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Gold trades high, spot gold gains

ByVictoria

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.”

Spot silver was flat at $33.21 an ounce, platinum lost about 1% to $974.45, while palladium dropped 0.2% to $947.17.

Source – Reuters

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    Safe-haven gold fell 3% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs.

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    President Donald Trump said he will put a 50% tariff on copper imports effective Aug. 1.

    “I am announcing a 50% tariff on copper, effective Aug. 1, 2025, after receiving a robust national security assessment,” Trump posted to his Truth Social account Wednesday evening.

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