Gold prices increased approximately 1% on Monday, reaching $ 3,247.40 per ounce, since the US dollar weakened and renewed commercial tensions boosted the safe security demand. US gold futures also increased, winning 2% to $ 3.251.90. The rally follows a significant correction last week, where Gold recorded his worst weekly performance since November.
The dollar fell 0.3% on Monday, which makes gold more affordable for holders or other currencies. The secretary of the Treasury, Scott Besent, reaffirmed the tariff threats of President Trump, stating that the tariffs would be imposed to the commercial partners who do not negotiate with “good faith.” This announcement revived groups on global commercial tensions and their potential impact on financial markets.
Reuters
Gold, traditionally considered the periods of safe assets of political and economic uncertainty, tends to function well in a low interest rate environment. The markets anticipate 54 basic points of rates cuts this year, and reductions are expected to begin in October. Spot Silver increased 0.8% to $ 32.52 per ounce, platinum increased 0.6% to $ 993.70, and the paladium won 0.7% to $ 966.98.
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