CommoditiesEconomy

Gold Prices Surge to $2,817 Amid Tariff Turmoil

Gold Market Update

Gold closed at $2,799 per ounce on Friday, with prices continuing to rise before market closure.

By Friday afternoon, yellow metal prices reached $2,817 per ounce.

The recent surge in gold prices is attributed to the new customs definitions imposed by the United States on Canada and Mexico.

US President Donald Trump has stated that he is determined to implement a 25 percent tariff on imports from these two countries.

Analyst Philip Straibel from Bloyne Futures commented, “There is concern that the implementation of these customs definitions will hinder US economic growth.”

“In an environment where economic growth is slowing and inflation is rising, we often see an increase in gold prices,” he added.

Trump’s tariff strategy is a response to escalating inflation, which could spark a trade war and drive investors toward gold as a safe-haven asset.

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