Gold Futures Rise to Near-Record High, Recovering Monday’s Losses
Gold futures rose, holding steady after a small sell-off on Monday. Gold futures were up 0.3% at $3,025.20 an ounce, near Thursday’s all-time high of $3,065.20 an ounce. Riskier assets such as gold experienced a small sell-off on Monday and equities gained as market sentiment improved and safe-haven demand eased, Swissquote Bank’s Ipek Ozkardeskaya said in a note.
This reflects expectations that the next wave of U.S. tariffs, expected to arrive on April 2, will be more targeted and measured than previously thought, Ozkardeskaya wrote. The U.S. dollar also benefited from a rebound on tariff-related relief, further pressuring the precious metal. However, President Trump is still threatening to impose a 25% tax on any country that buys Venezuelan oil and significant uncertainty persists, keeping gold prices at a lower end.
Source: Bloomberg