Trump’s Trade Plans Boost Gold Appeal
Gold prices rose on Tuesday, marking gains for the second consecutive session, but remained below last week’s peak amid ongoing uncertainty about President Donald Trump’s tariff plans, fueling economic growth concerns and enhancing gold’s appeal as a safe-haven asset.
Price Update
Gold in spot transactions increased by 0.6% to $2,913.79 per ounce by 07:14 GMT. Last week, gold hit a new peak at $2,942.70. U.S. gold futures also rose by 0.9% to $2,925.50, according to Reuters data.
Financial expert Nikos Tzabouras from the trading platform Tradeweb commented, “Trump’s disruptive style, aggressive rhetoric, and tariffs, whether already implemented or just threatened, could lead to a collapse in global trade and complex supply chains.”
Since taking office last month, Trump has imposed a 10% tariff on Chinese imports, announced a 25% tariff on goods from Mexico and non-energy imports from Canada (later postponed), set a deadline for a 25% tariff on steel and aluminum imports, and plans counter-tariffs against all countries that impose tariffs on U.S. imports.
Gold is traditionally seen as a hedge against inflation and geopolitical uncertainty.
Regarding other precious metals, silver in spot transactions fell by 0.9% to $32.50 per ounce. Platinum increased by 0.9% to $985.20, while palladium rose by 1.6% to $978.
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