Gold prices rise as US tariff concerns persist

Gold prices rose on Tuesday, near record levels reached in the previous session, as concerns over US tariffs and inflation persist.

Spot gold rose 0.3% to $2,820.69 an ounce, after hitting a record high of $2,830.49 in the previous session.

In contrast, US gold futures fell 0.2% to $2,852.70.

As for other precious metals, spot silver rose 0.2% to $31.61 an ounce, platinum rose 0.7% to $970.80, and palladium rose 1% to $1,019.31.

This comes as US President Donald Trump suspended tariffs on Mexico and Canada for 30 days, while tariffs on Chinese goods will begin to be applied later today.

The US President imposed tariffs on the United States’ main trading partners, Canada, Mexico and China, last Saturday, at a rate of 25% on imports from Canada and Mexico, and 10% on goods imported from China, in addition to the existing tariffs, and announced yesterday, Monday, that European products will soon be subject to additional tariffs as well. It is noteworthy that the three main trading partners of the United States, Canada, Mexico and China, together represent more than 40% of its imports.