Gold prices rise after the new Trump customs duties

Gold prices rose, today, after US President Donald Trump announced the imposition of new customs duties on Canadian imports and launching wider threats to impose customs duties on other commercial partners, but the dollar’s strength has limited the gains amid the increasing indicators of the global trade scene turmoil.

Gold rose in instant transactions 0.3 percent to $ 3333.67 an ounce by 02:45 GMT.

US gold futures increased 0.6 percent to $ 3345.10.

Trump said on Thursday that the United States will impose customs duties by 35 percent on Canadian imports and plan to impose uniform customs duties by 15 percent or 20 percent on most other commercial partners.

This came in the wake of his announcement, Wednesday, that customs duties imposed 50 percent on copper imports and a similar tax on goods from Brazil, to add all of this to the customs duties that were sent earlier to other commercial partners, including Japan and South Korea.

All new customs duties that were announced will enter into force on the first of August.

“Although Trump’s customs wars are gaining momentum again, gold did not get the support he had previously obtained because investors have become more accustomed to the story of the customs duties and the policy -making style of Trump,” said Tim Water, a CCC market, said.

The dollar index is heading to record the best weekly performance since February 24, and makes the power of the precious metal metal more expensive for buyers other currencies.

Gold is usually seen as safe assets in times of economic fog.

For other precious minerals, silver in instant transactions rose 0.4 percent to $ 37.17 an ounce. Platinum fell 0.2 percent to 1358.61 dollars. Palladium increased 0.2 percent to $ 1143.55.