Today’s Gold Price Sees Increase Amid Market Influences
This Wednesday, the price of gold has experienced a notable increase, following a decline observed the previous day, largely attributed to the strategic sales activities by technology companies.
The economic policies implemented by President Donald Trump regarding tariff implications on trading partners have once again impacted the gold market, leading to a surge in gold prices.
After the Asian market sessions, the price of gold rose by 0.8% to reach $2,762 per ounce.
On Tuesday, gold prices had dropped by 1%, following a sharp sell-off in the markets.
Daniel Pavloni, a senior analyst at RJ O’Brien futures, commented on the current situation, stating, “The rise in gold prices is a reaction to the commentary from Monday regarding tariffs and geopolitical uncertainties, along with expectations for inflation increases.”
President Trump has indicated that tariffs will target the import of electronic chips, pharmaceuticals, and metals, aiming to encourage domestic production of these goods in the United States.
Trump’s macroeconomic and trade policies have created apprehensions about potential trade conflicts, which in turn is influencing gold purchasing trends among investors.