Gold prices rise higher, tariff concerns

Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.

Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.

Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.

Source – Bloomberg

Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.

Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.

“Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”

Source – Markets Insider

The decision follows a settlement with the Malian Government over its 2023 mining code, which has reduced the risk of disruption.

B2Gold CEO Clive Johnson said: “From a B2Gold perspective, we have seen a reduction in risk since the signing of our settlement agreement.”

“We have expatriate employees that move in and out of the country regularly, including some of the mine management, so there is no reason to think that any detention would ever be contemplated as it relates to B2Gold,” Johnson added.

Source – Global Data / Reuters reported