Gold prices continue to increase in the context of uncertainty about tariffs

According to Reuters, gold prices increased as the market awaited more clarity on US President Donald Trump's trade policy.

"Gold's safe-haven function is supporting prices. One of the reasons driving that is US tariff policy, said Peter Fertig, an analyst at quantitative Commodity Research.

Many experts believe that Mr. Trump's tariff policies will affect economic growth and increase trade tensions. On Monday, Mr. Donald Trump said he would impose tariffs on cars in the near future, but also said that not all of the tariffs he threatened would be imposed on February 2 and that some countries could be exempt from the tax.

Federal Reserve Board member Adriana Kugler said on Tuesday that the Fed's interest rate policy is still in a good position, but progress in returning inflation to the 2% target has slowed down.

Investors are now waiting for data on US personal consumption expenditure to be released on Friday.

"The PCE index is a measure of the FED. If the index rises at a moderate pace, speculation of a US rate cut could increase and that will be a positive factor for gold prices," Fertig said.

The Fed kept key interest rates unchanged last week but said it could cut interest rates later this year. Gold prices often increase in a low interest rate environment.

"We expect gold prices to reach $3,200/ounce in September," said ANZ commodity strategist Soni Kumari. At the same time, this expert believes that any hawk statement from the FED could be a factor in slowing down the increase of gold.