Dubai: Gold prices rose on Wednesday, lifted by a softer dollar and heightened safe-haven demand amid uncertainty over US tariffs. Spot gold rose 0.8 percent to $5,190.99 per ounce, as of 0841 GMT. US gold futures for April delivery were up 0.7 percent at $5,210.40.
According to Emirates News Agency, the US dollar index shed 0.1 percent, making greenback-priced bullion cheaper for other currency holders. This decline in the dollar has contributed to the rise in gold prices as investors seek refuge in the precious metal amidst ongoing global trade tensions.
Elsewhere in the precious metals market, spot silver climbed 4.2 percent to $90.96 per ounce, reaching a three-week high. Spot platinum also saw a significant increase, rising 5.8 percent to $2,293.69 per ounce, marking its highest point since 4th February. Meanwhile, palladium added 2.8 percent, reaching a three-week high of $1,817.22.
These movements in the precious metals market reflect investor sentiment as traders navigate the uncertainties surrounding US trade policies and their potential impact on the global economy.