Gold prices rise as Trump tariff turmoil boosts safe haven demand

Investing02-24

Gold prices rose for a fifth straight session on Monday, extending last week’s gains, as U.S. President Donald Trump’s fresh global tariffs lifted bullion’s safe-haven demand.At 13:22 ET (18:22 GMT), ...

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The uncertainty over the duration and scope of the tariffs, as well as possible legal and congressional challenges, added to market volatility.\"Investors have come to expect chopping and changing from the current U.S. president, but the present tariff turmoil makes charting the course ahead even more impossible than it already was, which makes it no surprise that the safe haven allure of gold has been back in play,” says Danni Hewson, head of financial analysis at AJ Bell, said.\"Falling back on the TACO trade isn’t going to work this time because these new tariffs simply replace those that the president already signed off, and he won’t want to lose his key negotiating tool whilst his relations with the rest of the world remain so volatile,\" Hewson added.Investors also weighed economic data released last week. U.S. gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, marking a sharp slowdown from the previous quarter.At the same time, the Personal Consumption Expenditures price index, the inflation gauge preferred by the Federal Reserve, showed prices rising 2.9% year-on-year in December, with the core measure around 3.0%, remaining above the central bank’s 2% target.The combination of slowing growth and still-elevated inflation reinforced gold’s appeal as both a hedge against economic uncertainty and a store of value.Russia sold gold in JanuaryRussia said on Friday that its central bank sold gold from its reserves in January, the first decline in holdings since October.According to data from the Bank of Russia, bullion reserves fell by around 300,000 ounces to 74.5 million ounces, after prices hit record highs during the month.Silver extends gains, other metals subduedElsewhere, silver prices rose 2.7% to $86.9475 per ounce, while platinum fell 1.1% to $2,151.75/oz.U.S. Copper Futures fell 0.9% to $5.8492 a pound.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1143129486","isCrawlerRequest":true}