Gold rises as traders weigh US monetary policy outlook

Gold bars

Gold futures rose on Wednesday as weaker US consumer confidence and ongoing uncertainty over President Donald Trump’s tariff policy drove demand for the safe-haven metal.

August gold futures gained 0.3%, or $9.5, to settle at $3,343.4 an ounce.

Spot gold was up 0.25%, or $8.54, at $3,332.21 an ounce by 08:39 a.m. Mecca time.

The US dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 97.97.

Among other precious metals, September silver futures added 0.55% to $36.27 an ounce. Spot platinum rose 0.35% to $1,324.85, while spot palladium slipped 0.1% to $1,067.73.

The moves followed a Conference Board survey showing a decline in US consumer confidence in June, as concerns persisted over the potential economic fallout from newly imposed tariffs.

Federal Reserve Chair Jerome Powell is scheduled to testify before a Senate panel later in the day, as part of the Fed’s semi-annual monetary policy report.