Gold prices hit near all-time high level. Check latest gold rates
Gold prices soared to near three-month highs on Wednesday, trading just below its record peak, fuelled by a soft dollar and lack of clarity around U.S. President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.
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Spot gold rose by 0.4 per cent to $2,755.2 per ounce as of 02:29 pm (ET). Prices were at their highest since October 31 when they hit their all-time high of $2,790.15. U.S. gold futures settled 0.4 per cent higher at $2,770.90.
The dollar index dipped to a more-than-three-week low earlier in the session, making greenback-priced bullion less expensive for holders of other currencies.
Trump said his administration was discussing imposing a 10 per cent tariff on goods imported from China on February 1, the same day that he previously said Mexico and Canada could face levies of around 25 per cent.
Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the U.S. Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.
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