Expectations of a sharp rise.. Trump’s tariffs push gold to its highest level in 3 weeks
Gold prices rose today, Monday, by more than 2%, reaching their highest level in 3 weeks, driven by a new wave of demand for safe assets, in light of the uncertainty regarding US President Donald Trump’s plans to impose new customs duties, and developments in the situation with Iran.
The price of gold in spot transactions increased by 2%, reaching $5,215.91 per ounce by 20:00 GMT, while gold futures contracts in the United States (April delivery) rose 2.8% at $5,225.60 per ounce.
In other precious metals, the price of silver rose 3.2% to $87.23 per ounce, which is its highest level in more than Two weeks.
On the other hand, the price of platinum decreased slightly by 0.7% to $2,140.75 per ounce, while palladium rose by 0.1% to reach $1,750.53 per ounce.
On the political level, US President Donald Trump renewed his criticism of the Supreme Court’s decision against his plan to impose customs duties, after announcing on Saturday his intention to raise temporary customs duties on all imports. The American percentage ranges from 10% to 15%, which is the maximum percentage permitted by law.
Jeffrey Christian, managing partner at the American… "CBM": "There are many economic and political problems around the world, and with markets calm during the Lunar New Year, we expect gold prices to rise sharply this week once the holiday ends in China and economic activity returns.".
Meanwhile, markets await signals from Federal Reserve (US central bank) spokespersons this week, which may clarify the path Interest rates more, in addition to any updates on developments in the crisis between the United States and Iran.
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