Gold prices surged to new all-time highs on Thursday, driven by a weakening US dollar and escalating trade tensions. The precious metal climbed 1.2% to $2,793.25 an ounce as US GDP growth figures fell short of expectations, making gold more affordable for buyers using other currencies. Adding to the upward pressure are tariff threats from President Trump against Mexico, Canada, and potentially China, pushing investors towards gold as a safe haven asset.
Gold rose to new all-time high on Thursday as new US economic data weakened the dollar, while tariff threats by President Donald Trump continue to drive safe-haven demand.
Meanwhile, the US dollar dipped around 0.2% after the latest US GDP growth figures fell below economist forecasts, making bullion less expensive. “If softer growth and lower prices can be maintained, the door for additional cuts will be left wide open,” he added, referring to the Federal Reserve’s decision to hold interest rates steady on Wednesday.
Gold’s rally also follows the Trump administration’s plans to hit Mexico and Canada with steep tariffs, and possibly on China.
GOLD DOLLARS ECONOMY TARIFFS INVESTMENTS
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