Gold climbs toward record as global trade war concerns dominate
Holdings in gold-backed exchange-traded funds have expanded for the past 12 weeks straight, the longest run since 2022. (EPA Images pic)
SINGAPORE : Gold rose toward a record as the debilitating US-led trade war underpinned demand for haven assets, with data due in the coming days that may highlight early signs of damage to the global economy.
Bullion for immediate delivery climbed toward US$3,354 an ounce – just below the peak set last week – as the dollar fell.
On Tuesday, the International Monetary Fund is set to lower its outlook for growth in new projections, while purchasing manager indexes the following day will offer a broad snapshot of economic activity since President Donald Trump's tariff push.
Gold has soared to successive records this year as the trade conflict has unsettled global markets, hurting appetite for risk assets while accelerating a rush to havens.
Holdings in bullion-backed exchange-traded funds have expanded for the past 12 weeks straight, the longest run since 2022. Central banks have also been adding to their holdings, underpinning robust worldwide demand.
Bullion traded 0.8% higher at US$3,353.47 an ounce at 8.07am in Singapore, as the Bloomberg Dollar Spot Index fell 0.3%. Silver and platinum were little-changed, while palladium declined.
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