Gold Holds Near Record High with Trump Tariffs, Ukraine in Focus
Gold steadied near a record high as investors searched for a clear direction amid lingering uncertainty about US President Donald Trump’s upcoming tariffs.
Bullion traded near $3,015 an ounce after rising 0.3% in the previous session. The Trump administration indicated earlier this month that the coming wave of US tariffs may be less expansive and more targeted than originally feared.
On Tuesday, the US 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 of hostilities in Europe might trigger selling of the safe-haven asset, but the rapidly changing geopolitical landscape since Trump took office is still 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 was little changed at $3,016.96 an ounce as of 11:19 a.m. in New York, near the peak of $3,057.49 reached last week. The Bloomberg Dollar Spot Index was up 0.1%. Silver and platinum were steady, while palladium advanced.
Source: Bloomberg
