Gold Prices Rise as Investors Seek Safe Haven

The price of gold experienced a significant increase on Wednesday, climbing by 1.31% to $3,364.69 per ounce by 11:29 am ET. This surge is attributed to investors flocking to gold's safe-haven status amidst swirling rumors that US President Donald Trump is considering firing Federal Reserve Chair Jerome Powell.

Inflation and Trade Developments Under Scrutiny

Investors are also closely monitoring a noticeable pick-up in US inflation and the ongoing trade developments. These factors suggest that the imposed tariffs might be beginning to influence inflationary pressures, further fueling the demand for precious metals.

Other Precious Metals Follow Suit

Silver saw an improvement of 0.76%, trading at $37.96 per ounce, while platinum and palladium also recorded gains. Platinum rose by 2.66% to $1,414.71 per ounce, and palladium jumped 2.32% to $1,215.73 per ounce, highlighting a broad-based rally in precious metals.