Gold edges to $3,000/oz as Trump tariffs fan concern
GOLD went within a whisker of $3,000 per ounce as President Donald Trump’s aggressive tariff agenda fanned concerns about the potential hit to growth, hurting demand for risk assets and aiding flows into bullion-backed funds, said Bloomberg News.Spot gold was last trading at $2,983/oz, rising 2.34% this week and putting it on track for the biggest gain since November. Futures in New York — which trade at a premium to cash prices — comfortably topped $3,000 an ounce, said the newswire.“The psychological $3,000 level is now coming into view,” Yeap Jun Rong, a market strategist at IG Asia told Bloomberg News. “As we approach the second quarter — where reciprocal tariffs could trigger another wave of market turbulence — gold remains a compelling safe-haven asset in an environment where alternatives are scarce.”The precious metal has performed robustly this quarter, extending a strong annual gain in 2024, as the US administration’s aggressive trade agenda damped appetite for risk assets including shares, with the key S&P 500 equity gauge entering a correction this week. Bullion’s advance has also been supported by central-bank buying, inflows into EFTs, and a wave of bank forecasts that greater gains may lie in store, said the newswire.Among moves on trade, Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages. He also said he would not repeal levies on steel and aluminum that took effect this week, nor back off plans for sweeping reciprocal tariffs on global trading parters set to start as soon as April 2.Global holdings in bullion-backed ETFs rose to about 2,687 tons, according to a preliminary Bloomberg tally – the most since November 2023.Banks are increasingly confident that further gains are in store, mapping out targets that would have seemed outlandish to many investors just a few quarters ago. Earlier this week, Macquarie Group forecast for a spike to $3,500 an ounce in the second quarter, while BNP Paribas SA raised its outlook to show average prices well above $3,000, said Bloomberg News.The post Gold edges to $3,000/oz as Trump tariffs fan concern appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com
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