WASHINGTON (dpa-AFX) - Gold prices have shown a strong move to the upside during trading on Wednesday, offsetting the pullback seen in the previous session.
After slumping $49.30 or 0.9 percent to $5,176.30 an ounce during Tuesday's session, gold for April delivery has jumped $50.10 or 1 percent to $5,226.40 an ounce.
The rebound by the price of the precious metal comes amid a decrease in the value of the U.S. dollar, with the U.S. dollar index falling by 0.2 percent.
The risk of possible military escalation in the Middle East ahead of nuclear talks between the United States and Iran this week also increased gold's safe haven appeal
Traders were also reacting to President Trump's annual State of the Union (SOTU) address to Congress on Tuesday night.
As new global tariffs take effect at 10 percent, U.S. President Donald Trump slammed last week's Supreme Court tariff decision as 'very unfortunate,' adding that U.S. trading partners 'want to keep the deal that they already made' with his administration.
In his State of the Union address, Trump also said that the tariffs paid by foreign countries will replace the modern-day system of income tax.
'As time goes by, I believe that tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love,' Trump said.
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