Gold prices hovered around $2,760 per ounce on Wednesday, continuing a slight recovery as uncertainty over US tariffs fueled safe-haven demand. President Trump recently announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to strengthen domestic production. The White House also confirmed that tariffs on Canada and Mexico will take effect on February 1st, with potential new levies on China under consideration. Investors are now focused on the Federal Reserve’s first policy meeting of the year, where officials are expected to keep interest rates unchanged. Higher interest rates typically reduce the appeal of non-yielding gold, and markets are closely watching how the Fed responds to Trump’s recent calls for rate cuts.

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