Economic Update – Baghdad
On Tuesday, gold prices experienced a notable increase as investors sought refuge in safe-haven assets following new 25 percent tariffs imposed by US President Donald Trump on steel and aluminum imports. This move has heightened fears of a potential trade war and accompanying inflationary pressures.
In real-time trading, gold prices rose by 1.1 percent, reaching $2,939.80 per ounce at 02:29 GMT, following a session peak of $2,942.70.
Similarly, US gold futures mirrored this trend, climbing 1.1 percent to $296.00 per ounce.
So far this year, gold has achieved its eighth significant rise, largely propelled by Trump’s tariff threats, which have increased concerns over global economic growth, trade conflicts, and inflation.
Historically, gold has served as a hedge in times of political and economic uncertainty.
The recent tariff threats have ignited another wave of demand for gold, pushing the precious metal towards previously uncharted territory, with possibilities of reaching $3,000.
In addition to gold, silver also saw an uptick, with prices rising by 0.4 percent to $32.16 an ounce.
In contrast, platinum prices dipped by 0.4 percent, settling at $989.50 an ounce, while palladium gained 0.4 percent, reaching $986.97.
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