Economy News – Baghdad
Gold prices experienced an uptick today, Monday, nearing the previous session’s highest recorded levels, as investors sought refuge amidst renewed market uncertainties following U.S. President Donald Trump’s announcement of new tariffs, sparking fears of a potential global trade conflict.
In immediate trading, gold rose by 0.3 percent to $2,868.66 per ounce by 00:05 GMT, following a peak of $2,888.62 set last Friday.
Meanwhile, U.S. gold futures increased by 0.2 percent, reaching $2,894.00 per ounce.
Over the weekend, President Trump revealed plans to impose a 25% tariff on all steel and aluminum imports to the United States, which compounds existing duties on these metals and represents a significant escalation of his trade policy reforms.
Additionally, Trump indicated his intentions to announce reciprocal tariffs on several countries by either Monday or Tuesday of the upcoming week.
“Ongoing global trade tensions are likely to elevate gold prices to the range of $2,900 to $2,910 in the near term,” stated Corphen Wong, Chief Market Analyst for the Asia Pacific region at OANDA.
“Currently, I do not foresee a significant correction unless there is a robust surge in the U.S. dollar,” Wong added.
Gold remains a favored investment during times of economic and financial instability; however, elevated interest rates can diminish its appeal.
In other precious metals trading, silver remained steady at $31.82 per ounce, while platinum saw a 0.3 percent decline to $973.60. Palladium, on the other hand, rose by 0.4 percent to $968.29.
For more updates, subscribe to our channel on Tilekram
