Gold Breaks $5,150 as Market Digests Trump's Tariff Ruling
Gold prices continued their rally and recorded their third consecutive weekly gain, amid growing trade policy uncertainty after the Supreme Court overturned President Donald Trump's use of emergency powers to impose trade tariffs. This situation has again boosted interest in safe-haven assets, especially as the direction of US tariff policy is considered unfinished.
In early trading, gold bullion strengthened by 0.9% and moved above $5,150 per ounce. Trump on Saturday announced plans to raise global tariffs from 10% to 15% to maintain protectionist measures. Meanwhile, senior US officials assessed that the Supreme Court ruling did not necessarily invalidate the negotiated agreement, but the European Union threatened to delay ratification of the pact with the US until policy clarity was achieved.
Spot gold rose 0.8% to $5,145.79 per ounce as of 7:31 a.m. in Singapore. Meanwhile, the Bloomberg Dollar Spot Index weakened 0.2% on Friday, providing further room for the precious metal to strengthen.
Silver also strengthened, rising 1.9%, extending its positive momentum amid a combination of a weakening dollar and increased demand for safe havens due to tariff dynamics and cross-regional trade negotiations. (alg)
Source: Newsmaker.id
