Due to the ongoing trade war in the United States and rising demand for safe-haven assets, gold prices are soaring. It is believed that in the coming time, these figures could become even more surprising. Therefore, it can be said that this may highlight the early signs of damage to the global economy.
Meanwhile, regarding the decline in the dollar, the spot price of bullion reached $3,354 per ounce for immediate delivery — slightly below last week’s high. On Tuesday, the International Monetary Fund is expected to lower its outlook for global growth in its new estimates. The following day, the Purchasing Managers’ Index will offer a broader snapshot of economic activity since President Donald Trump’s tariff push.
Gold Continues Its Surge Amid Global Market Jitters
Gold prices have been on a remarkable rise this year, setting new records as ongoing trade tensions rattle global markets. With investors steering clear of risky assets, there’s been a noticeable shift toward safe havens like gold. This growing demand is evident, with gold-backed exchange-traded funds (ETFs) expanding for 12 consecutive weeks — the longest streak since 2022. Central banks are also playing a key role, steadily increasing their reserves and further fueling global demand.
As of 8:07 a.m. in Singapore, gold was up 0.8%, trading at $3,353.47 an ounce. Meanwhile, the Bloomberg Dollar Spot Index dipped by 0.3%. Silver and platinum held steady, while palladium saw a slight drop.
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