Gold prices rose on Tuesday, supported by growing global trade tensions that boosted demand for safe-haven assets, as investors awaited the release of U.S. Consumer Price Index (CPI) data later in the day — a key indicator for the Federal Reserve’s future interest rate path.
اضافة اعلان
The spot price of gold increased by 0.5% to $3,359.01 per ounce as of 06:35 GMT, while U.S. gold futures rose 0.3% to $3,368.20 per ounce.
Tim Water, Chief Market Analyst at KCM Trade, stated:
"Gold has historically proven to be a preferred destination during times of rising trade tensions. The move toward $3,350 reflects that pattern. However, elevated U.S. bond yields and a strong dollar are significant headwinds. For gold to make further progress toward $3,400, we’d likely need a pullback in either the dollar or yields — absent any intensified geopolitical developments."
U.S. President Donald Trump had threatened on Saturday to impose a 30% tariff on imports from Mexico and the European Union starting August 1st, if a trade deal is not reached.
The U.S. inflation data for June is expected at 12:30 GMT today. Economists surveyed by Reuters forecast the annual inflation rate to rise to 2.7%, up from 2.4% in May, while core inflation is projected to climb to 3.0% from 2.8%.
Water added:
“Gold typically thrives in a low interest rate environment and is considered a safe haven during times of economic uncertainty.”
As for other precious metals:
Spot silver rose 0.5% to $38.32 per ounce, marking its highest level since September 2011.
Platinum gained 1.1% to $1,379.22,
Palladium increased 0.5% to $1,200.01.
