Gold prices rise amid Trump tariff worries

Gold prices rose on Tuesday, supported by safe-haven demand amid uncertainty over US President Donald Trump's tariff plans for next week that could potentially boost inflation, reports Reuters.

Spot gold was up 0.4 per cent to $3,024.56 an ounce at 1331 GMT. US gold futures were up 0.5 per cent to $3,029.30.

"Investors are concerned about the state of the world, especially with US policies being what they are, and so they're buying gold as an alternative asset because they're concerned that the US government may throw the world into a global recession," said Jeffrey Christian, managing partner of CPM Group.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, has risen more than 15 per cent this year and reached an all-time peak of $3,057.21 on March 20.

Trump has said not all of his threatened levies would be imposed on April 2 and some countries may get breaks. The Financial Times said the president is considering a two-step tariff regime next week.

Trump's tariff policies are widely expected to weigh on economic growth, trigger further trade tensions, and drive up inflation.

Spot silver gained 1.9 per cent to $33.61 an ounce, platinum added 1.1 per cent to $983.56 and palladium added 1.2 per cent to $959.75.