Gold prices rose slightly in Asian trade on Wednesday, recouping some overnight losses after stronger-than-expected U.S. consumer inflation data boosted the dollar and dented bets that interest rates will fall in the near-term.
Broader metal prices also rose on Wednesday, recovering some recent losses. Platinum and silver tumbled from recent peaks this week, as their outperforming gold drew in some profit-taking.
Still, safe haven demand for gold remained relatively underpinned by persistent concerns over U.S. President Donald Trump’s trade tariffs. Growing uncertainty over the Federal Reserve’s independence, amid growing calls from Trump and his allies for Chair Jerome Powell’s ouster, also factored into haven demand, as did tensions between Russia and Ukraine.
