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Gold Prices Soar Near Record High Amid US Tariffs and Inflation Fears

Economy News – Baghdad

During Asian trading hours on Tuesday, gold prices climbed, building on a record high achieved in the previous session as U.S. tariffs and inflationary concerns sustained demand for this safe-haven asset.

In immediate transactions, gold increased by 0.3% to $2,820.69 per ounce at 02:52 GMT, following a peak of $2,830.49 in the prior session.

Meanwhile, U.S. gold futures dipped by 0.2% to $2,852.70.

On Monday, U.S. President Donald Trump discussed tariffs on Mexico and Canada, proposing a 30-day halt in exchange for concessions aimed at enhancing border security. Additionally, tariffs on Chinese goods were set to commence later that day. Market sentiment suggests that Trump’s tariff policies are contributing to inflationary pressures.

Market strategist Yip John Rong from IG noted, “Gold prices may continue to receive support amidst the current volatile environment, as market fluctuations and political changes are likely to prevail.”

Historically, gold has served as a hedge against inflation and geopolitical uncertainty.

In the realm of other precious metals, silver rose by 0.2% to $31.61 per ounce, platinum increased by 0.7% to $970.80, and palladium saw a one percent rise to $1,019.31.

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