Gold hits over 2-month high on Trump policy risks, weak dollar
Gold prices jumped to an over two-month peak on Tuesday, supported by a weaker dollar and as markets flocked to the safe-haven asset amid uncertainty surrounding U.S. President Donald Trump's potential tariffs.
Spot gold climbed 1.3% to $2,742.48 per ounce by 02:36 p.m. ET (1936 GMT), reaching its highest level since Nov. 6 and nearing the all-time high of $2,790.15 set in October.
U.S. gold futures settled 0.4% higher at $2,759.20.
The dollar index slipped 1.2%, holding close to a two-week low hit in the previous session and making bullion less expensive for holders of other currencies.
"Today's move has largely been about the threat of U.S. blanket tariffs following Trump's inauguration. The information with respect to potential tariffs has only come in at a trickle," said Daniel Ghali, commodity strategist at TD Securities.
The newly elected president has not provided any specific details about the universal tariffs or extra surcharges on key trade partners, a key plank of his election campaign.
Spot silver rose 0.9% to $30.77 per ounce. Palladium gained 1.1% to $955.50 and platinum was little changed at $942.40.
Source: Reuters
