Gold continues to rise with the increasing demand for safe haven

Gold has increased today, with the increasing demand for safe haven amid the uncertainty surrounding customs duties that US President Donald Trump is expected to impose next week, amid fears of the slowdown in the economy and commercial tensions and anxiety about inflation.

By 04:25 GMT, the price of gold in instant transactions increased 0.1 percent to $ 3015.42 an ounce.

The American gold futures also rose 0.1 percent to $ 3019.40.

“There is still a fog about the extent and scope of the upcoming American counter -tariffs … gold still finds some support as a hedge against potential surprises,” said the market analyst in IG.

Trump said that customs duties on cars would be imposed soon, but he indicated that all the threatened fees on April 2, which Wall Street considered a sign of flexibility on a matter that shook the markets for weeks.

Customs duties policies

It is widely expected that Trump’s customs policies will slow economic growth, provoke more trade tensions and increase inflation.

Rafael Postic, head of the Federal Reserve Bank in Atlanta, said that he expects slower progress in inflation in the coming months, and as a result of this, it is expected that the Federal Reserve (the US Central Bank) will reduce the interest rate by a quarter of a percentage point only by the end of the year.

Gold, which is seen as a way to hedge, is often rising amid geopolitical and economic uncertainty, in light of low interest rates.

The expectations for reducing US interest rates this year and tension related to customs duties and geopolitical instability have helped about 15 percent of gold since the beginning of the year.

The markets will be awaited the price of personal consumption expenses, which is the preferred scale of inflation by the Federal Reserve, scheduled for Friday.

As for other precious metals, silver increased in instant transactions 0.3 percent to $ 33.1 an ounce, platinum fell 0.1 percent to 973.35 dollars, and palladium increased 0.3 percent to 953.78 dollars.