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Gold January 31, 2025 01:00:05 PM

Gold Hits Record High as Trump Tariff Worries Mount

Paul Ploumis
ScrapMonster Author
Trading was thin as Chinese markets were closed for the Lunar New Year holidays.
Gold Hits Record High as Trump Tariff Worries Mount

SEATTLE (Scrap Monster): Gold prices hit a record high on Friday, set for their best month since March 2024, as investors flocked to the safe-haven metal due to heightened U.S. tariff concerns, while awaiting a key inflation report due later in the day for further direction.

Spot gold was steady at $2,793.84 per ounce, by 0535 GMT, gaining more than 6% this month. Earlier in the day, prices hit an all-time high of $2,799.71.

U.S. gold futures rose 0.1% to $2,824.40.

Trading was thin as Chinese markets were closed for the Lunar New Year holidays.

U.S. President Donald Trump said on Thursday the United States would impose a 25% tariff on imports from Mexico and Canada, repeating his warning to the two countries.

"Repeated tariff threats have fuelled safe-haven flows into gold... any downside surprise in the inflation reading could suggest greater policy flexibility for the Fed, potentially bringing forward rate-cut expectations and providing further support for gold," IG market strategist Yeap Jun Rong said.

The December U.S. personal consumption expenditures (PCE) report, due at 1330 GMT, will be scanned for further clues on interest rate trajectory. On Wednesday, Fed Chair Jerome Powell said inflation and jobs data would determine when another easing would come.

Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment.

"We reiterate that long gold remains our highest conviction trading recommendation across commodities, driven by structural (central bank buying) and cyclical (Exchange Traded Funds buying) factors," Goldman Sachs said.

Amid concerns about the U.S. import tariff plans, gold delivered to COMEX-approved warehouses rose to their highest since July 2022.

Further gains could be in store for gold if tariff threats move from being a bargaining concept to an economic reality, said Tim Waterer, chief market analyst at KCM Trade, adding that prices could move north of $2,800 levels.

Spot silver shed 0.8% to $31.42 per ounce, palladium fell 0.5% to $984.35, and platinum added 0.2% to $968.40.

Silver and platinum were poised for weekly gains.

Courtesy: www.reuters.com

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