Gold rises amid growing fears over global trade tensions

Gold rose to $3,330 an ounce after closing 0.6% lower on Tuesday. Traders are worried about worsening trade tensions following new statements from US President Donald Trump about import tariffs. This has supported the metal’s prices, Bloomberg notes.

The American leader announced a deal with Indonesia to impose 19% duties on its goods. Donald Trump also plans to introduce levies on pharmaceutical products by the end of this month. Meanwhile, the US administration has launched an investigation into Brazil’s "unfair" trade practices, according to the news agency.

Gold prices have fluctuated within a tight range in recent months while maintaining over 25% growth since the start of the year. The metal continues to draw support from geopolitical and economic instability, uncertain US trade policies, and robust physical demand from central banks.