President Trump's threats to impose or raise tariffs on trading partners around the world have sent traders into gold futures — with the front-month contract closing up 1.6% at $2,914.30 an ounce. That was a new record for front-month gold, breaking through the $2,900 barrier for the first time.
Trump's latest threat, a 25% tariff on steel and aluminum shipped to the U.S., appears to have had a major impact on Canada and Mexico, with Canada selling about 60% of its aluminum imports to the U.S. But the market is uncertain whether that will be the case.
"Recent events have taught us all to take nothing for granted and it is still possible that an exemption or waiver will be agreed," Capital Economics said in a note. SPDR Gold rose 1.6%.
Source: Dow Jones Newswires
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