Insignia Consultants | Gold firms as Trump tariffs stoke trade war fears
Gold firms as Trump tariffs stoke trade war fears
4 days ago
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March 4 (Reuters) - Gold prices inched higher on Tuesday, supported by fears of a global trade war as U.S. President Donald Trump's new tariffs on imports from Canada and Mexico came into effect, along with a doubling of duties on goods from China.
Spot gold was up 0.2% at $2,898.25 an ounce, as of 0805 GMT, after rising nearly 1% on Monday. U.S. gold futures gained 0.2% to $2,907.90.
"It's a modest move so far today... The clear deterioration in global trade relations and the weaker U.S. dollar on fears of a sudden slowdown in U.S. growth gave the market a solid boost overnight," Capital.com's financial market analyst Kyle Rodda said.
