02.04.2025 20:15:54

Gold Move Back To The Upside After Yesterday's Modest Pullbacak

(RTTNews) - Following the modest pullback seen in the previous session, the price of gold showed a notable move back to the upside during trading on Wednesday.

Gold for April delivery climbed $21 or 0.7 percent to $3,139.90 an ounce after slipping $3.90 or 0.1 percent to $3,118.90 an ounce in Tuesday's session.

The price of gold more than offset the modest decrease seen on Tuesday, once again reaching a new record closing high.

Gold benefitted from its appeal as a safe haven amid concerns about the impact of President Donald Trump's reciprocal tariffs on U.S. trade partners.

Trump is scheduled to announce the new tariffs in a Rose Garden event shortly after the close of trading, with White House press secretary Karoline Leavitt indicating the new levies will be "effective immediately."

Reports suggested Trump's team were still finalizing the details of the plan in the hours leading up to the announcement, although a White House official told CNBC's Megan Cassella the president has now made a final decision on how he wants to proceed.

The increase by the price of gold also came amid a decrease in the value of the U.S. dollar, with the U.S. dollar index falling by 0.4 percent.

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