Gold futures finished sharply higher on Thursday, kindled by the safe haven bets amid rising tensions due to new US tariffs on foreign-made cars and auto parts. President Trump recently announced 25% tariffs on foreign-made cars and auto parts, prompting retaliation threats from the European Union and Canada and fueling fears of a broader trade dispute and global economic fallout. Besides, softer dollar and bets on Fed interest rate cuts also buoyed the yellow metal investments.
Gold futures for April delivery dipped by $38.50 or 1.27% to settle at $3,061.00 ounce on the Comex division of the New York Mercantile. While, spot gold rose by $15.94 or 0.52% to $3,073.23 an ounce.