Gold Surges Amid Tariff Tensions, Reaches Three-Week Peak
Gold prices hit a three-week high amidst fresh safe-haven demand due to uncertainties over U.S. President Trump's tariff plans. Spot gold and futures escalated as markets reacted to the impending tariff changes. Analysts suggest the metal's value might continue to rise in the upcoming quarters.
Gold surged to a three-week high on Monday, propelled by an uptick in safe-haven demand. This rise follows U.S. President Donald Trump's announcement of increased tariffs after the Supreme Court's decision against his previous tariffs. Spot gold climbed 0.9% to $5,150.59 per ounce by 09:08 a.m. ET.
Gold futures for April delivery increased 1.8% to $5,171.20. 'Economic and political challenges worldwide, along with subdued markets during the Lunar New Year, suggest a sharp rise in gold prices,' noted CPM Group’s Jeffrey Christian.
Trump reiterated his disapproval of the Supreme Court's ruling, while data indicates rising U.S. inflation and slowed economic growth. As markets await Federal Reserve commentary, gold remains appealing amid low interest rates.
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