Gold climbed to another record high early on Thursday as the dollar weakened after U.S. President Donald Trump said he will impose 25% tariffs on auto imports into the United States.
Gold for June delivery was last seen up US$37.60 to US$3,089.90 per ounce, rising above Tuesday's record close of US$3,044.00.
Trump's impulsive tariffs threats are boosting safe-haven demand for gold, as global equity markets are roiled by the levies, which promise to boost inflation and slow global growth.
"Ongoing uncertainty around tariffs after Trump's auto tariff announcement and the broader April tariff announcements ahead has been arguably the biggest factor in gold prices in our view and will remain so in the near term. Essentially, we think that tariffs and related uncertainty are responsible for the bulk of gold's price gains as of late and for gold holding onto recent price levels. Economic sentiment has deteriorated and soft data points to a growing appeal for gold," Christopher Louney, a commodities strategist at RBC Capital Markets, wrote.
The dollar moved lower early, with the ICE dollar index last seen down 0.21 points to 104.24. Treasury yields were mixed, with the U.S. two-year note last seen paying 4.008%, down 2.3 basis points, while the yield on the 10-year note was up 1.8 points to 4.375%
Source: MT Newswires
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