Gold Holds Near Record High on Worries Over US Economic Outlook
Gold steadied near a record high after US consumer confidence fell sharply, signaling trouble for the world’s No. 1 economy.
Bullion traded near $3,021 an ounce, after rising 0.3% in the previous session. Consumer confidence dropped to the lowest level in four years in March on concerns over escalating trade wars and higher prices, adding to gold’s allure as a haven asset.
The US, meanwhile, announced that Russia and Ukraine had reached a ceasefire deal in the Black Sea. The Kremlin confirmed the statement, but said it was conditional on Washington lifting sanctions on banks and companies involved in agricultural exports.
A reduction in hostilities in Europe should be negative for the precious metal, but the rapidly changing geopolitical landscape since President Donald Trump took office is alarming many investors. That, and the imposition of trade tariffs, has driven a 15% rally in the precious metal so far this year after it advanced by more than a quarter in 2024.
Gold added 0.1% to $3,021.71 an ounce as of 8:19 a.m. in Singapore, near the peak of $3,057.49 reached last week. The Bloomberg Dollar Spot Index was flat. Silver edged lower, while platinum and palladium were steady.
Source : Bloomberg
