FX.co ★ Gold Rises on Tariff Uncertainty

Gold prices surged beyond $3,220 on Tuesday as the ongoing uncertainty surrounding President Donald Trump's tariff policies fueled demand for safe-haven assets. Although Trump recently granted temporary tariff exemptions for tech products, he is now considering similar exemptions for upcoming tariffs on auto parts. Meanwhile, the administration has initiated national security investigations into pharmaceutical and semiconductor imports, potentially setting the stage for additional tariffs. Adding to the precious metal's appeal, Federal Reserve Governor Christopher Waller indicated that interest rates may need to be reduced soon if Trump's substantial tariffs persist. Traders currently anticipate around 86 basis points of rate cuts by the year's end, with the majority expecting the Federal Reserve to maintain current rates at its next meeting.