January 28, 2025 02:25 GMT
GOLD: Gold’s Fortunes in the Hands of USD.
GOLD
- Despite the safe-haven status it enjoys, gold suffered yesterday as the USD gained as markets came to grips with the latest tariff threats, and a tech route saw a flight to the dollar.
- With President Trump threatening tariffs on steel, aluminum and copper imports, the USD gained – which typically limits the upside for gold prices.
- The tech route wiped $1trillion from the NASDAQ on fears that the US may not have the AI superiority it thinks, giving support to the USD.
- Gold fell 1% and trading today has oscillated around where bullion closed yesterday.
- Opening at US$2,740.81 gold barely moved today to trade down to $2,739.84.
106 words