Globally, Comex gold futures rose $10.20 per ounce, or 0.37%, to $2,769.40 per ounce.
“Gold prices continue to rise as the dollar weakens,” said the CEO of Abans Holdings. “The market is concerned about President Trump’s postponement of trade tariff commitments to China, Mexico and Canada, “There are growing concerns that it will be triggered next month, raising concerns about a prolonged trade war.” said police officer Chintan Mehta.
Mehta said weak economic indicators such as lower-than-expected retail sales and unemployment claims also reinforced the bullish outlook for gold.
These signs of economic tension have fueled speculation that the U.S. Federal Reserve will soften its hawkish stance and introduce further interest rate cuts later this year, increasing the appeal of gold as a safe-haven asset. He added that
Silver Comex futures also traded 0.27% higher at $31.58 per ounce.
“With so much uncertainty in the market about the tariffs that President Trump plans to impose on imports, this valuable market is on track to reach record highs,” said Renisha Chinani, head of research at Augmont. ” he said. “Over the past decade, the U.S. trade deficit has nearly doubled, rising from $500 billion to $850 billion in 2024.”
(With PTI input)
