Safe-haven gold rises on weaker dollar, simmering global uncertainty
Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts.
Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80.
The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies.
"There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said.
Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said.
However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added.
U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions.
In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July.
Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs.
All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability.
Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.
Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
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