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Gold continues to climb, tariffs increase demand

ByVictoria

Gold prices rose to a record high on Wednesday on safe-haven demand following U.S. President Donald Trump’s latest tariff threats, while investors awaited minutes of the Federal Reserve’s January policy meeting.

Spot gold surged to an all-time high of $2,946.85/oz earlier in the session and was last down 0.2% at $2,928.88 as the dollar crept higher as of 12:17 pm ET (1714 GMT).

“We are in a state of unusual-heightened uncertainty… the catalyst is the tariffs and trade talks or threats that are going on around the world,” which is supporting the prices, said Paul Wong, market strategist at Sprott Asset Management.

Among other metals, spot silver, used in electrical components, shed 0.7% to $32.64 an ounce, which aims to challenge a 10-year high.

Platinum declined 2.1% to $966.65 and palladium eased 1.9% to $968.43.

Source – Reuters

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