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Gold Pulls Back After Four-Day Ascent as Traders Take Profits - BLOOMBERG
(Bloomberg) -- Gold retreated, as traders took profits after four days of gains spurred by uncertainty over US trade policy and heightened tensions in the Middle East.
Bullion fell as much as 1.6% as Chinese traders returned on Tuesday after the Lunar New Year break. The metal had climbed more than 7% over the previous four sessions, with investors drawn to safer assets as President Donald Trump promised new import tariffs and the US faced off with Iran.
“Moves within 2% are in the normal range of market volatility right now,” said Song Jiangzhen, a researcher at Guangdong Southern Gold Market Academy. “Longer-term sentiment is still positive, with ongoing uncertainty in Iran, and the US risking isolation with its tariff policies,” he said.
Markets are in a state of confusion after Trump said he would increase a global import levy to 15% following the US Supreme Court’s ruling against his so-called reciprocal tariffs. An earlier directive authorizing a 10% import tax went into effect on Tuesday, with the timeline for the higher levy not yet finalized.
