Singapore May 6 2025: Gold prices rose to a two-week high on Tuesday as concerns over U.S. President Donald Trump’s tariff plans boosted interest in safe-haven metal, while investors also kept a close tab on the upcoming Federal Reserve policy meeting.
Spot gold was up 1.4% at $3,380.92 an ounce, as of 0224 GMT, after hitting its highest level since April 22 earlier in the session.
“Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President Donald Trump,” said IG market strategist Yeap Jun Rong.
Trump announced on Sunday a 100% tariff on movies produced overseas, but issued few details on just how such a levy would work.
On Monday, he said he intends to announce pharmaceutical tariffs within the next two weeks.
On the radar this week is the Fed’s interest rate decision and Fed Chair Jerome Powell’s comments due on Wednesday to get clues on the U.S. central bank’s rate trajectory. The Fed has held its policy rate in the 4.25%-4.50% range since last December.
