Gold Regains Ground But Closes Well Off Early Highs

(RTTNews) - Following the nosedive seen over the past three sessions, the price of gold regained some ground during trading on Tuesday but closed well off its best levels of the day.

Gold for April delivery climbed $17.10 or 0.6 percent to $2,968.40 after surging as much as 2.1 percent to a high of $3,014.50 an ounce.

The price of gold moved sharply higher early in the day amid a broad based rebound by financial markets around the world amid optimism about negotiations on President Donald Trump's new tariffs.

Treasury Secretary Scott Bessent said approximately 70 countries have approached the White House about trade talks, with Japan purportedly getting priority status.

"I think you are going to see some very large countries with large trade deficits come forward very quickly," Bessent said during an interview on CNBC. "If they come to the table with solid proposals, I think we can end up with some good deals."

Trump also said in a post on Truth Social that he had a "great call" with South Korea's acting President Han Duck-soo and said the country's "top TEAM is on a plane heading to the U.S., and things are looking good."

The rebound by the price of gold also came as traders looked to pick up the precious metal at relatively reduced levels following the recent sell-off, which saw gold record its biggest three-day dollar decline since April 2013.

Buying interest waned over the course of the session, however, as stocks on Wall Street pulled back sharply amid ongoing concerns over rising tensions between the U.S. and China.

China has vowed to "fight to the end" after Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

A White House official told CNBC the effective tariff rate on China will spike to 104 percent at midnight, when Trump's other "reciprocal tariffs" are also set to take effect.