Gold prices have reached an all-time high of over $2,800 per ounce as traders weigh the potential economic impact of increased tariffs on key trading partners. The surge in price comes after US President Donald Trump reiterated threats to impose 25% levies on imports from Canada and Mexico on February 1. Investors are flocking to safe-haven assets, including gold, due to concerns about the global trade war’s effect on the economy. With no specific details provided by Trump regarding his plans for China, the uncertainty surrounding tariff implementation is driving up demand for gold.
Source: https://www.bloomberg.com/news/articles/2025-01-30/gold-steady-after-record-high-as-tariff-threats-aid-haven-demand