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Investing.com – Gold prices rose in Asian trade on Tuesday as the dollar weakened overnight, as traders tried to gauge US President Donald Trump’s policies after his inauguration. .
rose 0.3% to $2,727.39 a pound, while the February finish gained 0.4% to $2,743.57 an ounce by 01:28 ET (06:28 GMT).
Bullion rises due to ‘safe haven’ shining amid uncertainty
Gold traders are looking for a reversal as Trump begins his second term, with his expected policy announcements expected to influence market sentiment.
The precious metal, which is traditionally considered a safe-haven asset, has maintained its price above a one-month peak.
Market sentiment is currently shaped by the interaction between potential US policy changes and the Federal Reserve’s monetary stance.
Trump has vowed to impose new trade tariffs on neighboring countries, and China to reduce its trade deficit. This could give renewed strength to the dollar, thereby affecting gold prices.
It fell more than 1% overnight but rallied later in Asian hours, rising 0.3%.
A weaker dollar often boosts gold prices because it makes the metal cheaper for buyers using other currencies.
Traders are closely watching Trump’s moves to gauge their impact on gold.
Other precious metals were mixed on Tuesday. they were down 0.4% at $958.80 an ounce, while they rose 0.6% to $31.30 an ounce.
Copper remains under pressure as tax concerns weigh in
Among industrial metals, copper prices fell as a combination of expected US tariffs, expectations of a stronger dollar, and investor caution following Trump’s inauguration weighed on the red metal. .
During periods of rising tariffs and trade tensions, such as in mid-2018 and mid-2019, copper prices fell sharply as investors anticipated reduced demand from China, a major copper buyer. the greatest in the world.
The benchmark on the London Metal Exchange was largely unchanged at $9,255.50 a tonne, while February fell 0.6% to $4.2910 a pound.
