Navigating Emerging Market Currencies: Seizing Opportunities Amid Challenges
Emerging market currencies often represent untapped potential for savvy forex traders, offering both...
Gold prices hit a new record high on Thursday as investors turned to the precious metal as a safe haven, driven by concerns that President Donald Trump’s tariff plans could fuel inflation and intensify a global trade war.
Tim Waterer, Chief Market Analyst at KCM Trade, stated: “Trade uncertainties and inflation concerns are strengthening gold, pushing it towards the $3,000 mark.”
Trump had previously imposed 10% tariffs on Chinese imports and 25% on steel and aluminum. Recently, he announced plans for additional tariffs on automobiles, semiconductors, and pharmaceuticals.
Meanwhile, minutes from the Federal Reserve’s latest meeting highlighted growing inflation fears, reinforcing gold's appeal.
Trevor Yates, an analyst at Global X, commented: “Gold remains supported by strong central bank purchases and renewed investor inflows into gold ETFs.”
In the markets, spot gold rose 0.5% to $2,945.83 per ounce after reaching a record high of $2,947.11. U.S. gold futures also climbed 0.9% to $2,963.80.
Among other metals, silver rose to $32.88, platinum edged up to $976, and palladium gained to $973.87.
