Gold shines again, registering the highest level in two weeks

Gold prices have risen to the highest level in two weeks today, Tuesday, as concerns about US President Donald Trump’s plans regarding customs duties led to the promotion of the demand for metal, which is considered a safe haven, while investors are also awaiting the meeting of the Federal Reserve (US Central Bank) next.

By 02:24 GMT, gold in instant transactions rose 1.4 percent to $ 3380.92 an ounce, after he recorded the highest level since April 22 earlier in the session.
And US gold futures increased two percent to $ 3389.90.

“Gold prices witnessed a strong rise at the beginning of this week, with investors returning to the assets of safe haven to hedge against wallet fluctuations amid renewed concerns about US President Donald Trump’s customs,” said Yip John Rong, a market analyst at iG.

On Sunday, Trump announced the imposition of 100 percent customs duties on all films produced outside the United States, but he did not have details about how these fees are applied.

He said he intends to announce customs duties on medicines in the next two weeks.

This week, attention is directed to the Federal Reserve’s decision on the interest rate and the statements of its president, Jerome Powell, tomorrow, Wednesday, in an effort to evidence about the interest course.

The US Central Bank has kept the interest rate in a range between 4.25 percent and 4.50 percent since December.

“Any indications of facilitation may provide more support for gold, which enhances its upper momentum,” Rong said.

Certainly, the Federal Reserve will leave interest rates unchanged, according to a Reuters report, also that the meeting may be the last in which the result is settled due to Trump’s customs duties, which casts a shadow over economic expectations.

The yellow metal, which does not generate returns and which represents a hedge in the face of political and financial turmoil, is refreshing in light of low interest rates.

For other precious minerals, silver increased in instant transactions 1.5 percent to $ 32.99 an ounce, platinum increased 1.3 percent to 971.24 dollars, and palladium rose 0.5 percent to 945.75 dollars.