Gold prices rise amid rising appetite for safe-haven assets

Gold bars 

Gold prices rose on Wednesday as profit-taking slowed and investor demand for safe-haven assets increased following Trump's threat to impose new tariffs.

Gold futures rose by 0.20%, or $5.8, to $2,924.60 per ounce on 09:41 am KSA time, while spot gold eased 0.18% to $2,910 per ounce.

Silver futures for March delivery gained 0.75% to $32.065 per ounce, while spot platinum prices fell by 0.67% to $965.37 per ounce.

This came after US President Donald Trump signed an executive order yesterday to initiate an investigation into the country’s copper imports and whether tariffs should be imposed on the metal, citing concerns over China’s dominance in the global market.

The move heightened fears of a global trade war as Trump remains committed to his protectionist agenda, in addition to concerns that his policies could fuel inflation in the United States.

Meanwhile, US consumer confidence sharply declined in February, according to official data released on Feb. 25, renewing fears of an economic recession for the first time since last June.