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Gold started the week with a fresh record high, ahead of President Donald Trump’s expected latest tariff barrage that heightened concerns of a global trade war.
Bullion gained as much as 0,8 percent to top US$3 110 an ounce, beating the previous all-time high set on Friday when it recorded a fourth weekly gain, with prices supported by growing haven demand amid a risk-off mood for markets.
Trump last week signed a proclamation to slap a 25 percent tariff on auto imports, while traders also bracing for the White House’s so-called reciprocal tariffs due Wednesday.
Gold is up about 18 percent this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fuelled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties.
Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.
Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group this week ramping up its forecast to US$3 300 an ounce by year-end.
The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange-traded funds as reasons for the increase.
Spot gold was trading at US$3 110.07 an ounce as of 11:06 a.m. in Singapore. The Bloomberg Dollar Spot Index eased 0,2 percent. Silver, platinum and platinum gained. — Bloomberg.
Online Reporter