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Gold was steady near a record high after President Donald Trump’s order for reciprocal tariffs against several nations increased uncertainty around trade and the global economy.
Bullion traded around US$2 930 an ounce, putting it on track for a seventh weekly gain — its longest run since August 2020.
Trump on Thursday signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis, a process that could take a while to complete.
Reciprocal tariffs would amount to Trump’s broadest action to address US trade deficits, yet his decision not to implement them immediately could be seen as an opening bid for negotiation rather than a sign he’s committed to following through.
The president has already imposed 10 percent levies on Chinese goods and plans to slap 25 percent duties on all US steel and aluminium imports next month.
Gold hit a record US$2 942,68 an ounce on Tuesday, with Trump’s disruptive moves on trade and geopolitics underscoring bullion’s role as a store of value in uncertain times. Investors are trying to get a read on the potential implications for the US economy and monetary policy should the White House’s policies reignite inflation and subdue growth.
Banks are calling for gold to hit US$3 000 an ounce amid ongoing demand for haven assets, with Citigroup saying last week it expects prices to reach that level within three months.
Central banks, including China’s, have added to holdings, while bullion-backed exchange-traded funds expanded — also supporting gold’s 12 percent gain so far this year.
Spot gold was up 0,1 percent to US$2 930,93 an ounce at 8:04 a.m. in Singapore, for a weekly advance of 2,4 percent. — Bloomberg.
Online Reporter