Trump tariffs push gold prices to record high as investors seek safe haven

Quick Summary:

Investor concerns about a potential global trade war have caused gold prices to soar to unprecedented levels.

Central banks around the world – including those of China, Russia, India and the United Arab Emirates – have been increasing their gold reserves in recent months, but demand for safe-haven assets began to spike after Trump announced on Saturday that the US would impose tariffs on imports from Canada, Mexico and China.

The upwards trend continued into Tuesday, with gold trading at US$2,819.46 per ounce by the morning.

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Article Details

Author / Journalist: Alice Li

Category: Business

Markets: Hong KongCanadaChinaIndiaMexicoUnited Arab Emirates

Topics: Assets Safe-haven Prices Record Monday Been China Tuesday Ounce Gold Us$2

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-04 @ 16:30:45 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 217 words

Reading Time: 2 minutes read

Sentences: 5 lines

Sentence Length: 44 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 25882342

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