Gold Soars to Record High as Tariff Worries and Inflation Data Take Center Stage

-

By Rahul Paswan and Sarah Qureshi

(GudangMovies21) - Gold prices continued to rise, reaching an all-time high on Friday as tensions escalated over the trade war after U.S. President Trump imposed new tariffs. Meanwhile, attention was also focused on the upcoming inflation data set for release later in the day.

Bullion rose 0.6% to reach $3,075.77 an ounce by 11:08 AM Greenwich Mean Time, following an unprecedented peak of $3,086.21 earlier. The prices are set for their fourth consecutive weekly increase.

U.S. gold futures increased by 0.1% to reach $3,081, following an intraday high of $3,124.4 earlier during the session.

Ole Hansen, who leads commodity strategy at Saxo Bank, stated that "gold remains and will stay a long-term investment for buying and holding because of its capability to protect wealth and serve as an insurance policy during instability in other types of assets."

"The market remains supported by strong haven demand amid tariff concerns, sustained central bank buying—particularly in Asia and renewed interest in bullion-backed exchange-traded funds (ETFs) from institutional investors."

Trump’s retaliatory tariffs, scheduled to be implemented on April 2, have the potential to fuel inflation, hinder economic expansion, and intensify trade conflicts.

The U.S. Personal Consumption Expenditures report is scheduled for release at 1230 GMT, and investors will scrutinize it for clues about potential Federal Reserve actions. Last week, the U.S. central bank kept its key interest rate unchanged but suggested that it might reduce rates further in the coming months.

“I am now observing gold within the $3,200 to $3,250 price bracket in the short term, provided there’s not an abrupt change in Federal Reserve policy or a reduction in geopolitical tensions,” stated Alexander Zumpfe, who works as a precious metals trader for Heraeus Metals Germany.

Gold typically performs well in a low-interest-rate environment since it doesn’t generate any interest.

In another development, Russian President Vladimir Putin proposed that Ukraine should come under provisional administrative control to facilitate new elections and the signing of crucial agreements aimed at resolving the conflict.

Silver spot prices edged up to $34.43 per ounce, platinum dipped 0.2% to $983.50, and palladium gained 0.4% to reach $979.61. Each of these metals was poised for weekly increases.

(Reported by Rahul Paswan and Sarah Qureshi from Bengaluru; Edited by Janane Venkatraman)

Comments

Post a Comment

Popular posts from this blog

Paradise Islands Offer Citizenship for Less Than £36,000

-
Image
Didn't you catch wind of it? For only $105,000, you can purchase citizenship to a tropical island paradise these days. The island country of Nauru located in the Pacific is offering passports to foreign nationals for $105,000 (£81,000) as part of an effort to generate funding for its climate emergency reserve. Soaring sea levels are swiftly eroding Nauru’s coastlines. In reaction, the nation’s leadership is considering a large-scale move inland; however, they are facing difficulties in securing funding for this initiative. Approximately ninety percent of the island's inhabitants will likely have to relocate to elevated areas due to sea levels surrounding Nauru increasing at a rate one point five times quicker than the worldwide average. Many nations provide citizenship in return for significant financial investments or property purchases. However, certain options may stand out specifically to wealthy Britons looking for opportunities. In fact, several stunning t...
Read more

Australian Grand Prix Fences Go Black for Clever Reason

-
Image
The 2025 Australian Grand Prix introduces several modifications to the circuit, primarily focusing on Turn 6 where Mercedes' George Russell had a crash in the previous year. However, the track authorities have implemented an additional alteration. The fencing along the Melbourne street race course has been painted black, particularly in the region of the starting grid. This minor alteration significantly enhances visibility for both spectators with tickets and photographers, despite its subtle nature. The cause stems from how light reflects off the metal. Black paint helps with this by absorbing the light, thus making it simpler to maintain visibility. Formula One tracks have consistently needed to address the visibility and safety of spectators holding tickets. Essential safety features include barrier walls and catch fencing, which protect not only the audience but also racers themselves. Take, for instance, Zhou Guanyu’s accident at Silverstone in 2023; without the p...
Read more

Bill Passes Just Hours Before Deadline, Averts Shutdown and Defeats Filibuster

-
Image
On Friday, senators moved forward with the stopgap funding measure approved by the House as the clock ticks nearer to a potential government closure. With a vote of 62 to 38, the senators decided to move forward with the proposal. Almost all Republicans along with ten Democrats helped override the filibuster. Senate Minority Leader Chuck Schumer from New York Senate Minority Whip Dick Durbin from Illinois, along with Senators Angus King of Maine, Brian Schatz of Hawaii, Catherine Cortez Masto of Nevada, John Fetterman of Pennsylvania, Gary Peters of Michigan, Maggie Hassan of New Hampshire, Kirsten Gillibrand of New York, and Jeanne Shaheen of New Hampshire, voted to advance the bill, going against the majority of their fellow Democrats. The House-passed short-term A spending measure, referred to as a continuing resolution (CR), would maintain funding at FY 2024 levels up until October 1st. Nevertheless, should Congress fail to pass this legislation before 11...
Read more