Gold rose above 2900 dollars to a new record on Monday, as threats of pre -purchasing tariffs pushed, and Wall Street remained optimistic about the assets of safe haven.
Golden futures (GC = F) increased by more than 1.6 % to about $ 2,935 after reaching their highest levels at all times last week.
During the weekend, President Trump announced that he would provide a 25 % tariff for all steel and aluminum imports to the United States at the top of the existing duties.
On Friday, the president said he would reveal a retaliatory tariff plan against countries that impose fees for American goods. Meanwhile, last Tuesday, 10 % of a valid tariff entered the Chinese goods.
Wall Street analyzes remained optimistic about gold amid the increasing threats of tariffs.
“We still consider gold an effective hedge of the wallet and diversification, and we believe that allocating about 5 % in a balanced portfolio in the US dollar is the best,” wrote Solta Marceli, the chief investment in the Americas, at UBS Global Management on Monday. Note.
In late January, Goldman Sachs reiterated their upscale invitation to the precious metal because the threat of escalating definitions leads continuous demand.
“We see the upward risks to 3000 [per troy ounce] They wrote analysts, the goal of continuously increasing the uncertainty in the high American policy to the central bank and the investor.
On Friday note, JPMorgan analysts said in the short term, gold can decrease if the shares are sold. However, the threat of definitions continues to increase prices.
“The hole infection of the stocks can affect gold in the short term in the short term, but sabotage tariffs continue to fuel the issue of medium -term bulls for alloys, which tends to risk towards reaching our goal at the end of the year of $ 2950 an ounce is much faster than currently expected if Analysts wrote.
The demand for gold rose to new records in 2024, according to the recent World Gold Council report.
The report said: “Central banks continued to raise gold at a pace of water” in 2024, with the acceleration of purchases in the fourth quarter of last year.
Joe Kavattouni, a market strategy expert in the World Gold Council, told Yahoo Finance that the central bank purchases were driven by “concerns about continuous inflation and geopolitical tensions, and it needs to add diversification to their governorates.”
The price reduction cycle in the Federal Reserve, which started last year, prompted global flows to boxes circulating in the exchanging gold -backed gold (ETFS).