Gold Prices Decline Amid Trade Tensions
Gold prices suffered losses during early Tuesday trading as investors closely monitored the impact of the tariffs imposed by U.S. President Donald Trump on Canada, Mexico, and China.
Spot gold declined by 0.1% to $2,892.00 per ounce as of 05:36 GMT. Meanwhile, U.S. gold futures remained stable at $2,902.20 per ounce.
Among other precious metals, silver rose by 0.1% to $31.71 per ounce, while platinum gained 0.2% to $955.42. In contrast, palladium dropped 0.8% to $930.64.
Kyle Roda, a market analyst at « Capital.com, » stated that « this decline is part of a broader market correction, which could push prices down to above $2,700 before resuming the overall upward trend. »
Roda further noted that movements remain within a narrow range so far today, adding that the deterioration of global trade relations and the weakening U.S. dollar—due to concerns over a sudden slowdown in economic growth—gave the market a strong boost last night.
The new 25% tariffs imposed by the U.S. president on imports from Mexico and Canada took effect today, alongside an increase in tariffs on Chinese goods to 20%. This has sparked fresh trade conflicts with the United States’ three largest trading partners.
