Gold prices rebounded on Wednesday after posting losses in the previous session, as investors evaluated the impact of newly imposed U.S. tariffs and looked ahead to upcoming U.S.-Iran nuclear talks. Spot gold climbed 1.2% to $5,203.69 per ounce, while U.S. gold futures gained 1% to $5,226.20 per ounce. The recovery follows a 1.6% decline on Tuesday, which ended a four-day winning streak for the precious metal.
Market analysts noted that gold has generated a new daily MACD buy signal, pending confirmation. If confirmed, the signal could support near-term upside momentum, with minor resistance near the all-time high of around $5,586 per ounce. However, some technical indicators suggest potential consolidation ahead, with key support resting at the 50-day moving average.
Investor attention remains focused on global trade tensions. The U.S. began enforcing a temporary 10% global import tariff this week, with the Trump administration seeking to raise the rate to 15%. The move comes after the U.S. Supreme Court invalidated previous broad tariffs introduced under emergency powers, prompting officials to reintroduce duties under alternative legal authority. These developments have fueled uncertainty over global trade and inflation, supporting safe-haven demand for gold.
Geopolitical risks also remain elevated, as the United States and Iran prepare for a third round of nuclear negotiations in Geneva. Meanwhile, a slightly weaker U.S. dollar has made gold more attractive to overseas buyers.
Still, expectations of higher-for-longer U.S. interest rates have capped gains. Federal Reserve officials signaled limited urgency to adjust monetary policy, reinforcing pressure on non-yielding assets like gold.
JPMorgan forecasts gold could reach $6,300 per ounce by 2026, driven by strong central bank and investor demand, while raising its long-term projection to $4,500.
Silver surged 4.5% to $91.07 per ounce and platinum jumped 6.7% to $2,333.40. Copper prices also advanced, supported by lower U.S. tariff prospects and renewed Chinese demand, signaling improving sentiment across the broader metals market.


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