Gold reaches the highest level in 3 weeks

Gold prices rose to their highest level in 3 weeks, on Monday, backed by a safe haven after US President Donald Trump threatened to impose customs duties by 30 percent on imports from the European Union and Mexico.

Gold rose in instant transactions 0.5 percent to $ 3371.34 an ounce by 0045 GMT, the highest level since June 23.

US gold futures jumped 0.7 percent to $ 3386.20.

On Saturday, Trump threatened to impose customs duties by 30 percent on imports from Mexico and the European Union as of August 1, after negotiations that lasted for weeks with the largest trade partners of the United States without reaching a comprehensive trade agreement.

Both the European Union and Mexico described these drawings as “unfair and destabilized”, while the European Union announced the extension of the suspension of the measures it will respond to the American customs duties until early August as a continued pursuit of a negotiating solution.

Investors are now awaiting the issuance of US inflation data for the month of June, to be issued, on Tuesday, to obtain indicators on the course of interest rates that the Federal Reserve (US Central Bank) will be decided. The markets are currently expecting that interest will be reduced by about 50 basis points by December.

Austan Golsby, head of the Federal Reserve Bank in Chicago, said that the new fees announced by Trump may raise concerns about inflation, which may lead the Federal Reserve to adopt the “waiting and anticipation” position, according to the Wall Street Journal on Friday.

The SBDD Gold Terrass, the world’s largest gold -backed box in the world, said that its precious metal possesses fell 0.12 percent to 947.64 tons on Friday compared to 948.80 tons on Thursday.

At the same time, the data of the Justice Contracts Trading Committee showed that those working in speculation in the gold markets reduced their net purchasing centers by 1855 contracts during the week ending July 8, bringing the total contracts to 134842.

For other precious minerals, silver in immediate transactions rose 0.4 percent to $ 38.49 an ounce. Platinum fell 1.1 percent to $ 1384. Palladium fell 1.7 percent to $ 1194.40.