Gold prices rose amid Trump's tariff announcement on automobiles
Kyiv • UNN
US tariffs on car imports have triggered demand for gold as a safe-haven asset. Goldman Sachs forecasts gold prices to rise by 2025 due to central bank demand.
Gold prices rose in Asian trading on Thursday, driven by renewed demand for safe-haven assets after US President Donald Trump imposed a 25% trade duty on all car imports, marking an escalation of his customs agenda, Investing.com reports, UNN writes.
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Goldman Sachs also raised its 2025 gold target price to $3,300 per ounce from $3,100 per ounce, forecasting strong central bank demand and strong inflows from exchange-traded funds.
Trump's duties, which will be introduced on April 2 along with many other duties, have triggered a flight from risk in global markets, with Wall Street and Asian stocks suffering heavy losses.
This has led to a shift to gold as a safe-haven asset amid fears that Trump will carry out his other threats to impose duties.
Spot gold prices rose 0.4% to $3,032.21 an ounce, remaining within sight of a recent record high. Gold futures expiring in May rose 0.5% to $3,067.42/oz by 05:10 GMT.
The US will introduce a 25% duty on imported cars from April 227.03.25, 00:45 • 17972 views