A slight rise in gold prices amid anticipation of Trump’s plans and American inflation data

Gold prices recorded a slight increase today, Thursday, amid the markets for the developments of US President Donald Trump’s plans on customs duties, which may lead to an escalation of a global trade war, while investors are awaiting US inflation data to be released later today.

By 0024 GMT, gold in instant transactions rose 0.1% to $ 2905.12 an ounce, after prices fell by more than 1% in the last session after the declarations of the consumer price index in the United States were released. Gold had recorded a record level at $ 2942.70 on Tuesday.

While US gold futures stabilized at $ 2929.60, amid expectations that the Federal Reserve will not hurry to resume reduction in interest rates, due to the continued inflation concerns.

The President of the Federal Reserve, Jerome Powell, stressed before the Financial Services Committee in the House of Representatives that the recent data indicates that “the battle with inflation has not yet ended,” which requires patrolling to reduce interest rates in order to ensure that inflation will return to the target rate at 2%.

In a related context, Trump threatened to impose counter -duties on any country that imposes fees on American imports, which increased concerns about the escalation of the World Trade War and its potential impact on inflation rates in the United States.

Waiting for the data index’s price index data, which will be released later today, investors seek to obtain more evidence of US monetary policy.

As for other precious metals, silver in instant transactions increased by 0.1% to 32.26 dollars an ounce, while platinum settled at 992.32 dollars, and palladium rose 0.2% to 975.48 dollars.