Gold Sitting Pretty as Trump Ups the Ante and PBOC Buys
Gold stands a decent chance of rising to a record in the week’s opening session on the one-two lift from Donald Trump’s latest tariff salvo and continued purchases from the PBOC.
The haven may attract a solid bid given the wider fallout from Trump’s ever more aggressive trade policy, even as many of the details remain unclear. The latest targets are steel and aluminum imports, as well a as a plan for so-called reciprocal tariffs on countries that tax US imports.
On Friday, the People’s Bank of China said it had added bullion to reserves for a third month in January. That means Beijing was adding to its holdings of the precious metal in the same month that Trump took office, and as prices logged a monthly gain of almost 7%.
Source : Bloomberg
