Gold tries to flip weekly performance into positive territory after Trump announces Copper tarrifs
Gold’s price (XAU/USD) is edging higher to around $3,022 at the time of writing on Wednesday and is turning this week’s performance into green numbers. The precious metal is being bought together with other precious metals as Copper pops to a new all-time high.
Copper metal is in the eye of attention after United States (US) President Donald Trump mentioned on Tuesday that Copper tariffs will be implemented in the coming weeks, which is far sooner than markets were anticipating.
Meanwhile, there is also a headline risk on Ukraine, where a Black Sea ceasefire deal is on the table. Ukraine’s President Volodymyr Zelenskiy was quick to support the breakthrough and said his country was ready to adhere to it effective immediately.
The Kremlin was quick to issue additional demands that would need to be met before the ceasefire deal in the Black Sea could become valid, with the request to see sanctions on banks and companies involved in agricultural exports being halted, Bloomberg reports.
Source: FXStreet