Gold gained on Wednesday as investors moved into safe havens on concerns that tariffs could stoke inflation, while ongoing tensions between Iran and the United States also kept bids for safety intact. Spot gold rose 1.1 percent to $5,202.28 per ounce, by 02:00 p.m. ET (1900 GMT). U.S. gold futures for April delivery settled about 1 percent higher at $5,226.20. “There’s an inflationary impact from tariffs and high oil prices, especially if an attack is imminent, and I think there’s also some hedging by investors, who may be turning to gold,” said Bart Melek, global head of commodity strategy at TD Securities. The U.S. began collecting a temporary 10 percent global import tariff on Tuesday, but a White House official said the Trump administration was trying to raise it to 15 percent. President Donald Trump, in his State of the Union speech, said “almost all” countries and corporations want to maintain their existing tariff and investment agreements with Washington. Trump also laid out his case for a possible attack on Iran, saying he would not allow the world’s biggest sponsor of terroris
Israeli strikes kill two, wound four more Palestinians in Gaza despite ceasefire
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