silver climbed 2.4% to $89.44 per ounce, after hitting a ​more than two-week high on Monday.
Spot platinum rose 3.1% to $2,234.75 per ounce, while palladium added 2.2% to $1,807.27.