Gold News Todays: Gold rose to a new all-time high after US President Donald Trump imposed tariffs on Canada, Mexico and China, driving investors to safe havens, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.
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Gold is at a new record high
“However, the strength in the USD did provide some strong headwinds to Gold prices through the day yesterday. Despite the US coming to a deal with Canada and Mexico, which will see tariffs delayed by at least a month, the uncertainty over trade and tariffs continues to buoy Gold prices. ”
“Total known Gold ETF holdings have increased by more than 590k oz this year to 83.4m oz amid a move to safe-haven assets.”
Gold hit a record high of $2,848 during the North American session on Tuesday, as a drop in US Treasury bond yields weakened the US dollar. The “trade war” between the United States (US) and China fueled an exodus to the yellow metal’s safe-haven status. Yellow Metal is trading at $2,845, up more than 1%.
Geopolitical issues are pushing bullion prices higher. Although US President Donald Trump delayed tariffs on Mexico and Canada, a 10% duty on Chinese goods went into effect, prompting retaliatory measures by China.
