President Donald Trump also raised tariffs on Chinese imports which is causing shifts in global markets already. Following the news, the dollar depreciated making gold an attractive venture, consequently gold surged up to $3010 per ounce which attracted investors.
In the UAE, gold prices also appreciated where 24K gold opened at Dh363 per gram and 22K gold traded at Dh336 per gram. Expert analysis shows there is still room for gold prices to appreciate further setting unprecedented records which is unlike the market we are used to seeing.
Investors have now shifted their focus to the US inflation data and the Fed’s statement which could provide guidance on the prospective economic situation as well as determine the direction of gold prices. While silver remained relatively unchanged, gold’s undisputed supremacy within this realm of uncertainty is reinforced by the modest movements in platinum and palladium further amplifying their collective support.
While global markets prepare for the consequences of the newly imposed tariffs, investors fearing inflation and ongoing trade wars are seeking solace in gold. As the U.S. continues its trade feud with China, it appears that gold will continue to shine for the foreseeable future.
