Gold Prices Near Record Highs Amid Tariff and Inflation Concerns
Gold prices surged on Tuesday, approaching record levels reached in the previous session, as concerns over U.S. tariffs and inflation persisted.
Spot gold rose 0.3% to $2,820.69 per ounce, after hitting a record high of $2,830.49 in the previous session.
Meanwhile, U.S. gold futures declined 0.2%, settling at $2,852.70.
Other precious metals also saw gains:
- Silver increased by 0.2% to $31.61 per ounce.
- Platinum rose 0.7% to $970.80.
- Palladium climbed 1% to $1,019.31.
These market movements come as U.S. President Donald Trump temporarily suspended tariffs on Mexico and Canada for 30 days, while tariffs on Chinese goods are set to take effect later today.
On Saturday, Trump imposed new tariffs on the U.S.’s main trade partners, applying 25% on imports from Canada and Mexico, and 10% on Chinese goods. Furthermore, on Monday, he announced that European products will soon face additional tariffs.
Notably, Canada, Mexico, and China together account for over 40% of U.S. imports.
