Tariff threats pave way to safe-haven gold’s all-time high
1 month ago

Tariff threats pave way to safe-haven gold’s all-time high

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* Gold at record high of $2,946.75/oz * Trump says he will introduce 25% tariffs on autos * Fed's January meeting minutes due later in the day * Silver could push higher from a valuation perspective: analyst By Sarah Qureshi and Anjana Anil Feb 19 - Gold prices advanced to an all-time high on Wednesday as trade war tensions and concerns over global economic growth drove safe-haven flows following U.S. President Donald Trump's new tariff threats. "Gold's rally appears to be driven by President Trump's remarks on upcoming tariffs for autos and pharmaceuticals, which could pave the way for a push toward $3,000," said Zain Vawda, market analyst at MarketPulse by OANDA. Adding to the tariffs agenda, the U.S. president said on Tuesday he intends to impose auto tariffs "in the neighbourhood of 25%" and similar duties on semiconductors and pharmaceutical imports. "I don't see central banks stopping buying gold anytime soon, but rather expecting them to keep diversifying their reserves into gold and support the gold price," UBS analyst Giovanni Staunovo said.

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