Gold Steady Near Record High as Trump Imposes First Tariffs
Gold was steady near a record high as President Donald Trump imposed sanctions and tariffs on Colombia, raising nervousness over the US’s readiness to use trade curbs in political disputes.
Bullion traded just below $2,770 an ounce after posting a fourth straight weekly gain. The White House imposed an emergency 25% levy on Colombian imports after the country refused to allow two US military planes carrying deported migrants to land. The move aided the US dollar and spurred risk-off sentiment across financial markets.
The metal has rallied more than 5% this year, helped by a falling dollar that makes it cheaper for most buyers. There was relief last week as Trump didn’t immediately impose threatened tariffs, but the action against Colombia highlighted how that could change quickly. The US has identified China, the EU, Canada and Mexico as potential targets for levies, raising concerns about trade wars and adding to haven demand.
Spot gold declined 0.1% to $$2,768.44 an ounce as of 8:50 a.m. in Singapore, near the record of $2,790.10 set in October. The Bloomberg Dollar Spot Index rose 0.2%. Silver, platinum and palladium all moved lower.
Source : Bloomberg
