Gold has been buoyed by strong demand for safe-haven assets amid escalating tensions between the United States and China, as well as growing concerns over a potential global economic recession.

Last week, the administration of U.S. President Donald Trump approved tariff exemptions for certain tech products—including smartphones, computers, and laptops—from high retaliatory tariffs previously imposed on Chinese goods. However, semiconductors will face new tariffs within the next two months.

Investors are paying close attention to remarks from Federal Reserve officials ahead of the upcoming meeting. The FedWatch tool currently indicates that the market sees a 10% chance the Fed will cut interest rates by 25 basis points in its May meeting.

Source: Fxstreet