Gold rises to its highest level in 3 weeks due to the repercussions of the US tariff ruling
Gold prices rose to their highest level in 3 weeks, today, Monday, supported by the uncertainty raised by the US Supreme Court’s decision to overturn a large part of Tariffs imposed by US President Donald Trump, which put pressure on the dollar and pushed investors towards safe havens.
And Goldin spot transactions rose 0.6% to $5,136.22 per ounce by 07:29 GMT, after earlier recording its highest level since January 30. US gold futures for April delivery also rose by 1.5% to $5,157.50.
Tim Waterer, chief market analyst at KCM Trade, said that the court’s decision on the customs duties added a new layer of uncertainty to global markets, prompting traders to return to gold as a safe haven, despite the ruling angering the US President.
The US Supreme Court had, on Friday, invalidated the broad customs duties that Forced by TrumpBased on a law designated for national emergencies, in a historic ruling that has major repercussions on the global economy.
Following the decision, Trump announced his intention to raise the temporary customs tariff on US imports from all countries from 10% to 15%.
US stock futures and the dollar fell in Asia, on Monday, with the return of uncertainty over US trade policy, which revived the wave of “selling American assets.”
/>Waterer indicated that gold’s ability to exceed the $5,400 level in the near term will depend on how long the uncertainty related to customs duties continues, in addition to whether the United States will take military action against Iran.
Iran has expressed its willingness to make concessions regarding its nuclear program during talks with the United States, in exchange for lifting sanctions and recognizing its right to enrich uranium, in an effort to avoid a possible American attack.
On the other hand, data showed It was reported on Friday that core inflation in the United States rose more than expected in December, with indications of additional acceleration in January, strengthening expectations that the Federal Reserve will not cut interest rates before next June. 0.4% to $1,740.25 per ounce.
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