Gold Rises Again to Record with Dollar, Trade in Focus
Gold rose, nearing a record, as the U.S. dollar and Treasury yields fell, with traders assessing the U.S. push to try to end the war in Ukraine, as well as President Donald Trump’s disruptive moves on trade.
Bullion prices reached $2,917 an ounce, near a peak above $2,942 set earlier this week. Trump agreed in a phone call with Russian President Vladimir Putin to begin negotiations to end the war in Ukraine, which supported the euro. Bullion’s latest move higher follows a small gain on Wednesday even as data showed a stronger-than-expected rise in U.S. inflation that weakened the case for a rate cut.
Gold prices have soared this year, hitting back-to-back records and potentially testing $3,000 an ounce. The surge has been driven by demand for safe-haven assets, with traders trying to gauge the impact of the new administration’s stance on trade and geopolitics. Central banks including China have added to holdings, while bullion-backed exchange-traded funds have also risen.
Spot gold rose 0.5% to $2,917.08 an ounce as of 1:55 p.m. in Singapore, taking its gain this year to more than 11%. The Bloomberg Dollar Spot Index fell 0.3%. Silver, palladium and platinum rose.
Source: Bloomberg
