Gold passes $2,900 to record as Trump tariffs spur haven buying
(Bloomberg) — Gold (GC=F) rose to a record after US President Donald Trump said he would announce tariffs on steel and aluminum imports Monday, adding to increasing uncertainty in global financial markets.
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Bullion climbed to $2,903.21 an ounce — after advancing 2.2% last week — as the president's latest trade threats helped boost demand for haven assets. Trump said Sunday that 25% levies will apply to steel and aluminum from all countries, but he didn't specify when they would go into effect.
'Gold remains in a sweet spot, with little standing in its way,' Westpac Banking Corp. analyst Richard Franulovich said in a note. 'An intrinsically unpredictable and disruptive Trump, hurtling tariff threats at allies and adversaries alike, alongside the threats of 100% tariffs on the BRICs if they diversify away from the dollar, all point to a lift in gold's safe-haven appeal.'
Traders also will focus on Federal Reserve Chair Jerome Powell's semiannual testimony to lawmakers 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 cut borrowing costs further — a scenario that, in theory, would be bearish for bullion since it pays no interest.
Still, the metal's role as a store of value in uncertain times continues to drive investor appetite. Markets are 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 affect growth.
China's central bank expanded its gold reserves for a third month in January, signaling ongoing commitment to diversify holdings even with prices at historically high levels.
Asia's largest economy also announced a pilot program to allow 10 major insurers to invest as much as 1% of their assets in bullion for the first time. That would translate into a potential 200 billion yuan ($27.4 billion) of funds, Minsheng Securities Co. said in a note.
Spot gold rose 1.5% to $2,902.75 an ounce as of 9:54 a.m. in London. The Bloomberg Dollar Spot Index was little changed. Silver, platinum and palladium rose.
—With assistance from Jack Ryan.
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