Gold gains as Trump tariffs continue to unsettle global markets, driving investors toward safe-haven assets. On Friday, gold prices surged over 1%, reflecting growing concerns about trade tensions.
Spot gold rose to $3,356.93 per ounce by 2:43 p.m. EDT, marking its highest point since late June. Meanwhile, U.S. gold futures ended the day up 1.4% at $3,371.20. Investors acted quickly following the White House’s fresh announcement of import tariffs.
Donald Trump declared a 35% tariff on Canadian goods starting next month. He also hinted at additional 15% to 20% tariffs on several other nations. This move rattled global equity markets and reignited fears of a prolonged trade war.
In addition, Trump introduced a 50% levy on U.S. copper imports and similar duties on Brazilian exports. The mounting tariffs pushed traders to seek safety in gold, a traditional hedge during uncertainty.
According to State Street Global Advisors, gold gains as Trump tariffs reintroduce the “uncertainty premium” to markets. Aakash Doshi, the firm’s global gold strategy head, noted that investors now expect a trading range of $3,100 to $3,500 in Q3.
Federal Reserve Governor Christopher Waller also influenced sentiment. He confirmed a possible interest rate cut in July, encouraging further bullish movement in the gold market.
The impact extended beyond gold. Silver jumped 3.9% to $38.46 per ounce, reaching its highest since 2011. Platinum and palladium followed with gains of 2.8% and 6.5%, respectively.
Analysts believe palladium’s rally may stem from fears over upcoming U.S. sanctions against Russia. Traders anticipate these could disrupt metal supplies.
The London-New York futures price gap widened as well. Trump’s copper tariff announcement sparked activity that boosted lease rates across several metals.
Still, despite these shifts, gold remained the centerpiece of investor focus. The search for security drove steady demand as uncertainty grew.
In summary, gold gains as Trump tariffs reshape market expectations and lead to notable price movements in precious metals. Investors appear poised to continue favoring gold as protection against rising global risks.
For more business updates, visit DC Brief.
