Gold pulls back after four-day ascent as Asian traders return

Gold retreated after four days of gains spurred by uncertainty over US trade policy and heightened tensions in the Middle East.

The precious metal pared some losses after earlier falling as much as 2.5%, helped by the weakness in the dollar. Bullion had climbed more than 7% over the previous four sessions, with investors drawn to safer assets as a Supreme Court ruling scuppered President Donald Trump’s tariff regime and the US faced off with Iran.

Markets are in a state of confusion after Trump said he would increase a global import levy to 15% following the US Supreme Court’s ruling against his so-called reciprocal tariffs. An earlier directive authorizing a 10% import tax went into effect Tuesday. The timeline for the higher levy is not yet finalized.