Gold prices rise on US tariff uncertainty

Gold prices rose after hitting a one-week low in the previous session, as uncertainty over US President Donald Trump’s plans to impose tariffs dampened risk appetite and boosted demand for bullion.

Spot gold rose 0.1% to $2,918.01 an ounce after falling more than 2% on Tuesday, while US gold futures rose 0.5% to $2,932.50.

Trump opened another front in the global trade war on Tuesday, ordering a study into new tariffs on copper imports to rebuild US production of the metal, which is crucial for electric cars, military equipment, the power grid and many consumer goods.

In other precious metals, spot silver was steady at $31.74 an ounce, platinum fell 0.3% to $964 and palladium rose 0.3% to $930.73.