Gold rises to $3,261 per ounce

Gold futures rose on Tuesday following a sharp decline the day before, which was triggered by reduced demand for safe-haven assets.

According to Report, June gold futures on the Comex exchange increased by 1%, reaching $3,261 per troy ounce.

The previous day, gold prices had dropped by around 3% amid news that the United States would lower tariffs on most Chinese goods to 30%, while Beijing would reduce tariffs on American goods to 10%. These changes are set to take effect on May 14 and will last for 90 days.

Additionally, market participants are awaiting U.S. inflation data for April, expected later today. Analysts surveyed by Trading Economics forecast that consumer price growth in the U.S. last month remained at March's level of 2.4%.