Gold climbs back to $4,000 per ounce
Gold prices climbed back over $4,000 per ounce on Tuesday after a sharp drop earlier this week.
Spot gold rose 0.7% to $4,009, while US futures edged up too.
The dollar dipped slightly, making gold more affordable for buyers using other currencies—even as silver and other metals slipped.
Gold's all-time high
Gold is still the go-to safe haven when markets get shaky.
With everyone watching for possible Federal Reserve rate cuts at the October 30 meeting, investors are hoping for signals from Fed Chair Jerome Powell that could keep gold strong.
Even though US-China trade tensions have cooled a bit (which usually means less need for safe assets), gold is still up over 50% this year and recently hit all-time highs—thanks to central banks buying in and ongoing global risks.
Balancing act for gold
This rebound is all about balancing hopes for lower interest rates—which make gold more appealing—and optimism that US-China relations are improving.
The weaker dollar also gave gold a boost today.
Analyst Tim Waterer summed it up: if trade talks go well, gold might dip again, but any hint of easier Fed policy could keep prices high.