Investors flock to gold as a safe haven, driving prices to unprecedented levels. Trump's tariff threats on steel and aluminium further fuel the upward trend.
The gold price has reached an unprecedented high, driven by a surge in investor demand for safe haven assets. In early trading, the spot price of gold climbed by 1%, surpassing the previous record set last Friday, to reach $2,892 per ounce. This upward trajectory in gold prices has gained momentum in recent weeks, fueled by anxieties surrounding the potential ramifications of Donald Trump 's policies.
Since the beginning of the year, gold has witnessed a 10% surge, concluding 2024 at $2,623 per ounce.Kathleen Brooks, research director at XTB, attributes this latest price surge to the resurfacing of tariff threats within the market. Brooks posits that Trump's proposed new tariffs on steel and aluminium could further propel gold prices upward. Notably, Trump unveiled his latest tariff plans late on Sunday, indicating a seeming disregard for the anticipated market response.Contrary to his usual practice, where he typically announces tariffs earlier in the weekend, seemingly monitoring the reaction and allowing himself ample time to retract before significant stock or risk asset declines, this late announcement suggests Trump's unwavering resolve to implement these tariffs on these industries
GOLD TARIFFS INVESTMENTS MARKET DONALD TRUMP
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