Gold price ended Tuesday’s session on a higher note due to traders buying the precious metals amid uncertainty over US President Donald Trump's tariff plans.

In a volatile trading environment driven by geopolitical uncertainties, gold prices have managed to rise significantly, primarily due to safe-haven demand from investors reacting to the impending tariff announcements by President Donald Trump. The increase in the price of gold, which is now trading at $3,240 per troy ounce after a notable gain of over 6.50%, underscores a market that is increasingly becoming wary of the potential economic repercussions of proposed tariffs on pharmaceuticals and semiconductors. Analysts have indicated that the current bullish trend in gold is also supported by a drop in U.S. Treasury bond yields, which have declined for the second consecutive day. The situation is compounded by China's strategic halt on Boeing jet deliveries, adding to the anxiety in global markets. Despite mixed economic indicators from the U.S., including import prices displaying muted growth and the New York Fed Manufacturing Index showing a slight improvement, broader concerns about economic downturn and consumer spending challenges loom large. Traders are now focusing on key economic releases such as March Retail Sales and comments from Fed Chair Jerome Powell. Expectations for interest rate cuts are rising, with projections indicating a possible reduction of 100 basis points by the end of the year. This sentiment will likely continue to provide support for gold as a preferred alternative asset amid a weakened dollar. With gold nearing its all-time high, market participants are eyeing critical price levels closely, with a breach above $3,250 signaling potential upward momentum towards $3,300. Conversely, any drop below $3,200 could trigger a re-evaluation of the support levels, emphasizing the delicate balance in the current economic landscape and investor sentiment. Overall, it appears that the trends in gold reflect a broader narrative of uncertainty where safe-haven assets may prevail as preferred investments in challenging times, further enhanced by overarching monetary policy shifts and market dynamics that prioritize stability over risk.