Gold Futures Rise on Softer U.S. Dollar, Tariff Concerns
Gold futures rise, holding close to near-record highs. Futures are up 0.4% at $3,032.70 a troy ounce, near their all-time high of $3,065.10 an ounce set on Thursday. Gold is benefiting from a softer U.S. dollar, rising central bank demand and fears of a potential universal U.S. tariff, Deutsche Bank analysts say in a note.
China, in particular, is driving the bigger share of central bank demand at 48%, Deutsche Bank says. This rise in bank demand is outweighing shrinking global jewelry demand, which is expected to be at the lowest rate since 1989 amid record high prices, the analysts write. There are increased efforts to import gold to the U.S. ahead of a potential universal tariff, while higher U.S. federal debt is expected to increase prices further, the analysts add.
Source: Bloomberg
