Gold prices fell to $2,880 an ounce on Thursday (27/2) after hitting a record high of $2,950 on Monday, pressured by a stronger U.S. dollar after President Donald Trump announced a new set of tariffs on major trading partners. The U.S. president announced 25% tariffs on Canada and Mexico for next week, minutes after Treasury Secretary Bessent only hinted at them for April. In addition, Trump announced restrictions on China and new levies on the European Union, further hurting demand for foreign currencies and boosting the U.S. dollar. On the economic data front, recent data continued to show an annualized growth rate of 2.3% for the U.S. in Q4. However, concerns about a weakening economy persist as a surge in jobless claims challenges a tight U.S. labor market. Elsewhere, signs of weakening physical demand emerged, as Chinese gold imports via Hong Kong fell to a nearly three-year low in January, while Swiss data last week showed a 99% year-on-year drop in gold exports to China. (Newsmaker23)
Source: Trading Economics
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