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Trump orders 100% tariff on foreign-made movies

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U.S. Fed's interest rate verdict on Wednesday

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Trump to announce pharmaceutical tariffs over next two

weeks

(Adds comments, details and updates with mid-session trading)

By Anushree Mukherjee

May 6 (Reuters) - Gold prices rose to a two-week high on

Tuesday as concerns over U.S. President Donald Trump's tariff

plans boosted interest in safe-haven metal, while investors also

kept a close tab on the upcoming Federal Reserve policy meeting.

Spot gold was up 1.4% at $3,380.92 an ounce, as of

0224 GMT, after hitting its highest level since April 22 earlier

in the session.

U.S. gold futures climbed 2% to $3,389.90.

"Gold prices have a strong run-up to start this week, with

investors returning to the safe-haven asset to hedge against

portfolio volatility amid renewed tariff concerns from U.S.

President Donald Trump," said IG market strategist Yeap Jun

Rong.

Trump announced on Sunday a 100% tariff on movies produced

overseas, but issued few details on just how such a levy would

work.

On Monday, he said he intends to announce pharmaceutical

tariffs within the next two weeks.

On the radar this week is the Fed's interest rate decision

and Fed Chair Jerome Powell's comments due on Wednesday to get

clues on the U.S. central bank's rate trajectory. The Fed has

held its policy rate in the 4.25%-4.50% range since last

December.

"Any dovish signals could provide further support for gold,

reinforcing its broader upward momentum," Rong said.

The Fed will doubtless leave interest rates unchanged,

according to a Reuters report, which also mentioned that the

meeting may be the last where the outcome is so cut and dry with

Trump's tariffs casting a shadow of uncertainty over the

economic outlook.

"Fed officials will want to see evidence from labor market

and other hard data before cutting. We think this will take a

couple of months and therefore expect three 25bp cuts in July,

September, and October," Goldman Sachs said in a note.

Non-yielding bullion, a safeguard against political and

financial turmoil, also thrives in a low-interest-rate

environment.

Among other metals, spot silver rose 1.5% to $32.99

an ounce, platinum climbed 1.3% to $971.24 and palladium

advanced 0.5% to $945.75.