Gold hit a new record of nearly $3,160 an ounce after President Donald Trump unveiled his sweeping "reciprocal" tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown.
Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal's haven status was underlined when it rose as much as 0.8% at Thursday's open in Asia, shortly after the president's Rose Garden address. It closed 0.7% higher on Wednesday.
Trump said he will apply a minimum 10% tariff on all exports to the US, with dozens of countries with the largest trade imbalances facing even higher rates. The levy imposed on China is 34%, while for the European Union it's 20% and for Vietnam 46%.
Read More: Trump Tariffs Spare No Country; Asia and Europe Are Hit Harder
Investors regard gold as a haven when concerns rise over the health of the global economy. Such worries have lifted the precious metal 20% this year after a ferocious run in 2024 that was largely driven by massive central bank purchases and robust demand in Asia.
Spot gold hit a new record of $3,159.48 an ounce after peaking at $3,149 on Tuesday.
Source : Bloomberg
Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last mont...
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer in...
Gold held steady just below its record, around $3,645/oz, after an unexpected decline in US producer prices (PPI) fueled hopes of Fed policy easing. The market now awaits the release of US CPI data Th...
Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meetin...
Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting i...
The United States was rocked by another political tragedy after Charlie Kirk, a conservative figure and close supporter of Donald Trump, was shot dead while attending an event at Utah Valley University. This incident immediately sparked national...
US stocks were in the green on Thursday, with the S&P 500 adding 0.3% to hit new highs, while the Nasdaq was up 0.3% and the Dow Jones rose almost 200 points as investors digested the latest US CPI report. The data came largely in line with...
Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts'...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...