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Gold rises, tariffs hit auto industry

ByVictoria

Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.

General Motors slumped 6%, while shares in Ford fell almost 5%, reflecting concerns about the impact on their supply chains.

“Uncertainty on the tariff front remains high, which is really tough for both businesses but also investors to plan into the future, and of course it’s making it really difficult for investors to price risk,” said Baylee Wakefield, a multi-asset portfolio manager at Aviva Investors.

Gold prices rose, up 0.7% on the day at $3,040 an ounce. Goldman Sachs raised its gold price forecast on Wednesday, citing stronger-than-expected ETF inflows and sustained central bank demand.

Source – Reuters

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    Gold trades high, spot gold gains

    ByVictoria
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    Spot gold gained 0.5% to $2,946.68 an ounce, as of 1131 GMT

    “Gold continues to be supported by the prospect of a tariff-driven economic slowdown, potentially bringing forward U.S. Fed rate cut expectations,” Ole Hansen, head of commodity strategy at Saxo Bank, said.

    “I maintain my bullish stance on gold, expecting an economic slowdown or even stagflation to drive demand and price of gold higher.”

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    Gold up 5% this week, Silver gained

    ByVictoria
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    Spot gold jumped over 1% to $3,214.92 an ounce, as of 0801 GMT, after hitting a record high of $3,219.84 earlier in the session. Bullion is up over 5% so far this week.

    “Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold’s role as a crisis hedge and inflation shield,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

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