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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Gold prices soar to all-time high over trade war concerns
Gold prices surged to a record high on Friday, as investors flocked to the safe-haven asset amid fears of a global trade war triggered by U.S. President Donald Trump's latest tariffs.
Spot gold climbed 0.9% to $3,082.39 an ounce as of 11:38 a.m. ET (1538 GMT) after hitting its eighteenth record high this year at $3,086.70 earlier in the session. Bullion is up 2% this week and is on track for a fourth straight weekly gain.
U.S. gold futures added 0.9% to $3,088.90.
«It continues to be the safe-haven demand on ramped-up concerns about tariffs, trade and ongoing geopolitical uncertainty as well,» that is supporting gold, said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold, traditionally seen as a hedge against economic and political instability, tends to thrive in a low-interest rate environment.
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The Personal Consumption Expenditures (PCE) price index increased 0.4% in February, compared with analysts' expectation of 0.3% rise, similar to January's increase.
The data isn't likely to change rate cut expectations very much, as it is only a little hotter than expected, Grant added.
The Fed has held interest rates steady so far this year after three rate cuts in 2024, but hinted at a potential half-percentage point in rate cuts later in the year.
The market is currently pricing 63 bps of Fed rate cuts by the year-end, starting in July.
Markets are now bracing for Trump's plans for reciprocal tariffs, which he intends to lay out on April 2.
Trump's policies are
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The trade war is about to ramp up. A guide for tariff week. livemint.com / 1 year ago
Gold price at Rs 90,000 isn't the end of nightmare for your budget. Set to soar to.... economictimes.indiatimes.com / 1 year ago
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