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Time of India
4 days ago
- Business
- Time of India
Gold hits three-week high as Trump widens trade war
Gold prices touched a three-week high on Monday, supported by safe-haven demand after U.S. President Donald Trump threatened to impose a 30% tariff on imports from the European Union and Mexico. FUNDAMENTALS by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Indonesia (Prices May Surprise You) Container House | Search ads Search Now Undo * Spot gold was up 0.5% to $3,371.34 per ounce, as of 0045 GMT, its highest since June 23. U.S. gold futures climbed 0.7% at $3,386.20. * Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. * Both the European Union and Mexico described the tariffs unfair and disruptive, while the E.U. said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement. Live Events * Investors now await the U.S. inflation data for June due on Tuesday for more cues on the Federal Reserve's interest rate path. Markets are currently pricing in just over 50 basis points worth of Fed easing by December. * Chicago Fed Bank President Austan Goolsbee said the new tariffs unveiled by Trump could spark fresh concerns about inflation, which might force the Fed to maintain its wait-and-see posture, the Wall Street Journal reported on Friday. * Gold, often considered as a safe-haven asset during economic uncertainties, tends to do well in a low-interest-rate environment. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.12% to 947.64 metric tons on Friday from 948.80 tons on Thursday. * Meanwhile, gold speculators cut net long positions by 1,855 contracts to 134,842 in the week to July 8. * Spot silver gained 0.4% at $38.49 per ounce, platinum fell 1.1% to $1,384 and palladium slipped 1.7% to $1,194.40. DATA/EVENTS (GMT) 0430 Japan, Tertiary Ind Act NSA May China, Imports, Exports YY June China, Trade Balance USD June.
Economic Times
19-05-2025
- Business
- Economic Times
Gold rises as dollar slips, Trump tariff threats fuel safe-haven demand
Gold prices rose more than 1% on Monday as the dollar weakened and as U.S. Treasury Secretary Scott Bessent reaffirmed President Donald Trump's tariff threats, boosting safe-haven demand amid renewed trade tensions. ADVERTISEMENT FUNDAMENTALS * Spot gold was up 1.4% at $3,247.40 an ounce as of 0025 GMT. U.S. gold futures gained 2% to $3,251.90. * On Friday, gold shed more than 2% and posted its worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed. * The dollar slipped 0.3% on Monday, making greenback-priced gold cheaper for overseas currency holders. * Trump will impose tariffs at the rate he threatened last month on trade partners that do not negotiate in "good faith" on deals, Treasury Secretary Scott Bessent said in television interviews on Sunday. * Trump's ongoing trade wars have severely disrupted global trade flows and roiled financial markets as investors grapple with what Bessent has called the Republican president's "strategic uncertainty," in his drive to reshape economic relationships in the U.S.'s favour. * In April, U.S. producer prices fell unexpectedly and retail sales growth slowed, while consumer prices rose less than expected, data showed. * Markets are expecting 54 basis points of rate cuts this year, with the reductions now seen starting from October. * Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. * Spot silver firmed 0.8% to $32.52 an ounce, platinum rose 0.6% to $993.70 and palladium gained 0.7% to $966.98. ADVERTISEMENT DATA/EVENTS (GMT) 0200 China Urban Investment(YTD),Retail Sales YY Apr 0200 China Unemp Rate Urban Area Apr 0430 Japan Tertiary Ind Act NSA Mar 0900 EU HICP Final MM, YY Apr. (You can now subscribe to our ETMarkets WhatsApp channel)
