Gold prices fell in Asian trade on Thursday, pulling back further from record highs on pressure from a stronger dollar, as U.S. President Donald Trump kept up his threats of increased trade tariffs.
The yellow metal was hit with a wave of profit-taking from record highs this week, even as the prospect of higher trade tariffs and a cooling U.S. economy kept safe haven demand in play. Gold prices struggled to cross the $3,000 an ounce level.
Reports that a U.S.-brokered peace deal between Russia and Ukraine was close undermined some safe haven demand for gold.
Broader metal prices were also pressured by strength in the dollar, which was now set for mild weekly gains as it recovered from a slump to 2-½ month lows.
Spot gold fell 0.9% to $2,890.73/oz, while gold futures expiring in April fell 0.9% to $2,903.39/oz by 00:59 ET (05:59 GMT).
Gold set for weekly losses despite scaling record high
Gold prices were set to lose between 1.4% and 2% this week, as they were hit with profit-taking after reaching record highs near the beginning of the week. Spot gold reached a peak of $2,956.37 an ounce.
The yellow metal was buoyed chiefly by increased safe haven demand, as Trump threatened to impose more trade tariffs on key commodities and U.S. trading partners. Trump also outlined a slew of measures against China, which could spark a renewed trade war between the world's biggest economies.
Trump on Wednesday said 25% tariffs against Europe were coming soon, but said that 25% duties against Canada and Mexico will likely be postponed to early April from their initial deadline of next week.
Source: Investing.com
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...