MUSCAT : The gains come just days ahead of the April 2 deadline for U.S. counter-tariffs to take effect, heightening market uncertainty.
Spot gold rose 0.5% to $3,033.20 per ounce, while U.S. gold futures advanced 0.6% to $3,039, following news that President Donald Trump will impose a 25% tariff on imported cars and light trucks starting next week.
The move marks a significant escalation in the ongoing global trade dispute, sparking fears among traders of higher inflation, slowing economic growth, and further geopolitical friction.
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These concerns previously propelled gold to an all-time high of $3,057.21 on March 20.
Investors are now eyeing the upcoming U.S. personal consumption expenditures (PCE) data, due Friday, for clues on the Federal Reserve’s next move. Although the Fed left interest rates unchanged last week, it signaled the possibility of rate cuts later this year.
Meanwhile, other precious metals slipped:
Spot silver fell 0.1% to $33.68 per ounce
Platinum dropped 0.3% to $971.60
Palladium lost 0.4% to $964.01
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