Gold prices surged to a record high on Thursday as escalating trade war fears, fueled by U.S. President Donald Trump’s tariff threats, increased safe-haven demand for the precious metal.<\/p>\n\n\n\n
Spot gold rose 0.4% to $2,944.38 an ounce by 11:28 a.m. ET (1628 GMT), after hitting an intraday high of $2,954.69, marking its tenth record high this year. U.S. gold futures gained 0.9% to $2,962.30. Gold has gained 12% so far this year as investors seek safety amid geopolitical uncertainties.<\/p>\n\n\n\n
\u201cOngoing trade tensions continue to stoke inflation and growth concerns and therefore safe-haven interest in gold,\u201d said Peter Grant, vice president and senior metals strategist at Zaner Metals.<\/p>\n\n\n\n
Trump announced on Wednesday that he would introduce tariffs on lumber, cars, semiconductors, and pharmaceuticals \u201cover the next month or sooner.\u201d Since taking office, he has imposed a 10% tariff on Chinese imports and a 25% tariff on steel and aluminum.<\/p>\n\n\n\n
\u201cWe continue to see central bank buying throughout the year, which is one of the main underlying factors of support. We are also seeing ETF flows with three straight days of inflows into the gold market,\u201d said Phillip Streible, chief market strategist at Blue Line Futures.<\/p>\n\n\n\n
Trump also labeled Ukrainian President Volodymyr Zelenskiy as a dictator on Wednesday, urging him to secure peace quickly to avoid losing his country. A potential peace deal could momentarily lower geopolitical tensions and weigh on gold prices in the short term.<\/p>\n\n\n\n
However, Peter Grant of Zaner Metals noted, \u201cThe all-time high could hold for a number of weeks as there are sufficient fundamental factors that remain very supportive.\u201d<\/p>\n\n\n\n
Minutes from the Federal Reserve\u2019s latest policy meeting showed that Trump’s initial policy proposals had heightened inflation concerns, supporting the central bank\u2019s decision to pause further rate cuts.<\/p>\n\n\n\n
Gold exports from Switzerland rose year-on-year in January, with shipments to the U.S. reaching their highest level in at least 13 years, according to Swiss customs data. Other precious metals also gained, with spot silver rising 1% to $33.04 an ounce, platinum up 0.7% to $978.48, and palladium advancing 1.5% to $982.41.<\/p>\n\n\n\n
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Gold prices surged to a record high on Thursday as escalating trade war fears, fueled by U.S. President Donald Trump’s tariff threats, increased safe-haven demand for the precious metal. Gold Prices and Market Performance Spot gold rose 0.4% to $2,944.38 an ounce by 11:28 a.m. ET (1628 GMT), after hitting an intraday high of $2,954.69,<\/p>\n","protected":false},"author":5,"featured_media":6239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[397,1858,3146,3533,1567,3532,1137,3535,3534,3085],"class_list":{"0":"post-6238","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-federal-reserve","9":"tag-geopolitical-tensions","10":"tag-gold-prices","11":"tag-inflation-concerns","12":"tag-market-performance","13":"tag-precious-metals","14":"tag-record-high","15":"tag-safe-haven-demand","16":"tag-trade-war-fears","17":"tag-u-s-tariffs"},"_links":{"self":[{"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/posts\/6238"}],"collection":[{"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6238"}],"version-history":[{"count":1,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/posts\/6238\/revisions"}],"predecessor-version":[{"id":6240,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/posts\/6238\/revisions\/6240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=\/wp\/v2\/media\/6239"}],"wp:attachment":[{"href":"https:\/\/guardianglobe.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/guardianglobe.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}