Gold Prices Surge on Trade War Fears
\ud83d\udcc8 Gold Prices:
- Spot Gold: $2,940.96/oz (+0.3%) | Record High: $2,947.23/oz
- Gold Futures (April): $2,957.80/oz (+0.2%)
\ud83d\udcca Precious Metals Performance:
- Platinum Futures: $992.70/oz (+0.2%)
- Silver Futures: $33.35/oz (+0.9%)
Key Drivers Behind the Rally
\ud83d\udea8 Trump’s Tariff Threats:
- 25% tariffs on automobiles, pharmaceuticals, and semiconductors planned within a month.
- Potential 25% tariffs on all lumber imports.
- Increased trade war fears with China, despite Trump hinting at a possible trade deal.
\ud83d\udcb5 Stronger Dollar Limits Gains:
- Hawkish Fed Minutes signal fewer interest rate cuts in 2024.
- Stronger U.S. dollar pressures gold prices, preventing a larger breakout.
\ud83d\udd3b Market Uncertainty Driving Safe-Haven Demand:
- Investors shift to gold and the yen amid rising trade risks.
- Equities under pressure as global trade concerns weigh on risk sentiment.
\ud83d\udd11 Key Takeaways
\u2714 Gold hit a record high at $2,947.23/oz before pulling back slightly.
\u2714 Safe-haven demand surged as Trump escalated tariff threats.
\u2714 A strong U.S. dollar and Fed’s hawkish stance limited gold’s gains.
\u2714 Platinum and silver also gained, tracking gold’s strength.
\ud83d\udd17 Track Gold Prices & Commodity Trends with FMP
