Gold edges higher toward record as Trump tariffs aid haven bids
Gold rose toward a record high after President Donald Trump said he would announce duties on steel and aluminum imports on Monday, adding to increasing uncertainty in global financial markets.
Bullion traded near $2 869 an ounce — after advancing 2.2% last week — as the President’s latest trade threats helped boost demand for haven assets. Trump said on Sunday that 25% levies will apply to steel and aluminum from all countries, but did not specify when they would go into effect.
Traders will also focus on Federal Reserve Chair Jerome Powell’s semi-annual testimony to lawmakers on Tuesday and Wednesday for clues about the path forward for US monetary policy. Powell is likely to highlight the resilient economy as a key reason central bankers are in no rush to further cut borrowing costs — a scenario that in theory would be bearish for bullion as it pays no interest.
Still, the metal’s role as a store of value in uncertain times continues to drive investor appetite, with markets trying to get a read on the potential implications for the US economy and monetary policy if the new administration’s policies on trade and immigration reignite inflation and impact growth.
China’s central bank expanded its gold reserves for a third month in January, signaling ongoing commitment to diversify reserves even with prices at historically high levels.
Spot gold rose 0.3% to $2 869.09 an ounce as of 8:09 a.m. in Singapore, after touching an all-time high of $2 886.79 on Friday. The Bloomberg Dollar Spot Index was up 0.2%. Silver was steady, while platinum and palladium dipped.
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