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Gold prices top $3,300 amid Trump tariff turmoil - YAHOO FINANCE
Gold (GC=F)
Gold prices hit fresh highs as uncertainty around US president Donald Trump's tariffs continued to buoy demand.
Gold futures (GC=F) jumped 2.5% to $3,322.50 per ounce at the time of writing, while the spot price rose 0.6% to $3,229.64 an ounce.
Nvidia (NVDA) revealed on Tuesday that the US government has required licences for exports to China of the company's H20 artificial intelligence chip. The chip giant said the move would result in a financial hit of $5.5bn.
Trump also ordered a probe into critical minerals that could see tariffs imposed on these industrial resources, in the latest escalation of trade tensions.
In an exclusive interview with Yahoo Finance on Tuesday, US Treasury Secretary Scott Bessent said he expects to see "substantial clarity" on tariffs with major US trading partners, apart from China, before Trump's 90-day pause concludes.
He said that "once we reach a level that we've agreed on and they've agreed to lower their tariffs, lower their non-tariff barriers, currency manipulation, and subsidies of industry and labour, then I think we can move forward."
Concerns over the economic impact of tariffs have seen investors flock to gold, as the precious metal is considered a safe haven asset amid uncertainty.
