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Gold prices rose over 1% as the dollar weakened and U.S. Treasury Secretary Scott Bessent reaffirmed President Trump’s tariff threats.
Spot gold was up 1.4% at $3,247.40 an ounce as of 0025 GMT. U.S. gold futures gained 2% to $3,251.90.
Gold prices rose more than 1% on Monday as the dollar weakened and as U.S. Treasury Secretary Scott Bessent reaffirmed President Donald Trump’s tariff threats, boosting safe-haven demand amid renewed trade tensions.
Spot gold was up 1.4% at $3,247.40 an ounce as of 0025 GMT. U.S. gold futures gained 2% to $3,251.90. On Friday, gold shed more than 2% and posted its worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed. The dollar slipped 0.3% on Monday, making greenback-priced gold cheaper for overseas currency holders.
Trump will impose tariffs at the rate he threatened last month on trade partners that do not negotiate in “good faith” on deals, Treasury Secretary Scott Bessent said in television interviews on Sunday.
Trump’s ongoing trade wars have severely disrupted global trade flows and roiled financial markets as investors grapple with what Bessent has called the Republican president’s “strategic uncertainty,” in his drive to reshape economic relationships in the U.S.’s favour.
In April, U.S. producer prices fell unexpectedly and retail sales growth slowed, while consumer prices rose less than expected, data showed. * Markets are expecting 54 basis points of rate cuts this year, with the reductions now seen starting from October.
Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. * Spot silver firmed 0.8% to $32.52 an ounce, platinum rose 0.6% to $993.70 and palladium gained 0.7% to $966.98.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
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