Gold rose near $2,750 an ounce on Wednesday (22/1), extending gains of more than 1% from the previous session to hit its highest since early November. The precious metal was supported by a relatively weaker U.S. dollar and increased demand for safe-haven assets, as trade war concerns persisted following President Trump's announcement of potential tariffs.
Trump vowed to impose tariffs on the European Union and reiterated his consideration of 10% tariffs on China, following earlier remarks about the prospect of imposing hefty levies on Canada and Mexico. Meanwhile, traders continued to assess inflation risks, as Trump's policies are widely viewed as inflationary, potentially prompting the Federal Reserve to keep interest rates high for an extended period to control price pressures. This could reduce the appeal of gold, as higher interest rates increase the opportunity cost of holding non-yielding assets. (AL)
Source: Trading Economics
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