Gold Prices Remain Elevated Amid Trade Concerns
Gold prices have demonstrated resilience on Thursday, maintaining high levels seen in recent days at $2,918 per ounce.
Ongoing uncertainties regarding U.S. customs definitions of trading partners have contributed to this elevation in gold prices. Despite claims from former President Donald Trump that the newly implemented 25 percent customs identification for Canada and Mexico does not materially impact trade, the ramifications of the ongoing trade conflict are still visibly affecting gold prices.
In February, the U.S. private sector failed to meet job creation forecasts, adding further pressure to the economic landscape. While analysts had anticipated the creation of 140,000 new jobs, actual figures indicated only 77,000 new jobs were added during the month.
Additionally, there are growing concerns regarding a slowdown in the U.S. industrial sector. These factors have collectively exerted downward pressure on the value of the dollar, which in turn has contributed to the sustained high prices of gold.
