Gold gained value with the hawkish statements from Fed officials, US-China tensions, and the decline in dollar and bond yields.

Gold continued its course at around $1,770 an ounce. Spot gold started to rise due to geopolitical risks. Although the panic atmosphere in the markets has somewhat dissipated, investors are following the latest developments closely after China stopped some commercial transactions with Taiwan in retaliation to Pelosi’s visit.

During the meeting with Taiwan’s leader Tsai Ing-wen on Tuesday, Pelosi said that, despite China’s threats of military retaliation, the United States will not leave Taiwan alone and will continue to support the democratically elected government. Pelosi has been the highest-profile US politician to visit the island in the last 25 years, leading to missile tests and military actions on the Chinese side.