The gold worth reached yet one more report excessive on Friday (March 14), breaking US$3,000 per ounce.
The dear steel has gained vital momentum because the starting of the 12 months. In early morning buying and selling on Friday, it briefly surged to US$3,004 per ounce earlier than falling again to US$2,989.
Friday’s rise comes amid heightening commerce tensions between the US and Europe. On Thursday (March 13), US President Donald Trump threatened to impose vital tariffs on key European merchandise, together with wine.
Gold worth chart, March 7 to 14, 2025.
Chart by way of the Investing Information Community.
The threats got here throughout every week of flared tempers. On Tuesday (March 11), Ontario Premier Doug Ford imposed a 25 p.c surcharge on electrical energy exports to the US. Though the expenses have been withdrawn after the 2 sides agreed to satisfy in Washington on Thursday, there may be nonetheless a lot uncertainty about Canada-US relations.
Broad 25 p.c tariffs on all metal and aluminum imports to the US went into impact on Wednesday (March 12). Canada shortly utilized retaliatory tariffs on US$20 billion price of products, whereas the EU responded with tariffs on US$28 billion price of products. Trump beforehand threatened to spice up the tariffs on Canadian metal and aluminum to 50 p.c, however backed down in the interim after Ford withdrew the 25 p.c electrical energy surcharge.
Trump has additionally stated he’ll impose additional tariffs on auto imports by April 2, creating vital uncertainty for producers and companies that depend on cross-border commerce.
Further tailwinds for gold’s momentum this week embrace the discharge of US shopper and producer worth index knowledge on Wednesday and Thursday, which exhibits that inflation has grow to be sticky.
This information is including extra gas to recession hypothesis and serving to to buoy gold.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
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