Gold News – 03.Feb.2025
Gold News
Gold Holds Near Record Highs: Spot gold initially dropped over 1% due to a stronger U.S. dollar but later recovered, trading at $2,795.29 per ounce (-0.2%) by 1005 GMT. U.S. gold futures were at $2,829.40 (-0.2%).
Tariffs Fuel Safe-Haven Demand: Trump’s 25% tariffs on Mexico and Canada and 10% on Chinese goods sparked growth and inflation concerns, boosting gold as a safe-haven asset.
Retaliatory Measures: Canada, Mexico, and China responded with countermeasures, with China vowing to challenge the tariffs at the WTO.
Analysts’ Outlook:
UBS: Despite the strong U.S. dollar, gold remains attractive due to trade war risks and could rise to $2,850 in the coming months.
J.P. Morgan: Equities’ bearish impact may temporarily pressure gold, but tariffs support a long-term bullish case.
Upcoming Data to Watch: U.S. job openings, ADP employment report, and the NFP report will provide insights into economic health.
Other Metals Performance:
Silver: Down 0.6% to $31.13.
Platinum: Down 1.4% to $964.20.
Palladium: Down 0.3% to $1,005.25.
Author : Arman Shaban
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