Friday saw a third consecutive session of gold price increases as demand for the safe-haven asset increased in response to US President Donald Trump’s announcement of fresh tariffs on Canada and broader tariff threats against other trade partners. As of 0755 GMT, spot gold was up 0.5% to $3,339.99 an ounce. At $3,351, US gold futures increased by 0.8%.
The desire for gold as a safe haven is increasing. Even if stock markets have reached all-time highs, some investors are still searching for a safety asset. Additionally, every decline in gold is now viewed as a chance to purchase, according to Swissquote external analyst Carlo Alberto De Casa.
Trump said on Thursday that the United States will apply a 35 percent tariff on Canadian goods and that it would impose blanket levies of 15 or 20 percent on the majority of its other trading partners.
Along with tariff notices already delivered to other trade partners, this comes after Wednesday’s declaration of a 50 per cent tax on US copper imports and a comparable levy on Brazilian commodities. Trump also raised doubts about the status of trade negotiations between Washington and the 27-nation group by stating that the European Union may get a letter on tariff rates by Friday.
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