Gold (XAU/USD) prices had earlier hit an all-time high of $3,004, before falling back below $3,000, still posting a weekly gain of over 2.5% for now at the time of writing on Friday (3/14). The inflow and additional demand for Bullion came after US President Donald Trump retaliated against European tariffs, saying he would impose a 200% tariff on wine and champagne from the region.
This has spooked market participants into believing that all bets are off and that US President Trump will not back down or ease his stance on tariffs, raising more concerns about growth and demand for riskier assets. Meanwhile, US yields hit a five-day high on Thursday before falling.
Daily Market Movers Summary: Positions On Tariffs | Emas Turun Dari Rekor Tertinggi Sepanjang Masa Sebelumnya Di $3.000
President Donald Trump's aggressive tariff agenda has stoked concerns about a potential hit to growth, hurting demand for riskier assets and aiding inflows into bullion-backed funds, Bloomberg reported.
Several Chinese jewelry stocks have risen substantially this week. On Friday, mainland China-listed Zhejiang Ming Jewelry Co. surged to the 10% gain limit for a fourth day. Chow Tai Fook Jewellery Group also rose, suggesting traders are looking for related companies that could benefit from higher gold prices, Bloomberg reported.
Macquarie Group Commodity Strategy Team Leader Marcus Garvey pointed out on Thursday that holdings are still about 20% below their previous peak in 2020, meaning there is still ample room for inflows to increase in the precious metal, Reuters reported.
The CME Fedwatch Tool sees a 97.0% chance of no rate change at the Fed's upcoming March 19 meeting. The odds of a rate cut at the May 7 meeting are currently at 30.3%. (Newsmaker23)
Source: FXstreet
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