PRECIOUS-Gold climbs as softer dollar, tariff tensions buoy demand

By Brijesh Patel

April 15 (Reuters) - Gold prices gained on Tuesday, helped by safe-haven demand as U.S. President Donald Trump's uncertain tariff plans kept investors on edge, while an overall weaker dollar also lent support.

Spot gold XAU= was up 0.6% at $3,230.18 an ounce as of 1:47 p.m. ET (1747 GMT). Bullion hit a record high of $3,245.42 on Monday.

U.S. gold futures GCcv1 rose 0.4% to settle at $3,240.40.

"Traders are waiting for the next major fundamental development to drive the gold market, but the charts remain bullish. There's still safe-haven demand," said Jim Wyckoff, senior analyst at Kitco Metals.

Federal Register filings on Monday showed the U.S. administration is advancing investigations into pharmaceutical and semiconductor imports in a bid to impose tariffs.

Trump said on Sunday he would announce the tariff rate on imported semiconductors over the next week.

The price of gold, a safe haven during times of political and financial uncertainty, has risen over 23% so far in 2025 and scaled multiple record highs.

"The rise in the gold price is also partly in line with the continuing weakness of the dollar, which points to a gradual erosion of the U.S. currency's status as a safe asset - gold is likely to be an alternative for many USD investors," Commerzbank said in a note.

"The short-term monetary policy outlook is providing further support for gold."

The dollar neared a three-year low against its rivals, making gold more attractive for other currency holders. USD/

Financial markets expect the Federal Reserve to resume cutting interest rates in June after pausing in January, and reduce its policy rate by 100 basis points this year. FEDWATCH

Investors now await comments from Fed Chair Jerome Powell, who is scheduled to speak on Wednesday, for more clues on the interest rate path.

Elsewhere, spot silver XAG= eased 0.1% to $32.32 an ounce and platinum XPT= rose 0.9% to $959.75, while palladium XPD= gained 1.7% to $972.57.