Gold Prices Steady Amid US Trade Tensions
Gold prices remained stable despite a slight decline, as the market tried to shrug off uncertainty stemming from US President Donald Trump's latest trade policies. Gold traded around $3,370 per ounce after falling 0.3% in the previous session.
Previously, Trump announced plans to impose a 100% tariff on semiconductor imports, a move intended to encourage domestic production. He also doubled import tariffs from India to 50% because the country still purchases energy from Russia. Japan is also reportedly facing higher tariffs than previously agreed.
In addition to geopolitical factors, investors are also awaiting the appointment of the interim Federal Reserve chairman, who is likely to support a low-interest rate policy—a favorable environment for gold, as this precious metal does not provide a yield like bonds.
So far this year, gold prices have risen nearly 30%, although most of the increase occurred in the first four months due to rising geopolitical tensions and expectations of interest rate cuts. Increased central bank buying and interest in diversifying away from US dollar-based assets are also supporting factors. At 8:42 a.m. Singapore time, the price of gold edged up 0.1% to $3,373.45 per ounce. (ayu)
Source: Newsmaker.id
