WASHINGTON (dpa-AFX) - Gold prices climbed higher on Tuesday, rising for a sixth straight session, thanks to continued safe-haven buying amid fresh tensions in the Middle East, and uncertainty about global growth outlook due to U.S. tariffs and the countermeasures from China, Mexico and EU nations.
The dollar's weakness ahead of Fed policy announcement supported the safe-haven yellow metal. The dollar index eased to 103.20, from previous closing value of 103.37.
Gold futures for March closed up $35.10 or about 1.17% at $3,035.10 an ounce, a fresh record high. The current winning streak by the yellow metal is the longest since late October 2024.
Silver futures for March settled at $34.579 an ounce, down $0.505 or 1.48%, while Copper futures for March climbed to $4.9935 per pound, gaining $0.0600 or about 1.22%.
U.S. President Donald Trump said he would be imposing both broad reciprocal tariffs and additional sector-specific tariffs on April 2.
On the geopolitical front, Israel has launched a wave of air attacks across the Gaza Strip, breaking ceasefire and reigniting hostilities after stalled hostage negotiations.
The air raids in the early hours of Tuesday reportedly killed more than 320 people, including many women and children.
Israeli Prime Minister Benjamin Netanyahu said he had ordered the attacks due to a lack of progress in talks to extend the ceasefire and secure the release of remaining captives taken by Hamas in October 2023. The White House has voiced its support for Israel's actions.
Hamas warned that Israel had breached the ceasefire and put the fate of the captives still held in jeopardy.
In U.S. economic news, data from the Commerce Department said new residential construction in the U.S. spiked by 11.2% to an annual rate of 1.501 million in February, after plunging by 11.5% to a revised rate of 1.350 milliion in January.
A report from the Labor Department showed import prices climbed by 0.4% in February, while export prices inched up by 0.1% in the month.
The Federal Reserve released a report on Tuesday showing industrial production in the U.S. increased by much more than expected in the month of January, climbing by 0.7% in the month after climbing by a downwardly revised 0.3% in January.
Economists had expected industrial production to rise by 0.2% compared to the 0.5% growth originally reported for the previous month.
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