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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Gold hits record $3,000 per ounce for first time amid trade war tensions
U.S. gold futures were up 0.7% to $3,013.60.
Bullion has scaled 13 all-time highs so far this year and is on track for a second straight week of gains.
«The precious metal still has an abundance of reasons to pursue higher prices, including geopolitical and economic concerns, along with the prospects of Fed rate cuts,» said Han Tan, Exinity Group's chief market analyst.
U.S. President Donald Trump's tariffs have played a significant role in raising gold's demand. The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.
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SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings were at 905.81 metric tons after reaching its highest level since August 2023 in late February. Meanwhile, data on Wednesday showed U.S. consumer prices cooling more than analysts' expected, potentially creating more room for Federal Reserve rate cuts. The Fed's next meeting is on Wednesday, where it is widely expected to keep its benchmark overnight interest rate unchanged.
«Next week’s FOMC decision, along with Chair (Jerome) Powell’s signals, are set to dictate whether spot gold remains above or below $3k,» said Tan.
Traders expect policymakers will resume cutting borrowing costs in June.
«We maintain our bullish stance on gold, with prices expected to reach a record high of $3,050 per ounce in 2025,» analysts at ANZ noted.
Spot silver added 0.4% to $33.94 an ounce, platinum
The same topic in other media
Trump's tariff plans propel safe-haven gold to record high economictimes.indiatimes.com / 1 year ago
How to prepare for a declining US economy livemint.com / 1 year ago
Trump’s endless trade threats come at a growing cost livemint.com / 1 year ago
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markets
UPS
IPO
NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
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markets
Digital
CEO
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markets
IPO
Racing
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SpaceX
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21.05 / 09:47
markets
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markets
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markets
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UPS
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