Gold hops near $3400 as geopolitical, trade tensions mount

Gold rose to around $3400 per ounce on Wednesday, supported by safe-haven demand amid rising geopolitical and economic risks. The OECD cut its global growth outlook, citing pressure on the US from escalating trade tensions. Trump?s steel and aluminum tariffs took effect, straining global trade, while US-China relations worsened. Hostilities between Russia and Ukraine continued, and Iran is expected to reject a US nuclear proposal. MCX August gold futures climbed nearly ₹500 to ₹98179 per 10 grams. Markets now look to a possible Trump-Xi meeting later this week.

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