Gold Reaches Two-Week High on Tariff Worries and Fed Meeting Speculation

Gold prices experienced a significant surge, reaching a two-week peak this Tuesday. The increase was fueled by concerns over potential new US tariffs on pharmaceutical imports and the anticipation surrounding the Federal Reserve's upcoming policy meeting. Investors are keenly awaiting insights into the possible timing of interest rate cuts.

Trump's Tariff Announcements Stir Markets

US President Donald Trump has signaled his plans to impose new tariffs on pharmaceutical products within the next two weeks, a move announced on Monday. Additionally, on Sunday, Trump declared intentions to enforce 100% tariffs on foreign-produced films, further unsettling market sentiments.

Precious Metals Market Responds

At 12:24 pm ET, gold prices leaped by 2.03%, trading at $3,400.05 per ounce. Similarly, silver saw a 1.95% increase, priced at 33.12 per ounce. Platinum and palladium also recorded gains, with platinum adding 2.64% to sell for $989.48 per ounce and palladium growing by 2.72%, reaching $957.74 per ounce.