Gold prices have risen amid investor concerns about the possible imposition of import tariffs by US President Donald Trump, UNN reports with reference to Reuters.
Details
As of 12:27 GMT, spot gold rose by 0.7% to $2,777.55 per ounce, while US gold futures rose by 0.9% to $2,794.
"Despite the fact that tariffs on gold in the United States are extremely unlikely, given that it is a reserve asset, risk managers are taking no chances and transporting the metal to the United States," said Rhona O'Connell, an analyst at StoneX.
The biggest impact is on the exchange of physical metal futures (EFP), which helps to support the spot market.
Traders in the London bullion market are trying to borrow gold from central banks that keep reserves in London due to the growth of precious metal supplies to the United States, two sources familiar with the situation said.
Although Donald Trump did not include gold in his tariff plans, traders' fears of possible risks led to an increase in gold supplies to New York. Earlier this week, the White House said that the US president plans to impose high tariffs on imports from Mexico and Canada, and is also considering tariffs for China.
Meanwhile, the Federal Reserve left interest rates unchanged. Fed Chairman Jerome Powell noted that further rate cuts are not planned in the near future.
Investors are now awaiting the publication of the December report on the US personal consumption expenditure (PCE) index, which will be released on Friday.
Amid these events, spot silver rose by 0.7% to $31.02 per ounce. Silver is gradually strengthening against gold after the gold-to-silver ratio exceeded 91 again, said Ole Hansen, head of commodities strategy at Saxo Bank.
"The market assesses the risks of import tariffs on silver as higher than on gold," Hansen adds.
Platinum added 1.4%, rising to $959.73 an ounce, and palladium rose 2% to $981.51.
Recall
On Thursday, bitcoin began to grow, recovering its position after recent losses. This happened against the backdrop of the US Federal Reserve's decision to leave interest rates unchanged, which was generally in line with market expectations.