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GOLD: Gold Reaching New Highs on Safe-Haven Demand. 

GOLD
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  • The ever-evolving story of the new US President’s plans for tariffs has given gold a boost, enjoying its safe-haven status amid the uncertainty.
  • Having initially indicated that tariffs were not on the immediate agenda for China, Trump performed an about face and to add to the impending tariffs for Mexico and Canada, China and the European Union are now in his sights.
  • Tariffs can be inflationary and when paired with the potential tax cuts he has indicated, this has the potential to abruptly alter the course for Fed policy this year.
  • Gold hit new highs overnight reaching US$2763.48 before backing off and closing at $2,756.17.
  • The driving force behind gold’s advance in 2024 was the potential for interest rate cuts whereas going forward this may be overtaken by safe-haven status. 
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  • The ever-evolving story of the new US President’s plans for tariffs has given gold a boost, enjoying its safe-haven status amid the uncertainty.
  • Having initially indicated that tariffs were not on the immediate agenda for China, Trump performed an about face and to add to the impending tariffs for Mexico and Canada, China and the European Union are now in his sights.
  • Tariffs can be inflationary and when paired with the potential tax cuts he has indicated, this has the potential to abruptly alter the course for Fed policy this year.
  • Gold hit new highs overnight reaching US$2763.48 before backing off and closing at $2,756.17.
  • The driving force behind gold’s advance in 2024 was the potential for interest rate cuts whereas going forward this may be overtaken by safe-haven status.